Tuesday, October 19, 2021

Using Financial Calculators to Build a Good Financial Foundation (Part One)

We all have financial questions in life, especially when we are making important financial decisions. Have you ever wondered if you would save money if you bought a house rather than renting?  Do you know how much emergency saving you need for your situation? If you buy a home, how much of a difference will it make if you get a 15-year mortgage v. a 30-year mortgage.  What if you get a 30-year mortgage but make extra payments each year?  

First Bank of the Lake knows you need accurate answers to these questions, and we think you should be able to have access to those answers 24/7.  So, we created financial calculators and put them on our website for our clients to access any time they want. If you are curious how these financial calculators could help you build a great financial foundation, keep reading this blog!  We are going to describe just a few of the many useful calculators to give you an idea of what is available.


Managing Debt Calculator

Use this calculator to find out how much you owe. This can be used as a good starting point for your debt management plan.  Enter all your credit cards and outstanding installment loan balances. Find out how much you owe and how long it will take to pay it all off.


Personal Debt Consolidation, and Credit Card Payoff Calculators

Should you consolidate your debt? This calculator is designed to help determine whether debt consolidation is right for you. Enter your credit cards, auto loans, and other installment loan balances by clicking on the "Enter Data" button for each category. Then change the consolidated loan amount, term, or rate to create a loan that will work within your budget.


Auto Rebate vs. Low-Interest Financing

Use this calculator to help you determine whether you should take advantage of low-interest financing or a manufacturer rebate. A rebate will reduce your auto loan balance, while low-interest financing lowers your monthly payment. The best option depends on the price of the vehicle, the size of the rebate, and the interest rates available for financing.


Loans

There are a number of different calculators under the loans category.  Using them together, you can answer questions like … how much of a difference will it make if I get a 5-year loan v. a 10-year loan.  What if I increase my monthly payment $100?  Which loan option has the quickest payoff or lowest monthly payment.  If you borrow so much money, what will your payment be?  If you can afford so much for a payment, how much of a loan can you get?  See the calculators under the loans category to learn the answers to these types of questions. 

 

Credit Assessment Calculator

Use this calculator to assess your credit. After entering your information, your credit is assessed as 'Good', 'Fair' or 'Needs Improvement'. You can view your credit assessment report for more information about what this assessment means to you.

 

Checkbook Calculator

Let us help you balance your checkbook. First, tell us the ending balance on your statement, then enter all of your outstanding checks and deposits. If your checkbook register matches our calculated amount, your checkbook is balanced! If not, you may need to verify that all of your withdrawals and deposits are correct and accounted for.

 

Home Budget Calculator

Managing your monthly budget can be difficult and frustrating. One of the most important aspects of controlling your budget is to determine where your money is going. This calculator helps you do just that. By entering your income and monthly expenditures, you can see how much you have left to save and where your money is being spent. In addition, you can click the "View Report" to see your entry's results in detail, which can help identify areas for improvement.

 

Emergency Savings Calculator

Having adequate emergency savings can make unforeseen unemployment, auto repairs, medical emergencies, property damage, and even legal issues more manageable. With adequate emergency savings, you can focus on how to best meet your family's needs, rather than worrying about finding the money to handle these difficult situations. This calculator helps you determine how much emergency savings you may need, and how you can begin saving toward this important goal.



Financial calculators for all your financial needs.

When you know the answers to these financial questions, it is much easier to make better decisions to secure your financial future.  Saving money and making extra payments can be much more appealing when you see exactly how much money it will save or earn you. You can access all these financial calculators on the First Bank of the Lake website under the Resources Tab.  From mortgages to retirement plans, our calculators can help answer questions about loans, debts, investing, and more!  

The list above is just a start.  We will continue in next week’s blog with more calculators including those to determine whether you are better off renting or buying a home at the Lake of the Ozarks and whether you should get a 15-year mortgage or a 30-year mortgage, and much, much more. For more information and helpful tips for managing your money, be sure to follow us on social media using the channels listed below. 




First Bank of the Lake - Striving For Excellence
Member FDIC. 


Connect With Us On LinkedIn

Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway

Suite 100
Osage Beach, MO 65065

(573) 348-2265


Friday, October 15, 2021

Saving Money Securely with IntraFi Network Deposits

At First Bank, we offer IntraFi Network Deposits as a solution for securing larger deposits.  When you place a large deposit with us, we place your funds into certificates of deposit issued by other financial institutions in the IntraFi’s network of banks, effectively allowing you access to multi-million-dollar FDIC protection on CD investments.  If you have over $250,000 in savings and would like to learn more about how to combine the convenience of working directly with just one financial institution with the security of access to FDIC insurance, keep reading this blog to learn about IntraFi Network Deposits with First Bank of the Lake.

