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

How to Save for Retirement Without a 401(k)

July 08, 2022 by First Federal Bank

A 401(k) plan may be ideal when it comes to saving for retirement. Still, it’s possible to meet ambitious retirement goals even without one. If your employer doesn’t offer retirement benefits, these options can help you retire comfortably:

Topics: Retirement, Financial Education

Should Your Spend Your Retirement Savings?

April 15, 2022 by First Federal Bank

If you’ve amassed significant savings for your retirement, it’s important to think about what you’ll do with the money. Would you prefer to spend it on yourself, give it away, or hang on to it and leave an inheritance for your children or other loved ones? Your answer will depend on a wide variety of factors, of course, but here are some points to...

Topics: Retirement, Financial Education

Changing Jobs and Your Retirement Accounts

March 18, 2022 by First Federal Bank

If you’ve left your former job for a new employment opportunity, you’re likely leaving behind a substantial balance in your employer-run retirement account. You have multiple options available to you when deciding how to handle those funds, so make sure you consider each one to find the solution that’s best for you:

Topics: Retirement, Financial Education

Tax Advice for Planning Your Retirement Income

March 09, 2022 by First Federal Bank

Once you’ve achieved your goal of retirement, making your well-earned income stretch as much as possible becomes a chief priority. Structuring your retirement around how your retirement income is taxed helps keep your finances free and flowing so you’ll never need to worry about making ends meet.

Topics: Retirement, Financial Education

Working During Retirement

December 17, 2021 by First Federal Bank

As a retiree, you have years of work experience behind you and now plenty of time on your hands. If you are looking for a productive (and lucrative) way to fill the hours, you may be considering going back to work or putting off retirement for a while. Although you have officially stopped punching the clock, or are eligible to do so, should you...

Topics: Retirement

Give Your Retirement Accounts an Annual Checkup

December 08, 2021 by First Federal Bank

Whether you’re decades away from retirement, or closing in on the end of your working years, it’s important to make sure you’re on track to achieve your savings goals. Performing an annual checkup on your retirement accounts is one of the best steps you can take toward peace of mind and preparedness. Here are the key elements of an effective...

Topics: Retirement

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, 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 help...

Topics: Retirement, Financial Education

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: Retirement, Financial Education

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