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Looking Towards Tomorrow

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, or take up an expensive hobby?  Project a budget, keeping in mind that some costs, such as health insurance, may increase and other costs, 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 PCB’s  retirement calculatorWith 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.

  1. Conserve time, money and paper with PCB’s checking accounts which offer FREE Internet Banking, FREE Bill Pay and no-charge ATM services:  You will reduce the time it takes to pay your bills and save on  the expense of printed paper checks and postage while helping the environment.

50+ FREE Interest Checking - Competitive interest, FREE checks    

Ultimate Checking - It is time you got rewarded - just for living your life.

  1. Catch up on your IRA or other retirement plan:  After age 50, you are qualified to boost your plans with “catch-up” contributions. 
  1. Establish an estate plan and/or trust:  Trust services can help you plan for the special needs of your children, aging parents or the responsibilities of higher education and more.  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.
     
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.

 

You can use the retirement calculator to aid you in planning effectively.

For help determining the best accounts and products for sound and productive money management during your Looking Towards Retirement lifestage,  please contact us.