Common Questions About Managing Your IRA

February 07, 2024 by First Federal Bank

An individual retirement account (IRA) can be a powerful tool for investing and saving your money — especially when you manage it wisely. If you’re looking for ways to make the most of your IRA, start by reviewing these commonly asked questions.What investments can I make with an IRA?You can choose from a wide range of IRA investment options to...

Topics: Retirement, Financial Education

Tips for Managing Health Care Costs in Retirement

December 22, 2023 by First Federal Bank

As you plan your retirement finances, be sure to take health care costs into account. Even though Medicare will cover a large chunk of your expenses, it’s likely you’ll still need to pay premiums and deductibles, vision and dental, long-term care, and more. In fact, according to Fidelity’s 2023 Retiree Health Care Cost Estimate, the average couple...

Topics: Retirement, Financial Education

What to do After Maxing Out Your 401(k)

September 13, 2023 by First Federal Bank

Congratulations! You’re on track to reach your 401(k)-contribution limit for the year. But your commitment to funding your retirement shouldn’t stop at your 401(k). Once you’ve maxed out those contributions, you should take another step to preparing for your post-career lifestyle. Here are some smart ways to stash more for retirement if you’re...

Topics: Retirement, Financial Education

Advice for Deciding Where to Retire

August 23, 2023 by First Federal Bank

Whether you are close to retirement or just starting to think about the day when you no longer have to work, planning for your golden years requires a lot of thought. One major decision you have to make is where you want to set down roots. Is it best to stay where you are or is a new address the way to go? The following guide may help you decide...

Topics: Retirement

Retirement Surprises That Can Cost You

June 21, 2023 by First Federal Bank

Whether retirement is near or decades away, you should always be financially planning for your senior years. Most people have a certain vision of what retirement will be like, but it varies drastically from the curveballs that life actually throws. That’s why it’s important to be aware of these possible expenses as you stockpile your savings and...

Topics: Retirement

Important Financial Steps to Take Right Before You Retire

June 07, 2023 by First Federal Bank

If retirement is in your near future, you’ve probably mapped out how you’re going to spend your newfound freedom, where you’re going to go, and how much you’re going to love sleeping in or staying up late. Whether retirement is years in the future or simply months within reach, you must carve out time to complete a few important financial chores...

Topics: Retirement, Financial Education

5 Types of Insurance Retirees Should Consider Having

May 24, 2023 by First Federal Bank

When you retire and become eligible for Medicare and Social Security, you’ll no longer need to worry about purchasing certain types of insurance, such as basic health or disability coverage. However, there are still several policies you’ll want to consider carrying. Here’s a closer look at the insurance you’re most likely to need for your...

Topics: Retirement, Financial Education

Should You Take Money from Your IRA to Pay Off Debt?

May 05, 2023 by First Federal Bank

As you near your target retirement age, you’ll want to reduce your existing debt to give yourself financial freedom. This includes paying off your credit card balances, student loan debt, car loans, and your mortgage. If you’ve grown a hearty IRA, you’ll wonder if you can use those retirement funds early to knock out your debt. Is that a wise way...

Topics: Retirement, Financial Education

How Do Taxes Change After You Retire?

April 12, 2023 by First Federal Bank

Retirement brings many changes to your life, big and small. You may not have to answer to an alarm clock, boss, or coworkers, and deciding how you spend your time is up to you. But one thing that will never change is your abidance to taxes. Taxes are a constant, no matter if you are in the workforce or retired from it. Here is a closer look at how...

Topics: Retirement

Borrowing from Your IRA

March 08, 2023 by First Federal Bank

When you’re building for retirement, an IRA is one of the best assets you can have in your portfolio. But can it help if you need money now? Taking money out of your IRA before retirement is possible, but it’s best you know what to expect before seriously considering it as an option.

Topics: Retirement, Financial Education

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