Looking Ahead

May 4, 2021

Laurie Baker, President and CEO of The Summit Federal Credit Union

Planning for the future can be difficult. Relying on our own experience, history, and others’ wisdom, we can try to predict what the future will be like. But as this past year has made clear, things can happen that we just never saw coming.  So, what do we do?

Looking Ahead: Planning for the Future in an Uncertain World, Investing for Future Needs and Goals

There are experiences, commitments and major purchases that we may need to save for, like education, a new house and the big one—retirement. But what about an unexpected medical issue (not covered by insurance), a hole in the roof or a job loss? Not that we should all brace ourselves for disaster with a cloud of doom looming over our lives. But having an emergency fund is, to say the least, a good idea. It’s one way to minimize the potential impact of something unforeseen.

Of course, saving money, whether for emergencies or another purpose, isn’t as simple as it sounds. There is a lot to mull over. Retirement alone is full of questions. How much will I need? What will my estimated tax rate be? What will my savings be worth in today’s dollars? Which retirement account or combination of accounts is best for me?

And that house you’d like to purchase in a few years: you’ll need to consider real estate trends, where you want to live, how much you’ll need for the down payment and what the borrowing rate might be. Then there are maintenance costs, insurance, taxes… there’s seemingly no end to the factors that will or might come into play. 

It’s a rare person who can answer so many questions (or even try) while monitoring economic trends—all in their spare time—for multiple goals and purposes. And it’s not like you answer the questions once and move on. You have to re-ask and re-answer a lot, not only because of changes like a new job, a move, marriage or divorce, but also because we all get older.

Luckily, there are professionals who can help. We are fortunate to have a team of knowledgeable and caring financial advisors at The Summit Retirement & Investments Services.* They are able and ready to help our members assess and choose the savings and insurance vehicles that are right for them—and what’s right when situations change.

We do need to try to predict the future in some way. But when it comes to personal finance, professional help can do a lot to take the anxiety out of it. Then, we can concentrate less on “what ifs” and more on experiencing what life has to offer.

*The Summit Retirement & Investment Professionals are registered representatives of CUNA Brokerage Services, Inc Representatives are registered, securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor, which is not an affiliate of the credit union. CBSI is under contract with the financial institution to make securities available to members.  Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution.  CUNA Brokerage Services, Inc. is a registered broker/dealer in all fifty States of the United States of America.

Read another blog from Laurie: What it Means to Be a Top Workplace

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