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Empty Nester

Empty Nester

This season of life may find you with extra income as your adult children are making their own way in the world. Now is a great time to focus on preparing yourself for the future.

    1. Examine your budget and focus on retirement.

Your 50s are a good time to review the asset allocation of your portfolio after years of investment and evaluate your position as it compares to your retirement plans. To gauge an accurate investment, think about what age you would like to be when you retire and the lifestyle you hope to have in your golden years. Do you want to travel? Own a vacation home? Take up a hobby? Establish a projected budget for the next season of life, keeping in mind that some expenses – like health insurance – may increase, while others – like your mortgage payment – may disappear. Then, estimate how much your assets will be worth when you retire and how long they are likely to last. Remember to also estimate your Social Security income. Our calculators and Clarity to help you determine what you need to achieve your financial goals and stay on budget.

    2. Catch up on your IRA or other retirement plan.

If you have contributed little toward retirement, or want to contribute more, it is more important than ever to start now. Check into possible benefits through your employer, such as a 401(k) investment plan. If your employer does not offer retirement benefits, we invite you to come visit with one of our financial advisors to learn more about IRAs and other investment options that fit your life. After age 50, you are qualified to boost your plans with “catch-up” contributions for your savings. You may want to consider these Farmers Bank & Trust services in planning for your future:

    3. Open a checking account for this season of life.

Save on time, money and paper with a Farmers Bank & Trust checking account. We offer online and mobile banking that simplifies banking when you’re on-the-go. Our personal checking accounts offer NetTeller Online Banking and NetTeller Bill Pay at no additional charge.

  • Kasasa Checking – Earn up to 2.01% APY interest or 5% Cash Back, ATM fees refund and unlimited check writing
  • Farmers Checking – No-fee ($4 with paper statements) and no minimum balance checking with added features.
  • Club Checking – Unlimited check writing with a multitude of benefits for a low monthly fee.

    4. Rent a safe deposit box.

A safe deposit box* is a convenient place to store important items that would be difficult, or next to impossible, to replace. Farmers Bank & Trust safe deposit boxes offer privacy and in most cases, greater security than keeping your valuables and important documents elsewhere. Also, some insurance companies charge lower insurance premiums on valuables kept in a bank’s safe deposit box instead of at home.

*Safe deposit box contents are not FDIC insured.