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 Anderson Brothers Bank’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.
Here are other ways pre-retirees can enhance their financial position at Anderson Brothers Bank:
Interest Checking Account - An interest-bearing account ideal for clients with a high volume of transactions. Monthly service charge of $6 and $.30 per check applies if balance falls below $500 (fee waived for customers 55 and older) You have the ability to have most payroll, government, and interest checks automatically deposited into your ABB account.
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.
eBanking allows you to bank from the comfort and convenience of your home or office, 24 hours a day…7 days a week. You can view your accounts, see images of your checks and deposit items, transfer funds from one ABB account to another, and even pay bills electronically.
Mobile Banking allows you to use your eBanking in the palm of your hand.
Save the time and expense required to prepare, transport and deposit transactions, by conveniently making direct deposits.
To learn more, go to Direct Deposit.
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.