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. 

Pre-Retirement


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 ChoiceOne 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.

ChoiceOne Bank can help you in your pre-retirement life-Stage to re-allocate your assets, increase IRA contributions or set up an annuity.  Contact ChoiceOne’s Investment Services for more information.

1.

Take advantage of our interest-bearing checking accounts...

 

2.

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.

3.

Catch up on your IRA or other retirement plan...

After age 50, you are qualified to boost your plans with “catch-up” contributions. See our Investment Services page for more details.

 

4.

Establish an estate plan and/or trust...

ChoiceOne Bank’s Investment Services 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.

 
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.