FDIC Insurance

The FDIC insures up to $250,000 in deposits per account holder per institution to ensure depositors that the funds will be there when they need them.  Banks don’t just keep deposited funds in a vault, they will use those funds to invest and earn revenue to pay for things like interest on savings accounts, CDs, etc.  Investments may include loans to other customers, stocks, and more. FDIC insurance was created to protect consumers in the event that such investments cause a bank to fail thereby adding stability to our economic system by preventing such a failure from wiping out account holders’ savings.

But what if you have larger deposits to make and want to be ensured that the money you are saving is protected? Many people will separate their money into different accounts in different banks to make sure none of their savings is at risk.  But it can be complicated to keep track of and manage so many different accounts, each with their own balance and different disbursements. 

IntraFi Network Deposits

With IntraFi Network Deposits, everything is handled through our bank in Osage Beach, Missouri.  You work directly with us to secure large deposits. Your large deposit is broken into smaller amounts and placed with other banks that are members of IntraF's network of banks. Then those banks issue CDs in amounts under the standard FDIC insurance maximum, so that your investment is eligible for FDIC protection. By working directly with just one bank – our bank – you can receive insurance through many. It is that simple.


Benefits

With IntraFi Network Deposits, you do not have to negotiate multiple rates or manually tally disbursements for each CD.  You earn one interest rate per maturity on your entire CD investment without the need for consolidating multiple disbursement checks. You receive one monthly statement with the details of all your CDs including issuing banks, maturity dates, interest earned, etc.  You will no longer have to consolidate statements on your own or track changing collateral values.  You will be able to get a full understanding where your CD investments stand at a glance.  

There are no hidden fees of any kind – no annual fees, no subscription fees, no transaction fees.  The rate you see is the rate you get. You can select from various maturities from 4 weeks to 3 years and choose the best terms for your needs. Most importantly, you will have the peace of mind knowing your savings is securely deposited and not subject to floating net asset values that can lead to a loss of principal and erase returns during a down market or period of high market volatility.  

Invest using IntraFi Network Deposits today!

At First Bank of the Lake, we are dedicated to putting you first and creating real solutions for our clients with our banking services at the Lake of the Ozarks. Our bank was founded to cater to the specific needs of this community, and we know that many of the people who own homes here have a need to be able to secure large deposits securely.

If you have any questions about IntraFi Network Deposit or anything about banking at the Lake of the Ozarks, feel free to reach out to First Bank.  We are here for our customers and are happy to answer your banking questions with clarity.  For more news and information about all First Bank has to offer, be sure to follow us on our social media channels listed below. 



First Bank of the Lake - Striving For Excellence
Member FDIC. 


Connect With Us On LinkedIn

Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway

Suite 100
Osage Beach, MO 65065

(573) 348-2265


Tuesday, October 5, 2021

7 Things to Know About Around the Clock Identity Theft Protection with Kasasa Protect

If you do everything you can to avoid fraud and identity theft but still worry about it, First Bank of the Lake understands.  While we want to do all that is within our power to prevent fraud some things can be beyond our control.  That is why we offer Kasasa Protect for your checking account at Lake of the Ozarks.  It is a comprehensive and affordable service that works as an invisible armor for your sensitive information and can be added to any First Bank of the Lake Kasasa Checking Account.  If you are interested in the peace of mind that comes with 24/7 monitoring, identity restoration services, and more … keep reading this blog. 

1) Monitoring

Monitoring the activity in your checking account can be one of the simplest ways to protect yourself against fraud.  With Kasasa Protect keeping an eye out for you, if anyone inquires about your credit, tries to start a new account, inquires about loan data, or places a lien or judgment on your account, or any other suspicious activity occurs, you will be alerted immediately. 

2) Dark Web Monitoring

By scanning millions of international sources in real-time, Dark Web Monitoring can help you keep close tabs on your online identity.  If stolen data that could identify you such as social security numbers or medical identification numbers are spotted on the dark web, you will be alerted.

3) Identity Restoration

If you are the unfortunate victim of identity theft, one of the most valuable advantages of Kasasa Protect is the advice and resolution services provided the instant fraud is discovered. You will not have to face it by yourself.  Instead, you will have a certified specialist to file, dispute, and resolve issues including notifying authorities, filing fraud alerts, and placing credit freezes at different bureaus.

