First Columbia Bank Lifestage Strategies

PRE-RETIREMENT

Adjust  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 First Columbia 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.

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 First Columbia Bank’s convenient online banking, e-statements, online bill pay, and no-charge ATM services

You’ll reduce the time and effort it takes to pay your bills—and help the environment as well.

Click here for more information and to enroll in our FirstLink Online Banking service.

4. Simplify

Further simplify your life with our mobile banking services that allow you to bank right from your mobile phone.

Click here for more information and to enroll in our FirstLink Mobile Banking service.

 

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!