First Bank of the Lake: Questions to Ask Yourself When Saving for Retirement

Saving for retirement is becoming more and more essential as people are living longer due to all of the medical advances. The earlier you start saving, the better. Typically, people retire in their early 60s. There is no set age to retire, however, you must be at least 62 years old to start collecting Social Security retirement benefits. Live the life you want to when it comes to retiring, don't put yourself in a financial strain and start saving now. We can help. First Bank of the Lake offers IRAs that can make this process much easier for you. If you are interested in hearing more about our retirement savings products, give our bank in Osage Beach a call at 573-348-2265. In the interest of making the retirement savings process easier, here are a few questions to ask yourself.

Questions to Ask Yourself When Saving for Retirement

What will you do when you retire?
Determine what your goals will be when you retire. Do you plan to travel to every country or babysit your grandkids as much as possible? Figure these things out now, so you:

a. Won't be bored trying to figure out what to do with your life in retirement
b. Have an idea of what your expenses will be so you can plan now

How will your expenses change when you retire?
Determine if you will need to purchase healthcare when you retire or if you will qualify for Medicare. Healthcare could potentially affect your expenses a great deal and it's important you prepare for this as much as possible. For more information on Medicare and whether or not you are eligible for it, visit www.Medicare.gov.

Are you absolutely done working?
Some retirees realize that they aren't actually done working when they retire and choose to start their own businesses. Maybe you will choose to run a business out of your home selling handmade crafts or baked goods. No matter what type of business you choose to start in your retirement age if this sounds like you, plan ahead and start saving now.

Make Retiring Easy on Yourself with First Bank of the Lake

Our friendly staff understands the challenges of saving for retirement. You have bills and other expenses that must be paid as well, so how will you put money away to retire? We can help you. Our IRAs at the Lake of the Ozarks offer a tax-advantaged way to save money for your retirement. We offer four types of IRAs and we can help you decide which one works best for your financial situation. For more information on these products, visit our website, www.FirstBankLake.com or stop in and visit with us at 4558 Osage Beach Parkway, Suite 100.

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