Retirement Articles

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Learn About Retirement

It’s never too early to start planning for retirement. Use these articles to learn all about the different investment types for building your desired retirement lifestyle.

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How Much Should I Have in Savings at Age 35? How much money should you have in your savings account at the age of 35? It largely depends on when you started saving, your income and lifestyle, and whether you carry consumer debt. Savings for Adults in Their Mid-Thirties You might have heard friends, parents or financial advisors at local banks advise you to follow the 50/30/20 rule. If you follow this rule, you’ll break up your income in the following manner: No more than 50% of your income should go to required expenses, such as shelter or food. No more than 30% can go towards the wants in life, such as your gym membership or cable. The final 20% of your income should to towards savings, retirement and paying off debt. Some experts explain it another way and recommend that your savings should equal your salary by age 35. Still another way to approach savings is by using this guide from CNN Money. According to this, 35 year-olds should have saved the following, depending on their income: Income Estimated Amount in Savings $40,000 $60,000 $65,000 $97,500 $90,000 $135,000 $115,000 $172,500 However, this isn’t necessarily the case for many Americans, especially those with consumer debt or who didn’t get a job until later in their 20s. The savings goal at any age is simply to save so that you have an emergency fund, can pay off debt, and are able to invest. Now is the Time to Start Saving for Retirement Once you begin saving, it’s important to begin investing your wealth to let your money grow. This can be done through stocks and bonds, job promotions and salary increases, or even buying the apartment you’ve been renting. Your investment options should begin small and increase the more you save. Additionally, you should be making regular contributions to your IRA or 401k, whichever your company provides and matches. There’s no single answer to how much savings you should have by age 35. Ultimately, it comes down to your own unique budget and contributions. To learn more about savings at any age, contact your local First Bank* today. Our financial advisors can speak with you about your savings and help you plan for retirement. ——— Sources: CNN Money: http://money.cnn.com/gallery/retirement/2015/09/01/how-much-do-i-need-for-retirement/2.html CNBC: http://www.cnbc.com/2014/02/10/qa-were-in-our-30s-how-much-should-we-be-saving.html Investment and insurance products and services are offered through Osaic Institutions, Inc., Member FINRA/SIPC. 3 min read

How Much Should a 40-Year-Old Have Saved for Retirement? Are you 40 years old and concerned about your savings? Just how much should you have saved for your retirement by now? There’s no precise answer to give you, but there are some savings recommendations based on income. If you don’t meet these suggestions just yet, don’t panic. The key is to get on the right track right away, and these guidelines can help you do exactly that. Income-Based Savings for a 40 Year Old While some financial advisors suggest having your savings match your annual income, others suggest a more ambitious goal of having three times your salary in savings. That means an estimated savings range of: Income Estimated Range in Savings $50,000 $50,000 — $150,000 $75,000 $75,000 — $225,000 $100,000 $100,000 — $300,000 $150,000 $150,000 — $450,000 $200,000 $200,000 — $600,000 Financial Goals for Your 40s By your 40s, you should focus on these three financial goals if you don’t already have them in order: Pay off as much of your credit card and consumer debt as possible Ensure your emergency fund is ready and available if and when you need it Grow your retirement account, even on its own Are you struggling to make these things happen? You might consider the tips below to help you get on the right track. Create a budget. By knowing how much you spend each month, whether on eating out, fixing home repairs or car problems, or paying phone bills, you can more easily visualize how much you need to save. Take advantage of employer-matched retirement. Whether it’s a 401(k) or an IRA plan, or something entirely different, make the most of what your employer is offering you. It’s the easiest and least painful way to save money for retirement. Learn what counts as a true emergency. Differentiate between what should require you to dip into your savings and what isn’t a true necessity. If you need assistance planning for your future and creating a solid savings, First Bank* can help. First Bank is a community bank and has been helping residents of North Carolina and South Carolina reach their financial goals since 1935. Find a branch near you to speak with a financial advisor today. ——— Sources: Time: http://business.time.com/2012/09/21/what-you-should-save-by-35-45-and-55-to-be-on-target/ Forbes: http://www.forbes.com/sites/learnvest/2013/10/24/40-money-things-you-need-to-know-by-40/#4c620e126cb4 Investment and insurance products and services are offered through Osaic Institutions, 3 min read

Planning the Right Mix for Retirement As you enter this important stage in your financial well-being, are you setup to leave the workplace one day financially empowered? 3 min read

How to Retire in North Carolina Do you dream of retiring and spending the rest of your days relaxing and enjoying life in beautiful surroundings? If so, retirement in North Carolina may be for you. 5 min read

Basics of Estate Planning Planning for your future? You don’t have to do it alone. We talked to wealth management expert Russell Sugg to understand, at a high level, how to think about an estate plan. 2 min read

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