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 The Bank of Missouri’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 Bank of Missouri can help you in your pre-retirement lifestage to re-allocate your assets, increase IRA contributions or set up an annuity. Please contact one of our financial advisors for more information.
Here are other ways pre-retirees can enhance their financial position at The Bank of Missouri:
1. Take advantage of our unique, interest-bearing checking account.more
Investors’ Club – A special program that provides many benefits, services, special discounts and exclusive opportunities, including group travel.
2. Conserve time, money and paper with The Bank of Missouri’s convenient checking accounts with online banking and bill paymore
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.
3. Improve Funds Availability and Save Time and Money With The Bank of Missouri’s Convenient "Remote Deposit Capture" Servicemore
Save the time and expense required to prepare, transport and deposit transactions, by conveniently making remote deposits from your home or office at any time of day or night. Our simple, web-based interface integrated with an inexpensive flatbed scanner and our online banking service lets you electronically deposit checks into your account for improved cash flow. To learn more, go to Remote Deposit Capture.
4. Catch up on your IRA or other retirement planmore
After age 50, you are qualified to boost your plans with “catch-up” contributions. Contact one of our financial advisors for more details.
5. Establish an estate plan and/or trustmore
The Bank of Missouri’s Trust 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, 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.
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 solutions for sound and productive money management during your Pre-Retirement Lifestage, please contact us at 888.547.6541 or firstname.lastname@example.org. We're here for you!