Vicki McCathren Retires From VCNB

When Vicki McCathren started her career at Vinton County National Bank, the banking industry was just ramping up its use of computers in branches. Online banking was still in its infancy and the concept of a phone app where customers could take charge of their money was still a few years down the road.

On Friday, she will retire after almost 21 years with the bank and a wealth of knowledge about tasks that customers likely never think about but that are important behind the scenes work.

Vicki McCathren 2019 Retirement“It’s incredible the changes I’ve seen over the years,” Vicki said. “The changes in how we do things, in the technology is pretty amazing. Banking is so much easier for the customer too.”

Vicki started in the VCNB Customer Service Department, eventually working her way up to be department supervisor. At that time, Customer Service encompassed not just traditional customer service responsibilities but other work including inputting account information, balancing savings bonds, managing debit card disputes and a host of other things. “We all shared the work. Everyone knew how to do everything and we rotated responsibilities. It was a great group to work with,” she said before describing how she went on to take a position in the bank’s Operations Department in 2007.

As Senior Operations Processor, Vicki has several daily responsibilities, most notably in the area of debit card disputes. “I’ve done debit card disputes for nearly 21 years,” she laughed. “No matter where I went in this bank, they went with me!”

That may be because Vicki has a flair for problem solving, the patience and attention to detail needed to work through a complicated situation and a customer service mindset that helps her appreciate how important this work is to the customer.

But she calls herself a “Jack of All Trades” and emphasizes how well her department works together. “There are things that I do every day and things that I know how to do so I can help if someone needs help or if they’re on vacation. We keep really busy but we work well together. It’s been a great group of ladies and gents to work with,” she explained.

Vicki said that her department is experienced at problem solving – both from having years of experience to draw from and because of their research skills – and that they often serve as a resource for bank employees who need assistance for the customers. “Everything we do is for the customer. Without our customer we wouldn’t have a bank so it’s important to take care of them,” she said.

She is looking forward to retirement, hopeful that she will have the time to simply enjoy life and to spend more time with loved ones. She’s especially looking forward to having more time with her husband and eleven grandkids and may take on a volunteer gig at her grandson’s school. “I have no big plans for sleeping in or anything like that. I just want to see what I can get into!”

She smiles at the thought of lunches with her sisters and beams at the idea she will soon have time to cook big meals for her family – about 75 people including her siblings and their children and grandchildren. “I like cooking and feeding my family but it’s hard to do when you’re working,” she smiled.

“I remember when I was a kid and how simple things were. Time was slower. Life was easier. Sunday was a day to rest and to have a big dinner as a family. You’d sit on the porch and watch it get dark so you could catch lightening bugs. I’m hoping to recapture some of that,” she said while talking about bringing loved ones together.

Never one to be the center of attention, Vicki has asked that her last day of work be low key. In lieu of a party, she requested cake and a quiet celebration with her coworkers in the Operations Department. She will retire Friday, just two days shy of her 21st anniversary with the bank.

Congratulations Vicki! We will miss you!

 

 

 

Darlene Merckle To Retire After Fifty Year Banking Career

When Darlene Merckle came to work for the Bremen Bank, she was a student at Fairfield Union High School who landed a part time job at the bank. On June 15, she will celebrate her well-earned retirement after a fifty year career with the bank.

Darlene Merckle 2

The kindness and professionalism of Darlene Merckle will be missed after her retirement from the bank this week.

Darlene’s name isn’t one that most customers know. However, scores of loan customers over the years have benefited from her expertise, hard work and dedicated approach to her job. That’s because she is an Indirect Loan Processor. That means she’s part of a select team of employees who are responsible for processing the loans that customers receive after applying at the dealership where they buy their automobile, RV, boat, motorcycle or other type of vehicle. While the loan documents can be signed at the dealership, there remains much work on the back end to insure that the loan is processed properly and the dealership paid.

But Darlene hasn’t always worked behind the scenes making dreams come true for customers.

She actually started at the bank at a time when employees had to be trained to do a lot of different jobs. “Back then, you did everything. Teller work, bookkeeping, you name it. We had to be able to do it all,” she said.

In those days, bookkeeping was a manual affair where posted checks were checked against hand written ledgers. She recalls the bank using lots of large machines such as a proof machine which was used to process checks at banks prior to the advent of computers.

Since then, she has moved around some within the bank and has seen more changes in the banking industry than she can count.

