What is the Four Percent Rule?

September 17, 2021 by First Federal Bank

If you are on the edge of retirement or a current retiree, you may be familiar with the phrase, the Four Percent Rule. The concept is used to help retirees manage your finances in your golden years.

Topics: Retirement, Investing, Financial Education

How to Live on a Fixed Income in Retirement

August 09, 2021 by First Federal Bank

Before retirement, you probably had the chance to increase your income, such as by earning promotions or changing jobs. But during retirement, it’s more common to live on a fixed monthly income determined by your savings. This can force a different approach to your personal finances and perhaps even to your lifestyle. Follow the tips below to...

Topics: Saving Money, Retirement, Budgeting

Writing Your First Will: What You Should Know

June 30, 2021 by First Federal Bank

Writing a will may seem simple — just say who should get your property when you die — but there are several less obvious elements to it that are just as important. Though you may not be inclined to think about your mortality, taking the time to prepare a well-written will is key to ensuring the transition is as smooth as possible for your loved...

Topics: Retirement, Financial Education, Family

Saving for Medical Costs in Retirement

May 31, 2021 by First Federal Bank

Saving enough money to enjoy a full retirement may already feel like an uphill climb before you even consider the rising cost of healthcare. As you get older, you can expect your medical expenses to increase, which can put a damper on your plans without proper consideration. By setting aside funds specifically for your healthcare needs, you can...

Topics: Saving Money, Retirement, Financial Education

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

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