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 State Bank of Cross Plains’ 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.

State Bank of Cross Plains can help you in your pre-retirement lifestage to re-allocate your assets, increase IRA contributions or set up an annuity. Please contact our financial advisors for more information.

Here are other ways pre-retirees can enhance their financial position at State Bank of Cross Plains:

1. Take advantage of one of our unique interest-bearing checking accounts for our customers

Interest Checking

Investment Checking - Let your checking dollars work harder for you with Investment Checking! It's an idea you can use everyday.

Ultimate Interest Checking

2. Conserve time, money and paper with State Bank of Cross Plains’ convenient checking accounts with online banking and 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.

eBank!

State Bank of Cross Plains is always trying to provide the best services and products to make your banking easier. In today’s busy world, you need the flexibility to choose when, where and how you want to bank. eBANK! gives you that flexibility.

eMobile

State Bank of Cross Plains’ eMobile lets you take command of your finances, anytime, anywhere. In today’s busy world, you need the flexibility to choose when, where and how you want to bank. eMobile gives you that flexibility. State Bank of Cross Plains’ eMobile lets you use your cell phone to do just about all of your personal banking.

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 our financial advisors for more details.
4. Establish an estate plan and/or trust

State Bank of Cross Plains' Wealth Management 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, on taxes and protect and manage your property.

Wealth Management

Conservative - Prudence - Care - Sound Judgment - Skill – Integrity – Loyalty: These are the values we live by because serving our clients is a privilege that we must earn every day. For more than 35 years, our singular passion has been to understand the unique needs, circumstances and dreams of every client and to bring them to fruition with all of the considerable care, skill and resources at our disposal.

 

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.

Calculators

For help determining the best accounts and products for sound and productive money management during your Pre-Retirement Lifestage, please contact us at 855-CLOSE2U (256-7328)  or email us.