4) Credit Reports

With Kasasa Protect you will receive full access to your annual credit report from TransUnion and be provided deep insight on the health of your credit.  With that knowledge and access, you can monitor your identity better and proactively manage your finances.  

5) Credit Score Tracker

Stay on top of your credit by reviewing your credit score regularly, without the cost of pulling full credit reports.  This allows you to learn exactly what is affecting your score and notice positive (or negative) trends.

6) Lost Wallet Protection

If you happen to lose your wallet or if it is stolen, Lost Wallet Protection can serve as one point of contact to take care of canceling and replacing all of your important documents.  Restoration through your agent includes your cards, licenses, social security cards, insurance cards, passports, military IDs, and even traveler’s checks.

7) How to Get Started

Just contact First Bank of the Lake to get started.  It is only $7.99 per month with any Kasasa checking account and once enrolled, it will start working immediately.  Just log in and verify your identity to get the full value from Kasasa Protect.

Stay ahead of fraud – Kasasa Protect can help!

First Bank of the Lake is founded on the value of putting you first. That means we care about what you care about.  We know our clients are concerned about identity theft and fraud and are looking for solutions that will truly offer protection and restoration in the worst-case scenario.  That is why we are so proud to offer Kasasa Protect and why we wanted to share this blog with you today.  If you have any questions about protecting yourself from fraud and identity theft at the Lake of the Ozarks, we are happy to answer your questions.  For more news and tips on banking at the Lake of the Ozarks, don’t forget to subscribe to our social media channels below.



First Bank of the Lake - Striving For Excellence
Member FDIC. 


Connect With Us On LinkedIn

Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway

Suite 100
Osage Beach, MO 65065

(573) 348-2265


Tuesday, September 28, 2021

5 Ways Business Mobile Banking Gives You Flexibility AND Security!

Business doesn’t stop because you are away from the office, and some of those financial decisions can’t just wait until you get back.  No matter what time of the day or night, as a business owner, First Bank of the Lake understands you need access to your banking.  We also know that running a business means you probably wear a lot of hats and need to work efficiently in order to accomplish everything that needs to be done in a day.  

That is why Business Mobile Banking was created.  You work on the go and it only makes sense that your business bank account at the Lake of the Ozarks would too.  What if you never had to drive to the bank to deposit a check?  How convenient would it be to always know the balance of your account without having to log into it?  That is the power and convenience of Business Mobile Banking.  If you are interested in learning more about how Business Mobile Banking puts the power of financial management and supervision right into your hands … keep reading today’s blog!

1) Mobile Deposit

We make it as easy as taking a picture of your check with your phone or tablet and securely submitting your deposit to be processed.  Imagine having your bank at your fingertips 24/7 … anytime, anywhere … for no added charge.  The payment you receive from your client can literally be in your bank account by the time you get back to your truck.

2) Payments and Transfers

Business Mobile Banking also allows convenient online Bill Pay and Transfers options.  It is not only hassle-free but completely flexible.  You can schedule a one-time payment to a person or a company, or you can set up recurring payments, so you don’t have to manually enter the data each time.  Even one less thing that you have to do or think about can help. You also have the convenience of transferring money between accounts to manage who has access to what.

3) Balances and Transactions

Of course, as a business owner, you always want to be aware of how much is in your account(s) and exactly what activity is occurring in real-time.  With Business Mobile Banking you can have a look at all your accounts, their balances, the transaction history, as well as recent and pending transactions.  Do you regularly need to know your balance instantly at a glance?  You have the option of enabling Instant Balance to preview your balance securely without logging in.

4) Approvals

Approvals are a powerful feature of the Mobile Business Banking App to help protect your business from fraud.  With Approvals, you are able to require your approval for payments and ACH transactions as they come in, from wherever you are whenever it is convenient.  This means you will always be able to supervise the transfers of large amounts of money and notice any suspicious requests or activity.  This can help you stop fraud before it happens, and you can even get push alerts on your phone to let you know when you have a transaction waiting on your approval.  Now that is total control coupled with convenience!

5) Secure Login



All of these handy features are accessed through the app which is available in Google Play or the Apple App Store.  The mobile login for the app uses the same multi-layer security that is used when you log in from your desktop.  We will make sure the credentials and devices you are logging in with match and are correct.  For an added layer you can also use Touch ID and Fingerprint Authentication to log in.