At the Bremen Bank on Main Street in Bremen, she recalls several remodeling projects, town floods, the addition of new branches and the many shifting responsibilities of staff. She even recalls a time when a stray cat had a litter of kittens in the crawl space underneath the bank. “Lots of good memories,” she said with a chuckle and a twinkle in her eye.

While Darlene started as a teller, she also worked in new accounts for a period before finding her niche in loan processing. At that time, a customer’s loan documents were kept all together in large paper files. As the bank grew, it became necessary to begin breaking out files by loan type and to change the filing system. Later, computers made it easy to scan and file documents, altogether eliminating the need for paper records.

She also recalls the many regulation changes that impact how a customer applies for a loan and the kind of information needed from the customer. “There was a time when there were no disclosures given, no application. There was just a note you signed promising to pay it back,” she said. “And I remember when we first started having customers fill out an application. It was a hard thing for some of our customers because they had never had to apply.”

Today, buyers can apply for a VCNB loan from the dealership. It’s a quick process that provides the customer with a convenient way to borrow money from VCNB when and where they need it and without making a trip to the bank.

Once the borrower is approved and they sign the documents at the dealership, Indirect Loan Processors like Darlene take over. They build the loan into the bank’s system and pay the dealership from their office in Lancaster.  “I like doing the behind the scenes work and I’ve always been fascinated by numbers,” she said. “It’s been a good fit.”

With just a few days left on the job, Darlene says she is looking forward to retirement. “It’s time to retire. Sometimes you just know. There’s not a reason I want to go now but I don’t want to wait too long either. I don’t want to wait until it isn’t fun anymore,” she explained. “Fifty years is enough time.”

The Fairfield County native looks forward to spending time with family including her two grown children and her five grandchildren as well as Mark, her husband of 45 years. “I’ll miss the people. Yes, I will miss my coworkers. A lot of them are like family,” she said wistfully.

And Darlene’s coworkers will miss her too.

Vice President of Indirect Lending Trisha Kyer is visibly saddened when speaking of Darlene’s upcoming retirement. The two have worked together for 25 years, forming a bond that extends beyond work. “She’s a good person and once you’re friends with her, she’s there for you for life,” Trisha said. “I think she knows everyone in the bank and they all lover her. I know this is best for Darlene but we’ll miss her.”

The bank will celebrate Darlene’s fifty year career with a reception at our West Fair branch in Lancaster on Friday, June 15 from noon to 3 p.m. The public is invited to stop by for cake and to wish Darlene well as she starts a new chapter in her life’s book.

“Who would’ve thought that little seventeen year old girl would still be here all these years later?” Darlene asked. “It’s hard to believe!”

Bonnie McDevitt To Retire This Week

Bonnie McDevitt retires 2019

Bonnie McDevitt

Ask Bonnie McDevitt to talk about herself and her upcoming retirement and her initial response is that there’s not really anything to talk about. Her next response is to start talking about the people in her work life and how much she will miss them.

A seasoned banker and customer service professional, Bonnie will retire on March 29 after working as a teller in our Pataskala branch for twelve years.

Before coming to work at our Friendly Bremen Banking Center in Pataskala, Bonnie worked as a teller for another bank for several years. Before that, she was Head Cashier at the JCPenney Outlet Store, working at the popular store for nearly twenty years.

Bonnie’s customers and coworkers will tell you that customer service is always her focus and priority. It is these people – her regular customers and her longtime coworkers – who Bonnie says she will miss the most. “I’ll miss a lot of customers, people I see regularly. But I’ll really miss my coworkers. Some of them I’ve worked with for a lot of years,” she said.

Retirement is something that has been on the horizon for some time. She cut back to part time hours three years ago, something that she says has helped with the adjustment. “I’ve gotten used to having free time so it’s not like I’ll just wake up someday and have nowhere to be.”

The Scio, Ohio native has been working since she was just sixteen years old. From babysitting to running a cash register to lots of other jobs in between, she says that growing up in the small Harrison County town was beneficial. “Never have I regretted growing up in a small town. It was a good place to grow up and I got a lot of good experience and values from being from a small town,” she recalled. “I’ve had a good life so far!”

While Bonnie looks forward to retiring, she is conscious of the need to stay busy and to have purpose in her life once she is no longer headed to the bank every day. She has two grown children and four grandchildren and her eyes shine with pride as she describes each of them. She particularly enjoys seeing her two youngest grandchildren participate in extracurricular activities including basketball and football.

