First Columbia Bank Lifestage Strategies

PRE-RETIREMENT

Adjust your financial habits to prepare for the future

Your 50s and 60s are the time to more seriously plan for life after retirement. It's important to project an accurate budget for the lifestyle you'd like to have and the age at which you'd like to retire. Will you travel, have a vacation home, or take up an expensive hobby in retirement? Once you have estimated your living expenses, estimate how much your assets will be worth at retirement and how long they are likely to last.  You can do this with First Columbia Bank’s retirement calculator. Keep in mind that while some costs of living may increase (like health insurance), others (like your mortgage payment) may disappear. Don't forget to also estimate your Social Security income.

In your 50s...
Take stock of the asset allocation of your portfolio and evaluate your position relative to your retirement plans. You may want to increase your retirement contributions.

In 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.

To re-allocate your assets, increase IRA contributions or set up an annuity, please contact the financial advisors at First Columbia Financial Sevices.

Here are ways those preparing for retirement can enhance their financial position:
 

1. Boost your IRA or other retirement plan contributions

After age 50, you may be able to add to your retirement plans with “catch-up” contributions. Contact the financial professionals at First Columbia Financial Services for more details.

2. Establish an estate plan and/or trust

First Columbia Bank’s Trust Services can help you plan for the special needs of your children, aging parents, or the responsibilities of higher education and more. Our trust professionals can help you in the areas of trust administration and estate planning to grow your assets, save on taxes and protect and manage your property.

3. Save time and money with e-Banking

First Columbia Bank provides our customers with many convenient online options to help you streamline and simplify.

Sign up for Online Banking
You’ll reduce the time and effort it takes to pay your bills—and help the environment as well. Transfer funds, view balances, pay bills, sign up for paperless e-statements, and more whenever you want and wherever you are with this helpful feature.
Click here for more information and to enroll in Online Banking.

4. Take your community bank with you wherever you go

As you travel into the future, you can rely on your community bank to be there with you every step of the way.

Enroll in Mobile Banking
Our mobile banking services allow you to bank right from your mobile phone.
Click here for more information and to enroll in Mobile Banking.

Enjoy Fee Free ATM Access
We bring you Fee Free ATM access at over 55,000 locations worldwide–in your town, where you shop and when you travel. It's one of the many ways First Columbia is working to make banking better for our customers.
Click here to learn more about our Fee Free ATM Network

 

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.

 

Financial Calculators for the Pre-Retiree.

Try out these calculators that can help you determine what you need to achieve your goals and stay on budget.

Retirement Planner Social Security Calculator

For help determining the best accounts and products for sound and productive money management as you prepare for your upcoming retirement, please contact us at 570.784.1660 or email us. We're here for you!