Flanagan State Bank’s Life Stage Strategies
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 Flanagan State 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.
CAPS Planning Tip – If you have never done a financial plan, this is the time many people start getting serious about looking ahead to retirement. A basic financial plan from an advisor that doesn’t try to sell you something is a great way to get on track. To find more about the difference between a commission-based advisor and a fee-only advisor, click here.
Flanagan State Bank and CAPS Financial Group can help you in your pre-retirement life stage to re-allocate your assets, increase IRA or 401K contributions, or help you with your planning. Please contact your personal banker or Matthew Schwerin for more information.
Internet banking– Flanagan State Bank offers free internet banking that allows you to view bank statements and account history, as well as perform transfers between accounts.
Online Bill Pay– this free service allows you to pay bills online and set up automatic payments to occur at certain times of the month. Save time and money by not having to mail bills out.
For help determining the best accounts and products for sound and productive money management during
your Pre-Retirement Life Stage, please contact us or CAPS Financial Group at 309-661-6333.