Bonnie also has a group of girlfriends from her JCPenney days. They gather regularly to socialize and play Euchre. “We’ve been playing cards together for years and years. Some of those girls, I’ve known since they were young. Some of them for 34 years!”

“My daughter wants me to stay busy. She’s all the time on me to stay active and to have things to do so I think she’ll keep me busy” she said. “You have to have the right mindset. You have to have a positive mindset and to find ways to not become bored. It’s too easy for people to become depressed when they’re not active. I don’t want that, I want to stay active,” she said.

Bonnie is thrilled that spring has arrived as she sometimes walks in her Pataskala neighborhood. She also enjoys jigsaw puzzles and isn’t intimidated by the challenging ones. She intends to volunteer some and hopes to soon begin volunteering at Mt. Carmel Hospital. She’s already talking about finding a small part time job once the newness of retirement wears off.

“Life is a journey and I’m ready to enjoy the next chapter,” she exclaimed!

Bonnie’s last day will be Friday, March 29. Customers are invited to stop by that day to celebrate and enjoy cake and punch.

 

Kathy Cooper Retires This Week

kathy cooperWhen Kathy Cooper talks about her years as a banker, it’s clear that this has been a career and a passion rather than just a job. She will retire January 31, closing a 35 year chapter of her life’s book. But she insists this is just the end of a chapter and that she still has a lot of life and maybe even some new pursuits ahead of her.

Kathy has been with Friendly Bremen Banking Center since 2001 but had a varied and interesting career with other banks prior to that. In fact, she began her banking career in 1983 when she started as a part time teller at Equitable Federal Savings and Loan in Lancaster. Six months later she moved into middle management and hasn’t looked back since.

Kathy grew up in Lancaster on what she calls “Main Street USA.” Her father owned retail businesses in downtown Lancaster which she said was a quintessential small town. She wanted to be an educator but, after some time in the education program at Ohio University, decided this was not the career for her and took that first position as a part time teller.

Customers in Bremen often think of Kathy as the face of the bank as they often see her out and about in the community and because she is a veteran Bremen banker who has helped many of them realize their life’s dreams as their lender.

She has worn many hats in the world of banking and says that she has seen and done almost everything. From a bank run in the early eighties to changes in banking culture to holding a stock broker’s license for one of her prior employers, she said that every job and each person she worked with over the years taught her something. “I’ve been fortunate to have great individuals, maybe you would call them mentors, who took the time to ask questions and give feedback and to help form me,” she said. “I’ve met many interesting individuals who have helped me in some way and I’m grateful for that.”

When it comes to banking in general and lending in particular, Kathy has some strong opinions about what it takes to be successful in a hometown atmosphere. “You have to be approachable and be able to talk to people on their level so they feel comfortable using you as a resource. You have to be knowledgeable about all products and be able to help them with the big picture. You have to ask a lot of questions and be able to identify what’s best for the customer and any weaknesses that might become problems,” she said.  “Availability is key too. Customers know where I live. They have my cell phone. They know I’m tied to the community and that I’m here for them always – evenings, Sunday mornings – when they need me. And most of all, you have to treat people in an honest manner. That’s extremely important.”

Once she retires, Kathy said she has plans for projects around the house and yard. She also looks forward to a little light travel and some volunteering with Habitat for Humanity and the Fairfield Heritage Society. More than anything, she looks forward to spending time with family including daughter Sarah, son Zachary and her four grandkids. In fact, her eyes light up when she talks about Marin, Joseph, Isabelle and Camden, her grandchildren who she says are involved with a host of activities.

While time off work sounds appealing, she doesn’t expect retirement to last forever. “I’m just taking off my Peter Pan cape for a while. You never know what I’ll do next but I can tell you this. I’m like a bad penny. I just keep rolling back,” she laughed.

“It’s been great! It’s been a fun ride but now it’s time to turn the page,” she said.

Rita Teeters To Retire Thursday

When Rita Teeters talks about her upcoming retirement from Vinton County National Bank, she doesn’t seem as eager to leave work as she does to simply have free time to do as she wishes. Rita will retire Thursday after accumulating 35 years over two stints with the bank.

She started her career with VCNB in 1964. Back then, the bank was still small with just one location in McArthur and a modest staff that included only a handful of women. “One person answered the phone. That’s how small we were,” Rita said. “And there were just a few of us girls in the Accounting Department.”

