Offering personal lending and financial services to CPS Energy® employees and their families since 1938

Federal Credit Union San Antonio | IBEW Credit Union | CPS Credit Union


It’s National Credit Union Youth Month, and we are joining with other credit unions across the nation encouraging young members to share their visions for their financial futures. Our 2019 theme is “The future is yours… Picture it! Save for it! Share it!”

Before you ask your child or grandchild to envision their financial future, however, can you envision yours? The face of retirement is forever changing. We’re living longer, which means we’re working longer (sometimes by choice, other times by necessity) and slowing down in retirement is quickly becoming a thing of the past. Maybe you’ll decide to start traveling or pick up a new sport or hobby, or perhaps your aging parents will need you to care for them. How will you keep your financial health consistent when the picture changes?

To help you envision your financial future through retirement, here are facts to consider from the 2018 Employee Benefit Research Institute’s Retirement Confidence Survey:

•    Only one-third of retirees feel very confident in their ability to live comfortably throughout retirement.
•    More than 90% of retirees worry that Medicare and Social Security won’t continue to provide the same benefits they do today.
•    Eight in 10 workers expect their workplace retirement savings plan will be a source of income for them in retirement, while half of current retirees admit it’s not.

According to the U.S. Bureau of Labor Statistics, adults 65 and older spend an average of $46,000 a year on expenses. Are you saving enough to keep pace? Most American’s don’t think they are. An AARP study reveals that 3 in 10 believe they’re more likely to learn Bigfoot is real than to save enough to retire comfortably.

If you’re a Credit Union member, you have great options for retirement planning, no matter how far along in the journey you are. To help you develop a clearer picture of your retirement, CPS IBEW FCU Chief Financial Officer Edna Narum recommends:

•    Participating in your employer’s 401(k), pension, or another retirement plan. It’s critical to protect that money for retirement, too. Instead of withdrawing the money for unexpected expenses, you may want to consider another low-interest lending option like a personal loan instead.
•    Utilizing IRAs and other retirement accounts. Roth IRAs and Traditional IRAs can help your retirement savings grow, and the funds can be withdrawn without penalty as early as age 59½.
•    Keeping an eye on Social Security benefits. It’s important to actively monitor the status of your Social Security account at to periodically recalculate your benefits, stay on top of when and how to claim them, and prevent someone else from fraudulently collecting your share.
•    Supplementing with insurance. Our Credit Union members have access to TrueStage insurance, which includes options and discounts for life, accidental death and dismemberment, auto, and property insurance. Part of creating a clear financial future for you and your family is preventing disasters like accidents and illnesses from derailing your plans altogether.

“Each one of these elements can come together to help you form your best financial future in retirement,” Narum says, adding that the pieces, however, won’t fall into place on their own. If your financial future is fuzzy, visit your local CPS IBEW FCU or contact us to understand better how your member benefits can help put it all into focus.

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