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 Clearfield Bank & Trust’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.
Clearfield Bank & Trust can help you in your pre-retiree lifestage to re-allocate your assets, increase IRA contributions or set up an annuity. Please contact us for more information.
Here are other ways pre-retirees can enhance their financial position at Clearfield Bank & Trust :
Take advantage of our Chairman’s Club Checking for our customers age 50 or better.
Convenient Services – Conserve time, money and paper with Clearfield Bank & Trust’s convenient online banking, online bill pay and e-statements.
Catch up on your IRA or other retirement plan – After age 50, you are qualified to boost your plans with “catch-up” contributions.
- Establish an estate plan and/or trust – Clearfield Bank & Trust’s Wealth Management Group 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.
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.
For help determining the best accounts and products for sound and productive money management during your Pre-Retiree Lifestage, please contact us at 814-765-7551 or email us.