Rita Teeters Retires croppedThese were prosperous years and, as the bank grew, so did the presence of other women. Rita’s job was to operate the proof machine, a large piece of equipment used to process transactions and ultimately make sure the bank was balanced at the end of each day.

She worked in the Accounting Department until leaving in 1979 while expecting her first child. “When Carla came along, I never expected to keep working. That’s just what you did back then. You stayed home and raised kids,” she explained. “But when I left, Bob Will told me I would always be welcome if I ever wanted to come back.”

Nineteen years later when Carla was in college and son Kevin in high school, Rita found herself looking for work to help her family through a rough patch.  “I answered an ad in the county paper because someone was looking for a proof operator. That’s what I did for the bank so I applied for it. Well, never did I guess it would bring me back here,” she said.

That was 1998 and she says a lot had changed during her nineteen year absence. “They had changed to a ten key proof machine. It was so small! And different! I had to learn it all over again!”

The bank had also embraced technology during her absence and she had to learn computers for the first time. “Kids today just grow up knowing these things but I had to learn. They were patient with me and I was grateful,” she laughed.

She has seen even more changes in banking since that day. Now she works in the bank’s Operations Department as a Senior Operations Processor. “We do a lot of the same things but the way we do them has changed. Computers have taken a lot of the labor out of what we do,” she said while citing some specific examples including how customer account statements are created. Today, statements are automatically generated by computers. Then, they were created manually by people. Returned checks were filed daily, checked off the customer’s statement and then mailed with the statement to the customer.

Rita also reminisced about the people and other aspects of the bank. As a young woman, she worked for Belle Jenkins, the bank’s first female employee who was known for her no-nonsense approach to work and impeccable style. “A lot of people were intimidated by her but I really liked Belle. She was a good role model for us all,” Rita said as she talked about the day the bank ladies learned they could wear pant suits to work. “I never saw Belle wear anything but a dress or skirt but she wore a pant suit to work one day. She came down to the basement and announced that we would be permitted to wear pantsuits but that the bottom of the jacket had to come to our wrist when we stood,” she explained.

She reminisced about other aspects of the changing dress code including the official bank blazer that every employee was expected to wear every Friday. Many bank customers might remember them in different colors over the years including burgundy, navy blue and gold. “We had to wear them every Friday. That was dress up day,” she said.

Rita talked about others who have come and gone from the bank since she started. “So many of them have passed,” she said while talking about popular bank personalities like Jerry Griffith who was a favorite banker of so many customers that his line would stretch through the lobby while other tellers stood with no customers to wait on. She smiled at the memory of Bob Will, Jr. who carved out time each day to speak to every employee. “He always made you feel like you were important,” she said.

During her time with the bank, Rita has worked for five of the bank’s nine presidents. She has witnessed the bank’s growth from one small community branch with only a handful of employees to a large operation with seventeen branches and close to 250 employees.

“I have enjoyed working here. They’ve been real good to me but it’s time to go. It’s been 35 years and I’m ready to have some freedom, to not have a routine. I told the girls the other day, it’ll be nice to not have to go out into the cold in the mornings,” she laughed.

Rita plans to spend some time on sewing and quilting projects and looks forward to spending more time outdoors next summer. She says she’s “the gopher” for the family farm and is most enthusiastic about spending more time with family. She has been married to her husband Kayle Teeters for forty years and she hopes to spend more time with him, their children and three young grandsons.

Rita, we wish you all the best in your retirement and hope you enjoy your newfound freedom!

How Much 20-Somethings Should Save

Your 20s may seem like an odd time to think of retirement, but it’s actually the perfect moment to start planning for your later years. That’s because the earlier you start saving, the more time your money has to grow.

Savers who begin setting aside 10% of their earnings at 25, for example, could amass significantly more by retirement age than those who wait just five years to start saving. You can use online calculators to see how much starting saving now can produce once you reach retirement.

Building a nest egg on a starter salary and a shoestring budget can seem daunting, though. Focusing on the incremental savings, rather than the goal, can help your savings objectives feel more manageable.

How much to save for retirement
For those earning around $25,000 a year, the median income for 20 to 24 year olds in 2015, saving the recommended sum of 10% amounts to a little more than $200 a month.

