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Mason City (641)423-1600 Change Location

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Mason City Change Location

2601 4th Street SW
Mason City, IA 50401

Tel. (641)423-1600

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Monday-Thursday: 9:00am - 4:00pm
Friday: 9:00am - 5:00pm
Sat: 9:00am - 12:00pm
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  • Charles City Branch
    300 North Main Street
    Charles City, IA 50616

  • Clarion Branch
    315 Central Avenue East
    Clarion, IA 50525

  • Kanawha Branch
    220 North Main Street
    Kanawha, IA 50447

  • Latimer Branch
    119 North Akir Street
    Latimer, IA 50452

  • Mason City State Street Branch
    33 East State Street
    Mason City, IA 50401

  • Mason City West Branch
    2601 4th Street SW
    Mason City, IA 50401

  • Mora Branch
    730 Forest Ave East
    Mora, MN 55051

  • New Hampton Branch
    124 West Main Street
    New Hampton, IA 50659

  • Osage Branch
    501 Main Street
    Osage, IA 50461

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Home Blog Have You Thought About Retirement Planning?

Have You Thought About Retirement Planning?

 
Have You Thought About Retirement Planning?

As we transition from warm summer weather into crisp fall days, it’s a good time to think about the future. Retirement planning is such an important part of your future, and it starts with thinking about your retirement goals. And not just your goals, but how long you have to meet them, how important each one is, and the likelihood that you can make it all happen. There are so many things to think about. What expenses will you have in retirement? What other income will you have? What about estate planning?

First, it’s important to understand your time horizon. We all know, the younger you are, the better off you’ll likely be. Your risk with investments can be a little higher, because you have time to ride out volatility in the market. Not only that, you have more time – and money – to invest if you start early. Start planning as soon as possible so you can take advantage of the power of compounding. And remember, retirement plans evolve over the years, which means you’ll be rebalancing portfolios and making new investment choices along the way. As mentioned before, don’t forget about compounding. Although your returns may be small at first, keep in mind, those returns continue to grow, and earn. It's like starting with a small snowball at the top of a steep hill. As it rolls down it will continue to become a much bigger snowball!

It’s also important to look at what you’ll be spending during your years in retirement. Many statistics estimate most people believe they will need to replace about 70-80% of their income. With cost of living increases, like inflation and healthcare, along with people living longer than ever before, that percentage may be low. Investing in your retirement and being able to thrive during that time means you’ll probably want to continue spending about what you do now. That means you should aim to replace nearly ALL your income!

There are so many variables to consider, and your options to put money away can be confusing and overwhelming. You have pre-tax and after tax options, individual, and employer sponsored retirement plan types. Our Wealth Management team can help you navigate and plan by assessing your risk tolerance and time horizon, as well as helping you find the best option to meet your needs.

We have the tools and expertise to guide you toward your retirement goals. Give us a call at 641-422-1600 or email us at wealth@myfcb.bank and get started along your retirement path today!

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