With all you have to take care of, First Bank of the Lake wants to make it as easy for you as possible with Business Mobile Banking. If you are ready for the convenience, control, and security of business banking at your fingertips, contact us today!  We are happy to answer any of your questions and help you get set up with ease.  Be sure to follow us on our social media channels listed below for more news and tips about banking at the Lake of the Ozarks.



First Bank of the Lake - Striving For Excellence
Member FDIC. 


Connect With Us On LinkedIn

Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway

Suite 100
Osage Beach, MO 65065

(573) 348-2265


Tuesday, September 21, 2021

3 Ways to Control Exactly What Your Debit and Credit Cards Can Be Used For, with the CardValet App!

Control and convenience from an app on your phone, for the cards in your wallet – that is what it is all about. CardValet is a powerful app offered at First Bank of the Lake that gives you extensive access and control of your debit and credit cards. We have all had that moment when we can’t find one of our cards.  You remember the last time you used it, but you aren’t sure if you misplaced it or have lost it … or worse, maybe someone else “found” it. 

At that point you may wonder if you should you call the bank and close the card before someone empties your account.  What about all your automatic bill payments that are attached to that card?  Is it safe to wait and see it you can find it? Maybe it is a false alarm, and the card is in the pocket of the jacket you were wearing when you used it last. This is a terrible feeling, and it is all alleviated with the CardValet App from First Bank of the Lake. The CardValet App has so many wonderful features that allow you to monitor and control your cards. If that sounds like something you need, keep reading!

1) Lock and Unlock Cards

With the Card Valet App you have the ability to lock and unlock your card at any time.  When you lock your card, all transactions are blocked except your regularly recurring payments.  This is a useful feature when you want to give someone access to your card but only when and for how long you say so.  This is also great way to disable a lost or stolen card and prevent fraudulent activity.  Even better, it brings instant peace of mind anytime you “misplace” your card knowing that all transactions will be declined until you choose to unlock the card.

2) Monitor Spending

With the CardValet App, you will be able to see the details of each of your cards including a real time list of all your recent transactions. You also can set each card to send you alerts or notifications based on the criteria you set.  You can set each differently based on your needs, with the option to be notified based on transaction types, merchant types, location and spending limits.  That way even without checking the app regularly, you can be assured that if something unusual is happening, you will be informed immediately.

3) Limit Spending

In the same way as you specify your notifications, you can set up controls on each card to limit how it is used.  So, you input what transaction types, merchant types, locations and spending limits are acceptable for each card. If a purchase does not meet your criteria, it is declined.  This is the answer to so many situations!  Parents who want their kids to have an emergency card but only to use when you decide.  Or maybe you want your kids to be able to buy gas but not entertainment with your card.  Perhaps you need a debit or credit card for your business but feel uneasy about operating on just a trust system when it comes to giving your employees access to it.  With total control, you have the ease of giving access to your cards, with the peace of mind in knowing they will only be used for what is approved.

The best part is you have the power to do all this in real time with your fingertips!  If your employee has a flat tire in a company vehicle, you can immediately change the criteria and allow him or her to access your business bank account at the Lake of the Ozarks and make an emergency purchase.  Then as soon as the purchase is made, you can restrict the card again.  You can have a card that you only turn on when you make an online purchase and stays locked otherwise.  You can know exactly what you, your employees, or your kids are spending money on, as well as when, where, and how much. 

If having that kind of control and convenience over your banking at the Lake of the Ozarks is important to you, First Bank of the Lake is here to help! Find out more about the CardValet App on our website. To get the latest news and helpful tips, feel free to follow us on social media using the links below!




First Bank of the Lake - Striving For Excellence
Member FDIC. 


Connect With Us On LinkedIn

Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway

Suite 100
Osage Beach, MO 65065

(573) 348-2265


Tuesday, September 14, 2021

Recreational Vehicle Loans: We can help fuel your adventure!

People across the nation are embracing the RVing lifestyle like never before.  It is easy to understand, having an RV allows you the freedom to go where you want when you want, AND the convenience of having all your own things with you.  Plus, the RV lifestyle allows people to experience the places they visit more deeply as they tend to spend more time in one place and take in all it has to offer.  The relationships people are able to nurture are also pretty amazing.  Getting to hang out with other people, of diverse ages and backgrounds, who all have one thing in common … they love what the RVing lifestyle has to offer … is a huge part of the draw.

