First Federal Bank Blog

Financial experts generally agree it is best not to touch your 401(k) until you are in your retirement years. But there can be times when it is tempting to dip in to those savings to address financial issues you face in the present. The decision should be carefully considered, and it is critical you understand the ramifications. That said, there...

Many of us spend years planning for our retirement. And chances are while making the look ahead, you don’t factor other major life changes like marriage and divorce into the equation. But the fact is the rate of divorce after 50 has doubled since 1990. So while you may not plan for it, you should understand how such a life change can impact your ...

The economy is top of mind for most Americans today. But if you are nearing or already in retirement, you may have extra concerns about running out of money. Have you saved enough? Are you spending more than you expected to? TheWeek.com has compiled some tips to help you keep your retirement secure:

If you are in your retirement years and rely on Social Security payments, waiting to learn what the cost of living adjustment (COLA) will be each year can be anxiety inducing. It’s complicated, and difficult to plan when the amount of your payments can change. Yahoo Finance offers some projections for 2025, as well as guidance on what you can do...

When we think about investing, the focus is normally on saving money for retirement. Many consider it to be too risky once you have reached that milestone, and instead plan to hold on to their money and draw from their accounts as needed. Rob Berger of Forbes magazine explains why it is important, and beneficial, to continue investing after you...

You’ve been planning for your retirement for years. Now the time has come to leave the workforce and enjoy the next phase of your life. Are you prepared? According to Mint.com, these seven common mistakes can really hurt you in retirement:

When it comes to retirement planning, employer 401(k) programs tend to be the option people think of. But there are other ways you can save money for your golden years. An Individual Retirement Account (IRA) is another way to set aside and invest funds today to have available in the future. According to MSN, there are three ways you can make the...

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...

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...

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...