As a union member, you’ve secured valuable benefits that go beyond your hourly wage. From healthcare to training programs, your union fights to ensure your well-being. However, it’s important to not forget about the future; planning for a secure retirement can feel overwhelming, but speaking with a financial counselor through your Legal and Personal Protection Plan can be a secret weapon!
How a Financial Counselor Can Help
Union membership offers a strong foundation for retirement, often including pensions and health insurance benefits.
- Understanding Your Benefits: Union plans can be complex. A financial counselor can explain your pension structure, Social Security options, and any healthcare coverage nuances specific to your union contract.
- Maximizing Contributions: Many unions offer 401(k) plans with employer matching contributions. A counselor can help you understand contribution limits and ensure you’re maximizing this valuable benefit.
- Debt Management: Debt can significantly impact your retirement savings. A counselor can develop a plan to manage existing debt and create a strategy to avoid future debt traps.
- Longevity Planning: People are living longer, and retirement savings need to stretch further. A counselor can factor in this reality and help you plan for potential healthcare costs.
- Investment Strategies: While your pension provides a safety net, you may still need additional income streams. A counselor can create an investment strategy aligned with your ability to handle the possibility of losing money in your investments, and retirement goals.
Financial Counseling – FREE for IAM Members
Don’t leave your retirement security to chance. By working with a financial counselor, you can leverage your union benefits and build a solid foundation for a comfortable and secure retirement, and as an IAM Union member, we can connect you with a certified counselor to analyze your financial situation and provide advice.
Each session is personalized to your situation. This may include reviewing your budget, conducting a Debt Analysis, analyzing your credit line. For those in debt, you may be referred to a Debt Management Program (DMP) to work with your creditors. Our partnership is with The SafeGuard Group, a Nonprofit 501(c)(3) Agency.
Tap below to fill out a form and get connected with a financial counselor.
