Whether you're just starting out or about to retire, SNB Bank NA is here for you every step of the way.
Transform your financial habits to prepare for the future & Protect Your Wealth
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, estimate how much your assets will be worth at retirement, and how long they are likely to last. You can do this with SNB Bank NA's retirement calculator. 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.
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.
SNB Bank NA can help you in your pre-retirement life stage to re-allocate your assets, increase IRA contributions or set up an annuity. Please contact our financial advisors for more information.
1. Take advantage of our SNB Interest Checking accounts or our SNB Senior Checking accounts for our customers 62 years old and above
2. Conserve time, money and paper with SNB Bank NA's convenient checking accounts with Online Banking, Bill Pay & E-Statements
Reduce the time it takes to pay your bills and save on the expense of printed paper checks and postage while also helping the environment.
Accessing your accounts has never been more convenient. They are also protected by very sophisticated security measures designed to protect your assets. All of your transactions are processed in a secure environment protected by some of the best encryption technology. That means your password, as well as information relating to you and your accounts are protected.
Pay your bills with a click of a button! Bill Pay is free when 5 or more bills are paid through bill pay each month.
E-Statements are fast, free and easy. You will receive your bank statements before your paper copies can be mailed.
3. Catch up on your IRA or other retirement plan
After age 50, you are qualified to boost your plans with “catch-up” contributions. Contact our financial advisors for more details.
A traditional IRA is a special tax-deferred savings account authorized by Internal Revenue Code Section 408. It is a unique and simple way for you to save money for retirement.
A Roth IRA will produce tax-free income if certain rules are met. You or your beneficiary(ies) will not be required to include in income, for income tax purposes, a distribution paid from a Roth IRA, whether it be the return of a contribution or the account’s earnings, if certain rules are met. In some cases, you may be eligible to claim a tax credit because of your Roth IRA Contribution.
4. Rent a safe deposit box
This is a convenient place to store important items that would be difficult or impossible to replace.
SNB Bank NA’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.
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.
Take advantage of senior discounts wherever you can, and don’t be shy in asking for them.
Do not invest with someone you don't know. Scams targeted at retirees abound. Your investment opportunities should be carefully researched and verified by reputable professionals.
Be informed. From your investments to your insurance you’ll want to audit your current portfolio and policies and make the necessary changes to reflect your needs and preferences as a retiree.
Create a complete and detailed listing of your financial, investment, insurance and trust products and put a copy in your safe deposit box.