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Retirement Planning

Additional retirement savings options are available through Citizens Investment Services.

Planning Retirement

Financial advice for pre-retirees

Your 50s is the perfect time to take a thorough look at your future and how you can best prepare for it. Consider what age you would like to retire at 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 income you will have between Social Security and your retirement assets. You can do this with Citizens Bank's retirement calculator. 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.

Citizens Bank has all the tools you need during this life stage to help you prepare for the future.

Tips for enhancing your financial position as you prepare for retirement:

  1. Have bank accounts that work as hard as you do - At this stage of your life, you might have higher balances in your bank accounts than you did when you were younger. Put those balances to work for you by opening accounts that earn interest.
    • Advantage Plus Checking – This low-cost checking account helps you save money while enjoying convenience and earning interest.
    • Cash Back Checking - If you have a direct deposit, sign up for e-statements and use your debit card for purchases at least 12 times per month, this might be an even better checking account for you. Not only do you earn cash back rewards, but you can also earn interest for balances over $1,000.
    • Money Market Account - This savings account earns tiered interest rates so you the higher the balance, the more you earn. You can access your funds anytime in person, by automatic transfer or by writing a check.
  2. Make it easy – Save time, money and paper with these convenient banking solutions.
    • NetTeller – Internet banking that allows you to access your financial accounts 24-hours a day, seven days a week.
    • Mobile Banking – Access NetTeller through your web-enabled cell phone or other mobile device.
    • VISA® Debit Card – Card that allows you to access funds from your checking account to pay for purchases at any retailer that accepts VISA cards.
    • ATM Card – PIN protected card that allows you to access your checking or savings account funds at an ATM machine or the point of sale.
    • Bill Payer – Internet banking service that allows you to pay your bills online 24-hours a day, seven days a week.
  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. Now is a good time to catch up on your contributions to your retirement savings accounts.

    • Traditional IRA – A tax-deferred individual retirement account that generally allows tax-deductible contributions. All distributions are treated as tax deductible.
    • Roth IRA – A nondeductible individual retirement account that generally allows 100% tax free distributions during retirement years.
  4. Plan for your future - Your future is about planning. At Citizens Investment Services, a department of Citizens Bank, our trained Financial Advisors will work with you to define your personal and investment goals. Some of the things to consider at this stage of your life are...

    • Retirement Planning
    • Estate Planning
    • Life Insurance
    • College and Educational Funding for your children or grandchildren

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 planning retirement life stage, please contact us at 262-363-6500.