614.836.0100

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, 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 Service Federal Credit Union’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.

Here are other ways you can enhance their financial position at First Service:

  1. Once you reach age 60 or better, you are eligible to be a member of our Prime Time Club. There is no fee or minimum balance required to participate in the Prime Time Club and your benefits include:

    • Unlimited Checking with no minimum balance required
    • Certificate bonus points with active loan balance or checking account
    • Free Check Printing (one complimentary box per year)
    • Free Small Safe Deposit Box (subject to availability)
    • Free Online Account Access
    • Free Mobile Banking
    • Free BillPayer
    • Free e-Alerts
    • Free E-Statements
    • Free $1,000 accidental death and dismemberment coverage (separate enrollment required)

    Register for the Prime Time Club: If you are age 60 or over, simply ask a Member Service Representative to add you to the Prime Time Club during your next visit or call 614-836-0100 at your convenience to participate.

  2. Improve Funds Availability and Save Time and Money with Direct Deposit – Take the worry and hassle out of payday! Have your paycheck deposited safely into your checking account. Simply print out our Direct Deposit Form, fill in your account information, and give it to your Pay Center. Our routing number is - 244077682.

  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 a Member Service Representative at 614-836-0100 for more details.

  4. Establish an estate plan and/or trust – Speak with a trusted financial advisor about things you can do to help plan for the special needs of your children, aging parents, or the responsibilities of higher education and more.

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 at 614-836-0100 or email us at support@firstcu.com.