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 Central 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.
Central Bank can help you in your pre-retirement lifestage to re-allocate your assets, increase IRA contributions or distributions. Please contact our financial advisor, Marcus Anderson, for more information.
Golden NOW Account (for those age 50 and above) - Interest bearing checking account with minimum to open $1000 ($5 monthly fee includes all the services of our *Performance Checking). $12.50 monthly service charge if balance falls below $1000.
Priority Money Market – Interest bearing LIMITED checking account with minimum to open $5,000. Limited to six withdrawals per month in the form of checks and/or cash withdrawals (no more than 15 per quarter). For complete rules, please call a customer service representative.
Central Bank Offers:
Complimentary Checking –No monthly fee, no minimum balance required, free ATM/Debit Card, online banking and more. $100 minimum to open this account.
Beyond Checking – For $5 per month for seniors, you get unlimited checks, a $10,000 Life Insurance plan, $25,000 IDENTITY THEFT insurance, as well as access to outstanding travel, vacation, medical, and shopping deals.
assets, save on taxes and protect and manage your property. Contact our financial advisor, Marcus Anderson 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.
DOUBLING YOUR MONEY
When it comes to finances, it’s usually safe to say that the longer you invest your money, the more you’ll have. You can figure out how long it will take to double your money with the “Rule of 72,” by dividing your interest rate into 72.EXAMPLE: Savings interest rate = 3%, 72 ÷ 3 = 24, Money in a savings account earning 3% interest takes 24 years to double.
For help determining the best accounts and products for sound and productive money management during your Pre-Retirement Lifestage, please contact us at 731-925-9046 or firstname.lastname@example.org.