Five Mistakes That Can Lengthen the Road to Retirement
Reaching retirement is a goal many of us work toward for decades—but some common financial missteps can quietly push that goal further out of reach. At Velocity Credit Union, we’re here to help you avoid these pitfalls and stay on track.
- Increasing Your Spending
As income grows, it’s tempting to upgrade your lifestyle. But consistently spending more instead of saving more can delay your retirement date. Try to commit a portion of raises and bonuses directly to savings. Velocity offers tools and automatic transfers to help make it easier. - Carrying a Balance
High-interest credit card debt can eat away at your financial health. If you’re only making minimum payments, you’re likely paying far more in the long run. Consider using a low-rate Velocity credit card or personal loan to consolidate and pay down balances faster. - Not Tracking the Small Stuff
Little expenses—like coffee runs or streaming subscriptions—add up quickly. Without a clear picture of your spending, these habits can quietly erode your savings. Velocity’s free online banking and budgeting tools can help you stay in control. - Failing to Plan for Emergencies
Unexpected expenses like medical bills or car repairs can knock you off course if you’re forced to tap into retirement savings. A dedicated emergency fund is essential—and Velocity makes it easy to open a separate savings account just for that purpose. - Spending Windfalls
Bonuses, tax refunds, and inheritances can be great opportunities to boost your savings—but only if you use them wisely. Instead of spending them right away, consider adding to your retirement or emergency fund. Our team is here to help you build a plan that puts those extra funds to good use.
At Velocity Credit Union, we believe your financial goals are within reach—with the right guidance and tools. Avoiding these common mistakes can help you get to retirement not just faster, but more confidently.
About Velocity Credit Union
Velocity Credit Union is federally insured by the National Credit Union Administration (NCUA), ensuring your savings are protected up to $250,000 and backed by the full faith of the United States Government. Insurance Products are not insured by the NCUA or any Federal Government Agency; not a deposit of or guaranteed by the credit union or any credit union affiliate.
About Our Products and Services
Please see our branch for full product and service details, including any important disclosures. All loans are subject to credit approval. Equal Opportunity Lender.
Security Protection
(Avoiding Suspicious Activity such as Fraud, Scams, Phone Calls or Texts)
Rest assured, Velocity Credit Union will never solicit your sign-in details via phone call to you, email, or text message, regardless of membership status. This includes usernames, passwords, security questions and answers, multifactor authentication (MFA) codes, recovery codes, one-time passcodes (OTP), or any other sensitive data such as account or Social Security numbers.
In the event of a suspicious phone call, email, or text message, take immediate action: hang up, refrain from responding, avoid clicking links, and do not open attachments. Forward any suspicious emails or text message, please send screenshots to [email protected], then promptly delete the message.
If you suspect any compromise to your account, username, or password, please act swiftly by contacting Velocity Credit Union at 512.469.7000 for assistance. We proactively encourage our members to monitor their accounts for any irregularities and promptly report any suspicious transactions. Your vigilance is crucial in maintaining the integrity and security of your financial information. Thank you.