It may seem like a reach, but consider this: If you start saving $100 a month at age 25 and invest it to return 7.7% a year — the average total return of the Standard & Poor’s 500 Index of U.S. stocks over the past decade — you’ll have more than $378,000 available at retirement age. And it could be tax-free.

If you wait until you’re 30 to start and save the same monthly amount at the same rate of return, you’ll wind up with less than $253,000.

Several vehicles can help you build a retirement fund. A 401(k) contributory plan, typically offered by your employer, is often the most convenient and easily accessible of these. Contributions you make usually aren’t taxed, which helps reduce your income tax liability.

Pre-tax 401(k) accounts make up around 80% of retirement plans offered by employers, according to the American Benefits Council. Roth 401(k) accounts are another option, though these are less widely available, and money contributed to a Roth 401(k) account goes in after it’s taxed. Money withdrawn from this type of account — including earnings — is usually tax-free.

Companies that offer a 401(k) plan often match employee contributions, up to a certain percentage. This is essentially free money toward your retirement.

If your employer will match your contributions, try to take full advantage and commit a large enough percentage to get the full benefit.

Beyond a 401(k), individual retirement accounts, commonly referred to as IRAs, offer another solid option. There are two types: traditional and Roth.

Money put into a traditional account is tax-deferred, similar to funds put in a traditional 401(k) plan. That means those funds aren’t taxed until they’re taken out. But typically any earnings you make with the money are also subject to income taxes on withdrawal.

Money put into a Roth IRA has already been taxed when you earn it, so there’s no immediate tax benefit. When it’s time to withdraw the cash, however, you usually don’t pay taxes on it. And anything the money earns also can be taken out tax-free.

Contributions to both types of IRAs are currently capped at $5,500 a year for those under age 50, and $6,500 for older workers.

How much to save for emergencies
In addition to retirement, it’s also wise to save for a rainy day. Ideally, your emergency fund should be enough to cover three to six months of living expenses.

Some experts suggest setting aside even more for savings and investments: 20%. That’s roughly $415 a month on an annual income of $25,000.

That’s not always feasible, especially if a big chunk of your monthly income goes to student loan and credit card payments. Consider saving what you can, even if it’s just $10 a month.

Making a habit of saving now could serve you well down the road. And, as your income increases, the percentage you save can as well.

© Copyright 2016 NerdWallet, Inc. All Rights Reserved

 

The Sixties And Beyond: Settling Into Retirement

Welcome to the final day of our series on Saving for Retirement at Any Age. Today our friends at NerdWallet have provided a great post on the decade of your Sixties. Read about the other decades – Twenties, Thirties, Forties and Fifties by clicking on each one.

 There’s one truism about retirement that has stood the test of time: It’s never too late, or too early, to start saving. Whether fresh out of school or winding down in a career, there are things you can do to successfully prepare your nest egg, as well as places where it’s easy to stumble. Financial institutions such as Vinton County National Bank can help you set up a retirement account and personalized plan. But it’s up to you to do the heavy lifting throughout the decades.

Retirement won't be a walk on the beach if you haven't prepared financially. The decade of your sixties is an important time for last minute readiness.

Retirement won’t be a walk on the beach if you haven’t prepared financially. The decade of your sixties is an important time for last minute readiness.

By Cait Klein, NerdWallet

As your working career draws to a close, it’s time to consider when to start drawing on retirement, Social Security or pension benefits. You’ve been working for the majority of your life, and you may have put off those big vacations or life dreams until you retired. But be wary. The biggest mistake people in this age group make is blowing through funds too quickly or all at once. Just because you have a million-dollar retirement fund doesn’t mean you can afford a yacht. Don’t spend the first two or three years of retirement in luxury only to spend the remaining decade or two in poverty. Be realistic about what the years ahead are going to look like and consider revamping the image if it’s not feasible. One way to curb this financial blunder is to retire later or to continue working at least part-time.

Working longer can help keep your mind active and add funds to cushion a nest egg. It also leads to additional government benefits. Whether you retire early or later, the total amount of Social Security benefits that you receive remain the same if you live as long as the expected average. However, delaying when you start receiving Social Security until after your full retirement age could  increase your monthly benefit.

Don’t let short-term thinking get in the way of your future retirement. No matter how old you are, take the initiative now so you can be financially set to embrace the final quarter of life. Growing older is a luxury not afforded to everyone. Make sure that as your hair grays and your smile lines deepen, you’re able to make the most of this new phase of life by being financially prepared.

