Borrowing From Your 401(k)

April 30, 2021 by First Federal Bank

If money is tight, you may have considered drawing from your 401(k) retirement savings plan. While it’s generally best to leave your investments intact, there are circumstances in which tapping into your account can be a safer move than obtaining other kinds of loans. Here’s a look at a few factors to consider before you commit to borrowing...

Topics: Retirement, Personal Lending

Retirement Plans That Fit Your Business

April 21, 2021 by First Federal Bank

Running your business with passion every day is key to success in the long run. But you also need to think about your individual needs down the line — specifically, how you’ll get to the point where you have the money you need to retire. As a small-business owner, you’re responsible for setting yourself up for retirement. Fortunately, you have...

Topics: Small Business, Retirement

Understanding Senior Living Options

March 12, 2021 by First Federal Bank

Choosing the right place to retire can have a major impact on your life and your loved ones. According to the U.S. Department of Health and Human Services, most Americans turning age 65 will need long-term care at some point in their lives. Many turn to care facilities once they are unable to perform specific activities of daily living...

Topics: Retirement

How to Plan Your Retirement Using Age Banding

February 22, 2021 by First Federal Bank

Even if you’re nowhere near retirement age, chances are you’ve been — or have recently begun — preparing for the eventuality of leaving a working lifestyle behind. A lot goes into retirement planning, and knowing where to start or how to make sure everything goes as planned can be daunting. That’s where the concept of “age banding” comes into...

Topics: Retirement, Investing

What Are Roth IRA Conversions?

February 05, 2021 by First Federal Bank

As you plan for retirement, it’s important to invest your money in a way that maximizes your income in your senior years. In some cases, a Roth IRA conversion could get you closer to this goal by allowing you to pay less in taxes when you retire. Before you take this route, it’s important to understand the basics of Roth IRA conversions and...

Topics: Retirement, Investing

The Financial Accounts Everyone Should Consider

December 04, 2020 by First Federal Bank

Diving into the choppy waters of financial planning can feel intimidating, especially when you realize just how many types of accounts there are. Thankfully, many experts agree there are a few accounts everybody should consider holding to keep your money organized, set you up for the future, and even help grow your wealth.

Topics: Personal Banking, Saving Money, Retirement, Investing, Financial Education, Budgeting

Is Investing Right For You?

August 05, 2020 by First Federal Bank

The principle of “The greater the risk, the greater the reward” is tossed around a lot when it comes to gambling with your financial life. The potential for a great reward attracts many investors, but it’s not guaranteed. Before you put your money into any investment, whether it’s high or low risk, you need to fully understand what you’re...

Topics: Retirement, Investing

Health Coverage in Retirement

June 17, 2020 by First Federal Bank

If you’re like many Americans, you probably receive your health insurance through your job. However, when it comes time to retire, you’ll be faced with a difficult — and potentially costly — problem. Here are some tips for navigating the complicated world of health coverage in your golden years.Check with your current providerExplore how your...

Topics: Retirement, Healthy Living, Insurance

Don’t Let Emotions Get in the Way of Your Investment Decisions

April 23, 2020 by First Federal Bank

The investment landscape can be volatile and difficult to understand. But investing is a phenomenal way to add to your financial portfolio. The one thing it isn’t, though, is sentimental. That’s why factoring emotions into the way you manage your investments puts you at a high risk for making poor decisions and racking up losses.Disregard...

Topics: Retirement, Investing

How to Make a Loan Against Your Retirement Accounts

December 23, 2019 by First Federal Bank

Saving for retirement is meant to help you finance your future, improving your quality of life after your work years. The more you are able to set aside and the longer you allow that money to accrue, the more cash you’ll have to live on. Because of this, it’s recommended to defer taking funds from your retirement savings as long as possible —...

Topics: Small Business Lending, Business Banking, Small Business, Retirement, Entrepreneurship

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