SENIORS


Transform your financial habits to prepare for the future; protect your wealth and start paying yourself

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 BCT’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. 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.

BCT can help you in your senior years to re-allocate your assets, increase IRA contributions or set up an annuity. Please contact our financial advisors for more information.

Here are other ways seniors can enhance and fortify their financial position at BCT:

img_lsRetirees
1. Take advantage of our interest-bearing checking account(s) designed for customers 50 years old and above.

BCT Experience Plus checking account - is an interest bearing checking for those 50 years of age and older

BCT Peak Performance Money Market account - is an higher yielding tiered interest bearing account with transaction limits

2. Conserve time, money and paper with BCT's convenient electronic 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. Contact BCT Investments for more details.

 

4. Establish an estate plan and/or trust

BCT’s Trust 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.

5. 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.

BCT Trust Services can assist in your planning

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.
  • 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.

Some Financial Calculators for Seniors...

Our calculators can help you determine what you need to achieve your goals and stay on budget. Visit our Calculator Page with over 50 additional Financial Calculators.

FOR MORE INFORMATION

Request information online or contact one of our convenient locations:

Charles Town 304-725-8431
Harpers Ferry 304-535-6336
Kearneysville 304-876-2563
Martinsburg 304-262-0089
Hedgesville 304-754-0000
Hagerstown 301-739-4228