At First Bank of the Lake, we are here to help you fuel your adventure with great financing options for recreational vehicles at the Lake of the Ozarks.  So, you don’t just get to dream about having your own RV, we can help you make it happen!  If you are interested in joining the millions of Americans enjoying this way of life, read on to learn about all the perks of the RV life, and how getting a loan for a recreational vehicle at the Lake of the Ozarks can be easy and affordable.

Freedom.

With an RV, YOU get to choose.  Choose your view, choose your location, choose your neighbors … and if you don’t like your neighbors, you can easily move.  You are able to bring your pets with you, and you have the freedom to stop and hang out anytime along the way.  You are not limited to camping only when the weather is temperate, either.  Being able to decide your own destiny and change your mind at any moment … this is what appeals to so many RVers.

Experience.

People who embrace the RV lifestyle feel it allows them to see new places and experience things they would not have otherwise been able to.  There is a big difference between driving past a beautiful mountain and waking up at the base of it each morning in the comfort of your own RV!  You are not just visiting different places; you are experiencing them. Stay as little or as long as you like, it is up to you.  You will also find there is an entire community of like-minded people who enjoy meeting each other and sharing common interests – like the great outdoors.  In addition, families feel they spend a lot more time outside doing things rather than being couch potatoes. 

Convenience.

Owning an RV is not just about long distance or long-term travelling.  Many of our parents enjoy their RVs at sporting events, kids’ games, and other social events. Other people enjoy hunting or off roading or water sports and find having a RV makes it SO much easier to get out and do things comfortably – even if you only have the weekend.  After all, you don’t have to pack your gear.  It is always ready and waiting for you.

The convenience starts during the purchasing process, too!  Our clients have been so happy to find out that our loan process is easier than they expected.  We have great loan rates, affordable monthly payments, low origination fees, and discounts on your interest rate for signing up for automatic payments.  We are also proud to offer local decision-making from our experienced bankers!  We even help you with pre-approval to give you more bargaining power when you are ready to buy.


How to Get Started. 


First, find out how much of a loan you can afford with our handy loan calculators below.

Click here for the Enhanced Load Calculator.

Click here for the Payment Frequency Calculator.

 

Second, get started with your application online.

Click here for your Application Form.

 

Or come on in to meet the team and let us walk you through the process.

Click here to reach out to a loan officer.

 

At First Bank of the Lake, we are proud to be your partner it the dream of buying an RV at the Lake of the Ozarks.  Whenever you are ready, we are here for you.




First Bank of the Lake - Striving For Excellence
Member FDIC. 


Connect With Us On LinkedIn

Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway

Suite 100
Osage Beach, MO 65065

(573) 348-2265


Wednesday, September 8, 2021

Did You Know Contributing to a Traditional IRA Can Create a Current Tax Deduction?

What's your plan for retirement? You know the earlier you start planning the better off you are! On that note, our bank at the Lake of the Ozarks is here to give you a few helpful retirement terms in this week's blog. If you have any questions, please call First Bank of the Lake today at (573) 348-2265.



Did You Know Contributing to a Traditional IRA Can Create a Current Tax Deduction?


Contributing to a traditional IRA can create a current tax deduction, plus it provides for tax-deferred growth. While long term savings in a Roth IRA may produce better after-tax returns, a Traditional IRA may be an excellent alternative if you qualify for the tax deduction.


CALCULATE HERE


Definitions

Starting balance

The current balance of your traditional IRA.


Annual contribution

The amount you will contribute to your IRA each year. This calculator assumes that you make your contribution at the beginning of each year. For 2021 the maximum annual IRA contribution of $6,000 is an unchanged from 2020. It is important to note that this is the maximum total contributed to all of your IRA accounts. The contribution limit increases with inflation in $500 increments. An annual change to the contribution limit only occurs if the cumulative effect of inflation since the last adjustment is $500 or more.


If you are 50 or older you can make an additional 'catch-up' contribution of $1,000. The 'catch-up' contribution amount of $1,000 remains unchanged for 2021. In order to qualify for the 'catch-up' contribution, you must turn 50 by the end of the year in which you are making the contribution.


Current age

This current age of the account owner must 71 or less for this calculator. Although it is possible to make contributions to an IRA at any age when you have eligible income, this calculator does not take Required Minimum Distributions (RMD) into account, which begin at age 72 (or 70 1/2 if you were born before 7/1/1949) and is not designed for individuals that are required to make these distributions.


Age at retirement

Age at which you plan to retire. The age at retirement of the account owner must 72 or less for this calculator. Although it is possible to make contributions to an IRA at any age when you have eligible income, this calculator does not take Required Minimum Distributions (RMD) into account, which begin at age 72 (or 70 1/2 if you were born before 7/1/1949) and is not designed for individuals that are required to make these distributions.


