Talk about Hatfields vs. McCoys. In the world of credit union c-suite retirement planning, there are two major competing scenarios. There are SERPs based on whole-life policies. And there are IULs, indexed universal life plans.
In this intro, I am not going to tell you the difference. That’s because this is a complex topic and on the show is Kirk Kordeleski one-time Bethpage Federal Credit Union CEO and now an executive with OM Financial Group which specializes in c-suite retirement plans.
Kordeleski knows SERPs and he tells the fundamental differences between whole life SERPs and IULs and know that the differences can be substantial.
Are you already in a SERP or an IUL? Key advice from Kordeleski is to get an annual review of where you stand now. With credit union c suite salaries climbing and inflation roaring, where you really stand may not be where you had hoped to be. Get that review and get it soon. There probably still is time to take remedial steps to get your retirement back on course.
As you listen, keep in mind, a key question in your retirement planning is what is your risk tolerance? And what will it be when you are 65? 75? 85? And know that we are living longer. More years have to be factored in.