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Pre-Retiree

Transform your financial habits to prepare for the future

Your 50s are a good time to take stock of the asset allocation of your portfolio and evaluate your position relative to your retirement plans. For an accurate estimate, consider at what age you would like to retire and the lifestyle you plan to have… will you travel, have a vacation home, take up an expensive hobby? Project a budget, keeping in mind that some costs, such as health insurance, may increase and others, like your mortgage payment, may disappear. Once you have estimated your living expenses, then estimate how much your assets will be worth at retirement, and how long they are likely to last. You can do this with The First’s retirement calculator. Also estimate your Social Security income. With all this information at hand, you may want to increase your retirement contributions.

As you enter your 60s, fine-tune your projections and your asset allocations. If you retire before age 65, be sure you have medical insurance to cover you until you are eligible for Medicare.

The First can help you in your pre-retirement lifestage to re-allocate your assets, increase IRA contributions or set up an annuity. Please contact our financial advisors for more information.

Here are other ways pre-retirees can enhance their financial position at The First:

1. Take advantage of our interest-bearing checking account for our customers
50 years old and above

First Prime Checking – Free wallet style checks, Free money orders & official checks, check images on statement, unlimited check writing, 25% yearly discount on safe deposit rental.

2. Conserve time, money and paper with The First’s convenient checking accounts
with online banking and bill pay and no-charge ATM services

You’ll reduce the time it takes to pay your bills and save on the expense of printed paper checks and postage while helping the environment as well.

Online Banking - Check balances, transfer money, or pay loans.

Bill Pay – Pay Bills on line on time every month! The best part it’s free to customers!

3. Improve Funds Availability and Save Time and Money With The First’s
Convenient “Direct Deposit” Service

Save the time and expense required to prepare, transport and deposit transactions, by conveniently making remote deposits from your home or office at any time of day or night. Our simple, web-based interface integrated with an inexpensive flatbed scanner and our online banking service lets you electronically deposit checks into your account for improved cash flow. To learn more, go to Direct Deposit.

4. Catch up on your IRA or other retirement plan

After age 50, you are qualified to boost your plans with “catch-up” contributions. Contact our financial advisors for more details.

Tips for Effective Financial Management

  • Become aware of opportunities to reduce your lifestyle costs, e.g., downsizing vehicles or your home may provide convenience while lowering the costs and time of maintenance.
  • Determine your financial priorities, make a list with deadlines and start accomplishing them.
  • Start the decision-making process about where you want to live during retirement and figure all the associated costs.
  • Spend time doing what you plan to do at retirement to help yourself determine if you’re ready.

Some Financial Calculators for Pre-Retirees...

Our calculators can help you determine what you need to achieve your goals and stay on budget.

 

For help determining the best accounts and products for sound and productive money management during your Pre-Retirement Lifestage, please contact us at 855-257-2265 or email us.