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Pre-Retiree

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.  You can do this with Union Bank’s retirement calculator.  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, be sure you have medical insurance to cover you until you are eligible for Medicare.

Union Bank can help you in your pre-retirement lifestage to re-allocate your assets and increase IRA contributions.  Please contact our Customer Service Specialist for more information.

Here are other ways pre-retirees can enhance their financial position at Union Bank:

1. Take advantage of our checking account for our customers 50 years old and above. learn more
2. Conserve time, money and paper with Union Bank’s convenient checking accounts with online banking, bill pay and ATM services learn more

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.

Online Banking
 

3. Catch up on your IRA or other retirement plan learn more

After age 50, you are qualified to boost your plans with “catch-up” contributions. Contact our Customer Service Specialist for more details.


For help determining the best accounts and products for sound and productive money management during your Pre-Retirement Lifestage, please contact us.

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.