Transform your financial habits to prepare for the future.

Your 50s are a good time to take stock of the asset allocation of your portfolio and evaluate your position relative to your retirement plans. For an accurate estimate, consider at what age you would like to retire and the lifestyle you plan to have… will you travel, have a vacation home, take up an expensive hobby? Project a budget, keeping in mind that some costs, such as health insurance, may increase and others, like your mortgage payment, may disappear. Once you have estimated your living expenses, then estimate how much your assets will be worth at retirement, and how long they are likely to last. Also estimate your Social Security income. With all this information at hand, you may want to increase your retirement contributions.

As you enter your 60s, fine-tune your projections and your asset allocations. If you retire before age 65, our Consumer Bankers and wealth planners suggest you be sure you have medical insurance to cover you until you are eligible for Medicare.

Peoples Bank & Trust can help you in your pre-retirement life stage to re-allocate your assets, increase IRA contributions or set up an annuity.

Here are other ways pre-retirees can enhance their financial position at Peoples Bank & Trust:

1. Take advantage of our interest-bearing checking account for our customers who can maintain a higher overall balance between checking, savings and money market accounts. Plus, conserve time, money and paper with our convenient checking accounts with online banking and bill pay and no-charge ATM services

You’ll reduce the time it takes to pay your bills and save on the expense of printed paper checks and postage while helping the environment as well.

  • Smart Checking - This account is perfect for those who have a daily account balance of $2,500 or above. Your money is available when you need it yet still growing for the future.
  • Peoples Elite Money Market Checking – This account is for those who plan on maintaining a balance of $2,500 or above, write very few checks, and want to earn high-interest rates.
2. Improve Funds Availability and Save Time and Money With Peoples Bank & Trust’s Convenient “Direct Deposit” Service

Save the time and expense required to prepare, transport and deposit transactions, by conveniently making remote deposits from your home or office at any time of day or night. Our simple, web-based interface integrated with an inexpensive flatbed scanner and our online banking service lets you electronically deposit checks into your account for improved cash flow.

3. Catch up on your IRA or other retirement plan

After age 50, you are qualified to boost your plans with “catch-up” contributions. Contact your Consumer Banker for more details.

4. Establish an estate plan and/or trust

Our trust services, provided by our Consumer Bankers and Wintrust Investments, can help you plan for the special needs of your children, aging parents or the responsibilities of higher education and more. Our trust professionals can help you in the areas of trust administration and estate planning to grow your assets, save on taxes and protect and manage your property.

Tips for Effective Financial Management
  • Become aware of opportunities to reduce your lifestyle costs, e.g., downsizing vehicles or your home may provide convenience while lowering the costs and time of maintenance.
  • Determine your financial priorities, make a list with deadlines and start accomplishing them.
  • Start the decision-making process about where you want to live during retirement and figure all the associated costs.
  • Spend time doing what you plan to do at retirement to help yourself determine if you’re ready.