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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, buy a vacation home, take up a hobby? Project a budget, keeping in mind that some costs, such as health insurance, may increase and others, like your mortgage payment, may disappear. After you’ve calculated your future living expenses and how much your assets will be worth at retirement, including Social Security income, you can determine how long your money will last. Use First Heritage’s retirement calculator to help with your calculations. Do you need to make changes, increase your retirement contributions or enhance your financial position?

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’re eligible for Medicare.

First Heritage can help you re-allocate your assets or increase IRA contributions. Here are a few ways you can enhance your financial position at this stage of life:

1. Take advantage of a money-saving checking account, online banking, bill pay and no-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.  First Heritage has the perfect checking account for this time of your life.

2. Improve funds availability and increase convenience with automatic Direct Deposit to First Heritage
You can make deposits from just about anywhere, any time with our online banking services. Electronically deposit checks for improved cash flow.
3. Catch up on your IRA or other retirement plan
After age 50, you are qualified to boost your plans with “catch-up” contributions.  Contact an IRA Specialist for more details.

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 are ready.

Some Financial Calculators for Pre-Retirement...

Our calculators can help you determine what you need to achieve your goals and stay on budget.

For help determining the best accounts and products for sound and productive money management during your Pre-Retirement Life Stage, please contact us at 607-936-4667, (toll free) 800-833-3338 or email us at info@fhfcu.org.

Warning: Email is not a secured method of communication and personal information, such as account number, date of birth and social security number should not be included in any email communications.