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Life Stages

Pre-Retiree

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 Raccoon Valley 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 Raccoon Valley Bank:

 

  • Take advantage of our Ambassador Club for our customers 55 years old and above. 
     
  • Conserve time, money and paper with Raccoon Valley Bank’s convenient checking accounts with online banking, bill pay, eStatements and no activity charge ATM services – 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.
  • Catch up on your IRA or other retirement plan – After age 50, you are qualified to boost your plans with “catch-up” contributions.  Contact our financial advisors for more details.
     
  • Establish an estate plan and/or trust – Raccoon Valley 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

 

For help determining the best practices and products for sound and productive money management during your Pre-Retirement Life Stage, please contact us at 515-465-3521 or khoskinson@raccoonvalleybank.com.

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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.


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