This calculator assumes that the year you retire, you do not make any contributions to your IRA. For example, if you retire at age 65, your last contribution occurs when you are actually age 64.


Adjusted gross income

What you anticipate your income to be. This is used to calculate whether you are able to deduct your annual contributions from your taxes. It is important to note that there are no income limits preventing you from contributing to a traditional IRA. Annual income only affects your ability to make a tax-deductible contribution.


Maximize contributions

Check this box to contribute the maximum allowed to your account each year. This includes the additional catch-up contribution available when you are age 50 or over.


Total non-deductible contributions

The total of your traditional IRA contributions that were made without a tax deduction. Traditional IRA contributions are often tax-deductible. However, if you have an employer-sponsored retirement plan at work, such as a 401(k), your tax deduction is limited based on your income. This calculator automatically determines if your tax deduction is limited by your income.


Total contributions

The total amount contributed to this IRA.


IRA total before taxes

Total value of your IRA at retirement before taxes.


IRA total after taxes

Total value of your IRA at retirement after taxes are paid.


Total taxable account

Total value of your savings, at retirement, if the after-tax contribution amount is deposited into a taxable account. This value, which we call your 'Taxable Account Deposit' is calculated by assuming you could save an amount equal to the after-tax cost of contributing to a traditional IRA. Your 'Taxable Account Deposit' is equal to your traditional IRA contribution minus any tax savings. For example, assume you have a 30% combined state and federal tax rate. If you contribute $2,000 to a traditional IRA and qualify for the full $2000 tax deduction, the value of your tax deduction is $2,000 X 30% or $600. The after-tax cost of contributing to your traditional IRA would then be $2,000 minus $600 or $1,400. If you do not qualify for tax-deductible traditional IRA contributions, your 'Taxable Account Deposit' will be the same as your traditional IRA contribution.


In addition, all earnings in your taxable account are assumed to be taxable in the year they are earned.


Expected rate of return

The annual rate of return for your IRA. This calculator assumes that your return is compounded annually and your contributions are made at the beginning of each year. The actual rate of return is largely dependent on the types of investments you select. The Standard & Poor's 500® (S&P 500®) for the 10 years ending December 31st 2020, had an annual compounded rate of return of 13.8%, including reinvestment of dividends. From January 1, 1971 to December 31st 2020, the average annual compounded rate of return for the S&P 500®, including reinvestment of dividends, was approximately 10.8% (source: www.spglobal.com). Since 1970, the highest 12-month return was 61% (June 1982 through June 1983). The lowest 12-month return was -43% (March 2008 to March 2009). Savings accounts at a financial institution may pay as little as 0.25% or less but carry significantly lower risk of loss of principal balances.


It is important to remember that these scenarios are hypothetical and that future rates of return can't be predicted with certainty and that investments that pay higher rates of return are generally subject to higher risk and volatility. The actual rate of return on investments can vary widely over time, especially for long-term investments. This includes the potential loss of principal on your investment. It is not possible to invest directly in an index and the compounded rate of return noted above does not reflect sales charges and other fees that investment funds and/or investment companies may charge.


Current tax rate

Your current marginal tax rate you expect to pay on your taxable investments.


Retirement tax rate

The marginal tax rate you expect to pay on your investments at retirement.


Married

Check the box if you are married. Uncheck this box if you are unmarried or you are "Married filing separately". This is used to determine whether or not your annual contributions are tax-deductible.


This calculator assumes that if you are "Married filing separately" you have not lived with your spouse anytime during the last year. This qualifies you to use the "Single" deduction phase-out range instead of the much lower "Married filing separately" phase-out range when calculating your traditional IRA tax deduction.


Employer plan

Check the box if you have an employer-sponsored retirement plan, such as a 401(k) or pension. This is used to determine if you can deduct your annual contributions from your taxes. For more information on how an employer plan can affect your IRA tax deduction, see the definition for non-deductible contributions.



Ready To Retire?

Start planning for it as early as possible! We can help. First Bank of the Lake puts YOU first! To learn more about our retirement options, please visit our website listed below. You can also stay up to date on our latest helpful financial products we offer by following us on our social media channels listed below.





First Bank of the Lake - Striving For Excellence
Member FDIC. 


Connect With Us On LinkedIn

Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway

Suite 100
Osage Beach, MO 65065

(573) 348-2265