Doubling Your Money

When it comes to finances, it’s usually safe to say that the longer you invest your money, the more you’ll have. You can figure out how long it will take to double your money with the “Rule of 72,” by dividing your interest rate into 72.

EXAMPLE: Savings interest rate = 3%
72 ÷ 3 = 24

Money in a savings account earning 3%
interest takes 24 years to double. 

Retirement


Protect Your Wealth and Start Paying Yourself

The freedom to live the retirement lifestyle of your choice with more time to spend with your friends and family can make your retirement years truly enjoyable.  However, this is not the time to become complacent about your financial initiatives.  Stay open to new ideas and opportunities to leverage your money, even if you are satisfied with your products and their performance.

Here are some ways ChoiceOne Bank can help you fortify your financial position during your retirement years:

1.

Conserve time, money and paper with ChoiceOne Bank’s 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.

2.

Leave a legacy with a trust...

Our Investment Services can help you create the legacy you want and administer your assets according to your wishes.

 

3.

Relieve your family from making difficult decisions...

Decisions about the disposition of your estate, a living will, burial and funeral arrangements can be made now so your wishes will be known and your family will be relieved of making important decisions under duress.

 

4.

Rent a safe deposit box...

This is a convenient place to store important items that would be difficult or impossible to replace. ChoiceOne Bank’s safe deposit boxes offer privacy and in most cases, greater security. Than keeping your valuables and important documents elsewhere. Additionally, some insurance companies charge lower insurance premiums on valuables kept in a bank's safe deposit box instead of at home.

Contact any ChoiceOne Bank office to find out more information about renting a safe deposit box.

 
  

Tips for Effective Financial Management

  • Take advantage of senior discounts wherever you can, and don’t be shy in asking for them.
  • Do not invest with someone you don't know. Scams targeted at retirees abound. Your investment opportunities should be carefully researched and verified by reputable professionals.
  • Be informed. From your investments to your insurance you’ll want to audit your current portfolio and policies and make the necessary changes to reflect your needs and preferences as a retiree.
  • Create a complete and detailed listing of your financial, investment, insurance and trust products and put a copy in your safe deposit box.

 
For help determining the best accounts and products for sound and productive money management during your Student Lifestage, please contact us at 888-775-6687 or ch1info@choiceone.com.