Pre-Retirement

Transform your financial habits and 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 First Community National Bank’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. First Community National Bank can help you in your pre-retirement lifestage to re-allocate your assets, increase IRA contributions or set up an annuity. 

How do I prepare for retirement?

Take advantage of Real Life Checking

Now is the time to maximize your earnings. FCNB offers the Real Life Checking accounts, which give you the freedom to earn rewards your way. If you are age 50 and above, FCNB offers the Prestige Club. Take advantage of the many benefits, including classes and seminars specific to your interests. 

Real Life Checking

Prestige Club

Conserve time, money and paper with Electronic Banking

With FCNB's electronic banking features, you'll reduce the time it takes to manage your accounts, pay your bills and budget your expenses. Plus, you can go green with e-Statements and save the expense of printed statements while helping the environment. We offer an abundance of products to help you bank on the go!

 

Catch up on your retirement plan

After age 50, you are qualified to boost your plans with “catch-up” contributions. Talk with FCNB Financial's Wealth Managers to learn about the products we offer that can help you meet your retirement goals.

Establish an estate plan and/or trust

A trust or estate plan can help you plan for the special needs of your children, aging parents or the responsibilities of higher education and more. Please see legal counsel or trust professional that is licensed to help you in the areas of trust administration and estate planning to grow your assets.  Save on taxes and protect and manage your property. FCNB does not offer a trust department nor can we give legal advice, but we can help set up the estate or trust account once legal documentation has been prepared.

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 Pre-Retirement Lifestage, please contact us or visit us at one of our branch locations.