The freedom to live the retirement lifestyle of your choice with more time to spend with your friends and family can make your retirement years truly enjoyable. However, this is not the time to become complacent about your financial initiatives. Stay open to new ideas and opportunities to leverage your money, even if you are satisfied with your products and their performance.
Here are some ways HomeTown Bank can help you fortify your financial position during your retirement years:
1. Don't retire the monthly budget.
Hopefully you have years of experience developing a monthly budget. And the budget is one thing that should never retire. As your income changes and becomes more fixed, is more important than ever to stick to your budget. It comes down to the basic principle of spending less than you take in. And don't be shy about taking advantage of senior discounts wherever you can!
HomeTown Bank’s Our Cash FlowTM is a helpful budgeting tool. Our Cash Flow connects to almost every US financial institution with internet banking capability so you can see all your accounts in one place, set up budgets and goals, track spending, and more so you can understand your complete financial picture. Learn more here.
2. Prevent overspending with direct deposit.
Don’t give yourself unlimited access to your investment funds. Instead, talk to HomeTown Bank about setting up direct deposits from your investments and social security to your checking account, for systematic withdrawals. This helps with budgeting by providing a consistent paycheck and can help prevent overspending.
3. Talk to a trusted investment advisor.
If you have contributed little toward retirement, after age 50, you are qualified to boost your plans with “catch-up” contributions for your savings. Talk to HomeTown Investments about this and other options. Note, you should not invest with someone you don't know. Scams targeted at retirees abound and your investment opportunities should be carefully researched and verified by reputable professionals.
You may want to consider these great deposit products from HomeTown Bank as well.
Acorn & Oak Savings – A savings account of people over 60 with a premium rate.
HomeTown CDs – Maximize your return by locking in a competitive rate for a chosen term.
Certificate of Deposit Account Registry Service (CDARS) – Receive multi-million-dollar FDIC insurance coverage so you can manage all of your certificates of deposit directly with HomeTown Bank.
Insured Cash Sweep (ICS) – Receive multi-million-dollar FDIC protection on your savings deposits.
IRAs are not a deposit, not FDIC insured, not insured by any federal government agency, carry no bank guarantee, and may go down in value.
4. Join our Winner Circle Club.
Take advantage of deposit enhancements, travel opportunities and social events for our customers in their retirement years. Call 540.391.4050 to learn more.
5. Rent a safe deposit box.
A safe deposit box* is a convenient place to store important items that would be difficult or impossible to replace. HomeTown 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.
*Safe deposit box contents are not FDIC insured.