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

Why Retirees Should Have an HSA

March 01, 2023 by First Federal Bank

As you plan for retirement, one important tool to consider is a health savings account, or HSA. While HSAs are most frequently used to pay medical costs, they also provide an array of investment options and tax advantages that can give your finances a serious boost once you’ve retired.

Topics: Retirement, Financial Education

How to Avoid Running Out of Money When You Retire

February 15, 2023 by First Federal Bank

Are you worried you won’t have enough money to fund your retirement? It’s understandable if this question is keeping you up at night. With all the excitement and freedom retirement brings, it can also include a high level of anxiety. Here are some suggestions to help you avoid running out of money when you’re no longer earning a regular paycheck:

Topics: Retirement

3 Ways to Simplify Your Investments

January 06, 2023 by First Federal Bank

Keeping all your investments in order doesn’t need to be overwhelming. Even if you’re balancing a diverse investment portfolio, there are ways to make the process a simpler task. Here are a few ways to streamline your investments and reach your financial goals without constant worry and oversight. “Your financial life should be simple enough that...

Topics: Retirement, Financial Education

Should You and Your Spouse Retire at the Same Time?

November 30, 2022 by First Federal Bank

If you and your spouse are nearing retirement age, it’s important to consider the timing. Should you both retire at the same time, or would it be better to stagger your retirements for financial reasons? If you’re not sure what the best approach would be, here are some points to discuss with your partner so you can make an informed retirement...

Topics: Retirement, Financial Education

How Those Over 50 Can Play "Retirement Catch-Up"

October 12, 2022 by First Federal Bank

If retirement is looming, but you have not built the nest egg you want or need for worry-free golden years, there is no need to fret. There are strategies and tactics you can employ to catch up on your retirement savings goals when you are over the age of 50. Here is a closer look at a few methods that can help make a difference for your bottom...

Topics: Retirement, Financial Education

Should You Rent or Purchase When You Downsize?

September 09, 2022 by First Federal Bank

Downsizing can help retirees save money and energy they might otherwise waste on space they do not need. But in the process of downsizing, they must choose whether to rent or purchase their next home. What are the pros and cons?

Topics: Retirement, Homeowners, Mortgages / Home Equity

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