Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Scroll to top

Planning the Right Mix for Retirement

by Allen D. Smith, Executive Vice President at First Bank

As the head of First Bank’s wealth management group, I know that many of our business customers need help preparing for retirement. As you enter this important stage in your financial well-being, are you setup to leave the workplace one day financially empowered?

Small business owners are often at the greatest risk of under-saving. Some may even withdraw from their retirement savings too soon to cover business expenses. In a period of flat interest rates, stretched monthly expenses, and recovering real estate equity, financial growth feels impossible at times.

So what’s the best way to approach your retirement, especially when your focus is on your business right now?

It starts with a plan. That sounds simple and is often overstated. But too often, small business owners enter retirement or semi-retirement without a thoughtful or updated long-term plan. Some principals we review with our clients whether you are 35 or 65 include:

Investment Risk Grading

Not everyone is moving toward a conservative approach in the later years. Have you graded your investment behavior recently? We develop a market plan and risk spread that help you analyze where, when, and how you want to invest your retirement funds.

Savings Optimization

Diversified savings options make allocation and analysis of CDs or other long-term saving options as important as ever before. Our advisors map interest and savings potentials for clients to help inform a safe and effective retirement strategy.

401k and IRA Planning

401Ks and IRAs remain important options for long-term financial well-being. These accounts have varying advantages and disadvantages and warrant expert analysis every few years as you near retirement.

Insurance Optioning

Life insurance and long-term care planning are a balancing act between now and the future. We include these options as part of a larger analysis of where to spend or save.

Trust and Estate Legal Analysis and Planning

Legal expertise is pivotal when planning estates or trusts. Our expert legal team provides detailed, but understandable guidance in shaping family and generational financial planning.

As a small business owner or employee, you understand the pressures on long-term financial gain. You’ve experience it firsthand.

Thousands of Baby Boomers are retiring each year, unsure if there money will work for them. Many Generation X-ers have relied to their savings to soften home equity loses. And Millennials still struggle to find a good starting point for retirement savings in their twenties thanks to a slow recovering job market.

These challenges are not going to disappear in the next decade. But a strong financial partner and expert in your local community can provide the best financial track to combat these external pressures.

We won’t sell you any “surefire” secrets about timing the market. And we won’t sell you any off-the-shelf solutions. Instead, you’ll get personal advice on retirement from professionals who really listen to you.

We live in an uncertain investing climate. But one thing that never changes is our desire to earn our clients’ trust with every interaction.

We’re in the business of planning for tomorrow. That’s why we know the importance of starting today.


Allen D. Smith


Trending Topics

How To Get A Small Business Loan

If you are an entrepreneur ready to start your own business, or a seasoned small business owner looking to expand, you may need to know how to get a small business loan. Acquiring the funds to start or grow your small...

What You Need to Open a Business Banking Account

Once you’ve started a business, the money is going to be coming in. You will need a business banking account to keep finances in order and manage cash flow. But, before you head down to your local First Bank,* grab...

Lumberton Bank

The city of Lumberton, North Carolina, only takes up about 15.8 square miles of land, but within that area there are plenty of shops, restaurants, entertainment, and banks for residents to enjoy. In just a few square...

New Business Loan – Jacksonville, NC

First Bank helps businesses get off the ground in Jacksonville, NC with our new business loans and various sets of helping hands. Our new business loans can provide a lump sum of cash for your business to finance...

Asheville Savings

First Bank in Asheville offers savings accounts for anyone looking to get the most out of their money. Whether you’re under 18 and just starting to learn about saving or saving for your future retirement, First Bank...

Banks in North Carolina

Did you know there are more than 100 First Bank locations in North Carolina? It’s true. You can find us in over 60 cities, mountains to coast. Did you know we’re one of the oldest banks in North Carolina? Yup,...

Current Mortgage Rates 30-Year Fixed

Is now the right time to buy the house you have your heart set on? One important thing to consider is the current mortgage rate trends and whether a 30-year fixed-rate mortgage is a good fit for you. At First Bank, our...

Online Money Hacks – First Bank

If you are active on social media, you’ve probably tried a “life hack” at some point. Life hacks are little things you can do to make your life easier. For example, tying a small piece of bright...

Small Business Payroll Services

If you’re like many small business owners, it’s likely that you wear many hats and are always on the go. From managing to accounting, there are multiple tasks you have to manage each day. Simplify your...

First Bank Loans

Between banks and online lenders, you have a lot of options to choose from when you need a loan. But not all loans are created equal, and First Bank loans are a step above the rest. If you are in need...