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Flanagan State Bank’s Life Stage Strategies

PRE-RETIREMENT

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 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.

1. Take advantage of our Roadrunner’s Travel Club. Our Roadrunners Travel Club (age 50 and over) enjoy outings and events where they travel, learn and have fun with each other. These fun outings combined with certain banking benefits makes the Roadrunners one of our most popular programs. 

Click Here for more information on Roadrunners.

Senior Checking(over age 62) – Entirely free checking account, minimum $100 to open. No minimum balance or service fees. Monthly statement with check images.

2. Conserve time, money and paper with Flanagan State Bank’s convenient checking accounts with online banking and bill pay and no-charge ATM servicesYou’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.  

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.


CAPS Financial Group offers a service where a financial plan is developed for a one-time fee. As a bank customer, you qualify for a 33% discount off the regular hourly rate. A financial plan gives you objective advice and a roadmap to reach your goals. There are no products “sold”.

After age 50, you are qualified to boost your plans with “catch-up” contributions. For details, contact Matthew Schwerin at the Bloomington branch - (309) 661-6333 or his Glen Ellyn office - (630) 247-0033.

Flanagan State 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.

As a grandparent, you may be in the position to help with your grandchildren’s college fund. You can open up and contribute to a 529 plan, buy EE bonds, or start an Education IRA. Contact your personal banker or Matthew Schwerin at CAPS Financial Group for advice in this area.

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.