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 TCSB’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.
The Community State Bank can help you in your pre-retirement/retirement lifestage to re-allocate your assets, or increase IRA contributions or distributions. Please contact our IRA Specialist for more information.
Here are other ways pre-retirees/retirees can enhance their financial position at The Community State Bank:
Take advantage of our interest-bearing checking accounts...
For our customers 55 years old and above.
Now Account – Interest bearing unlimited checking account with minimum to open $1,500. Must maintain minimum average balance of $1,500 per month or minimum daily balance of $1,500 to avoid service charge. Click for more details.
Money Market Account - Interest bearing LIMITED checking account with minimum to open $2,500. Limited to six withdrawals a month. Must maintain a minimum daily balance of $2,500 to avoid service charge. Click for more details
Rewards Checking-Interest bearing. Qualifications must be met each cycle to receive the disclosed APY. If you do not meet the qualifications per cycle, your account will still function as a free checking account earning a lower rate of interest. Click for more details
Seniors can also take advantage of our no fee Senior Citizens checking account for those who have a direct deposit and wish to maintain a lower checking account balance.
Vintage 55 – Minimum to open is $150.00. Must be 55 and older. Unlimited check writing and monthly statement with images. No service charge, The TCSB Benefits can be added for only $3.50 per month. Click for more details
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 IRA Specialist for more details. Contact Us
Establish an estate plan and/or trust
The Community State Bank can help you plan for the special needs of your children, aging parents or the responsibilities of higher education and more. Talk with your attorney prior to opening an estate or trust account.
Check to see if your assets are covered
Call a TCSB representative today to find out whether all of your money is covered by the FDIC. We can give you peace of mind knowing that your wealth is safely insured. If you would like to check your own coverage, you can visit www.fdic.gov and use the FDIC insurance calculator.
Rent a safe deposit box
This a convenient place to store important items that would be difficult or impossible to replace. The Community State Bank’s safe deposit boxes offer privacy and in most cases, greater security than keeping your valuables and important documents elsewhere. Additionally, some insurance companies charge lower insurance premiums on valuables kept in a bank's safe deposit box instead of at home.
For a list of available box sizes and prices, Click here.
Take advantage of our interest-bearing checking accounts.
Money Market – Interest-bearing LIMITED checking account with minimum to open $2,500.00. Limited to six withdrawals a month. Must maintain an average monthly balance of $2,500.00 to avoid service charges. Click here for more details.
Traditional IRA – Tax deductible contributions to a traditional IRA can help you build long term wealth and help you reach your retirement goals. Call an IRA specialist today for more information.* Contact us
Roth IRA – Contributions to this type of retirement account are not tax deductible, however, when you retire, distributions are tax free. For more details call an IRA specialist. Contact us
*A visit with your tax professional may also help you decide which IRA product would be most suitable for your current financial situation.
Check your assets: www.fdic.gov