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Life Stages > Pre-Retirement

Transform Your Financial Habits to 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, or 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 CBC 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.

CBC Bank can help you in your pre-retirement lifestage to re-allocate your assets or increase IRA contributions. Please contact our financial consultants for more information.

Here are other ways pre-retirees can enhance their financial position at CBC Bank.

1. Take advantage of our interest-bearing checking account for our customers 50 years old and above.

  • 50 NOW Checking - Unlimited transactions and pays interest on your balance of $1,000.00 or more.

2. Conserve time, money and paper with CBC Bank’s convenient checking accounts with online banking and bill pay and ATM services.

You'll reduce the time it takes to pay your bills and save on the expense of printed paper checks and postage while helping the environment as well.

  • 50 NOW Checking - Interest paying checking account for those age 50 and above.
  • Personal Money Market - Pays interest on balances of $2,500.00 or more.

3. Improve funds availability and save time and money with CBC Bank's convenient direct deposit service.

Save the time and expense required to prepare, transport and deposit transactions, by using Direct Deposit. Have all deposits automatically depsoited into a selected account. No more worries about when your check arrives by mail. Direct Deposit is safe, convenient and reliable. To learn more, go to Direct Deposit.

4. 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 consultants for more details.

5. Establish an estate plan and/or trust.

Your specefic situation may require you plan for the special needs of your children, aging parents, or the responsibilities of higher education and more. Our Investment Professionals may offer estate planning tools to grow your assets, save on taxes and protect and manage your property.

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.

Financial Calculators for Empty-Nesters

Our calculators can help you determine what you need to achieve your goals and stay on budget.