Local Union 25 Retirement
Local 25 members have access to two retirement benefit plans that provide security to members and their families. Both funds are run by a Board of Trustees, each comprised of both labor and management trustees, who review the plans quarterly. It’s never too early to think about your financial health, so however you plan to retire, start investing in your future today!
For more information on your 401(k) or pension, contact Mike Wilcher, plan administrator, at 309-794-1170 x242.
Part 1: Navigating Your Retirement
Consider this example: At age 25, if you started investing $5,000 per year into your 401(k) until age 35, you would yield nearly $185,000 more at retirement than if you started saving at age 35 and invested the same amount of money every year until you retire at age 60. Why? Because compound interest grows your money exponentially over time.
Part 2: Setting Your Retirement Plan
As Part 1 mentioned, one of the best things you can do to your retirement plan is to start early. The advantage of time and compounding can be difficult to understand, but the benefits are easy to see. Compounding is not just your money earning interest; it’s the interest you’ve earned that also earns interest.
Part 3: Understanding the Fees You Pay
There are various service providers inside the 401(k) for Local 25, because it is a Jointly Trusteed Taft-Hartley Plan. The auditor confirms that all the money that was to be received by the plan (money that came off your check) was received into your account. The actuary checks that the plan passes all the tests required by the government.
Part 4: Insurance After Retirement
One of the largely overlooked expenses after retirement is the ever-increasing cost of health care. Today, it is not uncommon to see health care claims that exceed $100,000 for a single accident, injury or sickness — and drugs to remedy a number of illnesses can exceed $100,000 for one course of treatment!