Bank like a financial pro with the Alliant mobile app. Make payments, deposit checks, manage cards and so much more.
Renovate your kitchen, pay off high-interest debt, or have access to emergency funds when you need it with an Alliant Home Equity Line of Credit.
Browse new and used vehicle inventory, and qualify for a rate discount when you buy!81
Separate each of your savings goals into an Alliant Supplemental Savings Account so you can visualize your progress.
By Alliant Credit Union
Dreaming of an early retirement? If you’re already putting away a substantial amount of savings every month, you might be on your way there. That’s because you’re not only earning more on your money, you’re also spending less to maintain your lifestyle. That can have a big impact in retirement — the less you need to spend to live the life you want, the less you need to save (and, the earlier you can potentially retire!).
Let’s take a look at an example from Michael Kitces, a Certified Financial Planner and blogger:
If Joe saves 15% of his income (and his income grows at 3% a year), he can save over $1.25 million by age 65, which should be able to maintain his lifestyle at a 4% safe withdrawal rate.
By comparison, if Sally — a more aggressive saver — saves 25% of her income (also growing at 3% a year), she will save nearly $2.1 million by age 65. Sally would have already reached Joe’s retirement account balance of $1.25 million by age 60, and could likely have retired at or before the age of 60. Since her savings rate is higher and she’s living on less, she wouldn’t need as much to retire in the first place.
Of course, not everyone is interested in saving 25% of their income, but the main point remains: Good savings habits not only help to build retirement savings more quickly, but can also reduce the need for a huge retirement fund in the first place, potentially enabling you to retire earlier. And who wouldn’t love to leave the workforce a little earlier?
Sign up for our monthly newsletter to help you stay at the top of your financial game.
Welcome! You'll now have financial tips sent to you directly each month.
You are leaving Alliant’s website to enter a website hosted by an organization separate from Alliant Credit Union. The products and services on this website are being offered through LPL Financial or its affiliates, which are separate entities from, and not affiliates of, Alliant Credit Union.The privacy and security policies of the site may differ from those of Alliant Credit Union.
You are leaving an Alliant Credit Union website and are about to enter a website operated by a third-party, independent from Alliant Credit Union. Alliant Credit Union does not manage the operation or content of the website you are about to enter. Alliant Credit Union is not responsible for the content and does not provide any products or services at this third-party website. The privacy and security policies of the site may differ from those of Alliant Credit Union.