FMB's Saving Strategies & Retirement Planning Tips

The Independent Community Bankers of America and the Farmers & Merchants Bank recognize the importance of offering savings strategies and retirement planning resources to help you prepare for a stable financial future.

“Tax time is a great time to start planning for retirement, and your local community bank is here to help,” “Even more than New Year’s, tax time is a great time for consumers to make resolutions to be smarter about their finances—especially when it comes to saving and planning for something as important as retirement. Community banks can help their customers understand how to make the most of their retirement plans, including employer retirement plans and individual retirement accounts, which often have definite tax advantages.”

With more individuals shouldering responsibility for setting up their own retirement accounts, careful planning is the key to financial freedom. Farmers & Merchants Bank offer these tips to help you get started.

  • Once you have set a target date for when you hope to retire, create a budget that reflects a realistic estimate of how much money you’ll need and how you’ll be spending it.
  • Next, visit the Social Security Administration online to estimate what your Social Security benefits will be.
  • Take advantage of employer retirement plans, individual retirement accounts and annuities. And if your employer does not offer a pension or retirement plan, ask if one can be started.
  • Either way, you may want to create a retirement account of your own. When you do, make sure you set those savings aside to be used only when you retire.
  • Talk to community bank professionals who can help you determine which savings vehicles are best for your individual needs.

“Americans have a tendency to put off planning for retirement. “It’s never too early or too late to start. I’ve seen what a difference it makes when people are prepared. It is never to early to stop by Farmers & Merchants Bank to learn how we can help with those preparations.”