Making Cents Blog

Welcome to Alliance Credit Union’s Retirement Central

One of the most memorable movie moments for the Boomer Generation comes from the film The Graduate when a family friend gives Dustin Hoffman some sage advice. “Plastics, young man!” There it was—in one word—the opportunity of a lifetime.

But now the movie is over and we’re looking at a new era of multinational corporations where brand new careers are invented on a daily basis. And it’s no longer possible to predict the future in one word. When it comes to investment opportunities, there is a vast array of strategies. One thing you can be certain of—you need the company of experts to properly prepare for your retirement.

Preparing for Retirement

At Alliance Credit Union’s Retirement Central you will find investment and retirement services that include sophisticated tools to assist you in dividing your capital among asset classes such as IRA’s, stocks, bonds, cash equivalents, and real estate.

If you’ve been putting off the retirement planning process, start laying the groundwork today. There are numerous finance, investing, accounting, business, and management books to choose from. After getting a more informed perspective on your investment and retirement options, you can start the new year by actually preparing for retirement. Make this a holiday goal.

Planning for your retirement is similar to planning a road trip. You need to know your coordinates. Where are you now, where are you going, and when do you plan on getting there? After figuring out your financial situation here and now, think about your expectations for retirement. What kind of lifestyle would you like to lead? Identify the specifics along with associated costs of living expenses, travel plans, hobbies, long term care, and other necessary considerations.


Planning for retirement is about investing money wisely. It’s a well-known fact that IRAs are one of the best savings tools available today. More people than ever before are now eligible to benefit from the saving and tax advantagesprovided through IRA investments.

If you don’t already have one, consider opening and contributing to an IRA.  There are several different types of IRAs, including a Traditional IRA or SEP, a Roth IRA, or Coverdell Education Savings Account. If your employer offers a company-sponsored retirement plan, take advantage of the opportunity to participate in it.

Risk Tolerance

There is always an element of risk when investing, so you should be honest with yourself in determining you risk tolerance. After this you can develop an asset allocation strategy that will assist you in managing risks and returns on diversified investment capital—stocks, bonds, etc. Most financial planners agree that an effective investment strategy should have a mix of asset classes to minimize the risk.

The Retirement Planning Workbench: Choosing the Right Planning Tools

Alliance’s Retirement Planning Workbench offers you a wide-variety of planning tools covering numerous aspects of retirement planning, from selecting the best type of IRA to designing a retirement income strategy that suits your personal objectives.

Tools include Beneficiary Options Calculator, Payout Projections Calculator, Early Payout Planners, Retirement Savings Planner, IRA Conversion Tools, and many others. Each tool includes a description of the tool and a summary of the financial information you’ll need when using the tool.

Required Minimum Distribution (RMD) Planners

The RMD Planners will help you understand the implications of the RMD rules and calculate withdrawals that meet RMD requirements (applicable to account owners that are approaching seventy and a half years of age). These planners include the Comparison Projector Calculator and the Distribution Calculator.

Alliance says: “It doesn’t matter whether your retirement is 3 years away or 40 years away. It’s never too soon or too late to begin planning.” That’s sage advice coming from a team of expert and concerned advisors.

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