NerdWallet
When it comes to credit cards, insurance, loans or expenses like hospital costs, consumers make almost all their decisions in the dark. NerdWallet is changing that by building accessible online tools and providing research and experts that can’t be found anywhere else, all to help consumers take back control of their choices in a marketing-driven, trillion-dollar industry. Find out more at www.nerdwallet.com.

The Fifties: Playing Catch-Up

We are nearing the end of Retirement Week by talking about what you should be doing to prepare for retirement when you are in the Fifties age group. Thanks to NerdWallet for providing us such great advice for you today! Check out other decades from earlier this week – Twenties, Thirties and Forties.

There’s one truism about retirement that has stood the test of time: It’s never too late, or too early, to start saving. Whether fresh out of school or winding down in a career, there are things you can do to successfully prepare your nest egg, as well as places where it’s easy to stumble. Financial institutions such as Vinton County National Bank can help you set up a retirement account and personalized plan. But it’s up to you to do the heavy lifting throughout the decades.

Is retirement in your future?

By Cait Klein, NerdWallet

As you straddle the equator of youth and older age, if you haven’t been funding a retirement account, it’s time to play some serious catch-up. Individuals over the age of 50 can make catch up contributions to a Roth IRA before the end of the year of up to $1,000 in 2015. With a 401(k) and other retirement accounts, you can make additional contributions up to $6,000.

The biggest mistake people make as they round the corner toward retirement is getting fixated on a certain image of what life ought to look like. If you envisioned traveling the world or parking on a beach, you may be sorely disappointed if your savings fall short. Remember the adage, you can’t take it with you. Consider downgrading your lifestyle now — moving to a smaller house, selling off additional cars or assets and limiting vacations. Start adopting the lifestyle of a fixed income, if that’s where you’re heading.

NerdWallet
When it comes to credit cards, insurance, loans or expenses like hospital costs, consumers make almost all their decisions in the dark. NerdWallet is changing that by building accessible online tools and providing research and experts that can’t be found anywhere else, all to help consumers take back control of their choices in a marketing-driven, trillion-dollar industry. Find out more at www.nerdwallet.com.

The Forties: Staying Focused

Retirement Week continues! Every day we are posting retirement advice from NerdWallet. Read about preparing in your Twenties and Thirties. Today’s focus is on the Forties.

There’s one truism about retirement that has stood the test of time: It’s never too late, or too early, to start saving. Whether fresh out of school or winding down in a career, there are things you can do to successfully prepare your nest egg, as well as places where it’s easy to stumble. Financial institutions such as Vinton County National Bank can help you set up a retirement account  and personalized plan. But it’s up to you to do the heavy lifting throughout the decades.

 

By Cait Klein, NerdWallet

Despite having another twenty years until retirement, it’s time to get more serious. If you’ve been heavy on the investments and stock portfolio, you may want to start pulling back a bit and shifting to more conservative strategies, such as government bonds. One rule of thumb is to subtract your age from 110 and to have the result be the percentage of your savings that’s invested in the stock market. For example, 45-year-olds may want 65 percent of their savings in stocks as opposed to the 80 percent or more that 30-year-olds might want. Consider refinancing your home if there are better rates available. It’s also time to start paying down credit card and other high-interest debts and allocating that money back into your future.

Don’t let your current life get in the way of a future one — particularly in your forties. People often take a detour from saving to fund higher education for their children. But doing so could put both generations in financial danger. If you aren’t prepared for retirement, you could be a major burden to your own children, preventing them from establishing savings. It’s important to have three to six months’ living expenses saved in an emergency account to prevent the need to draw on retirement funds in the event of a medical crisis, roof leak or for higher education.

NerdWallet
When it comes to credit cards, insurance, loans or expenses like hospital costs, consumers make almost all their decisions in the dark. NerdWallet is changing that by building accessible online tools and providing research and experts that can’t be found anywhere else, all to help consumers take back control of their choices in a marketing-driven, trillion-dollar industry. Find out more at www.nerdwallet.com.

 

 

The Thirties: Time To Get Serious

We have retirement on the brain this week. Every day this week we will post retirement advice from NerdWallet on the various stages of life. Today, we are focusing on the thirties. These folks have been working a while and are more stable in their careers but do they know how to prepare for retirement? Read about your twenties here (w/Link) 

There’s one truism about retirement that has stood the test of time: It’s never too late, or too early, to start saving. Whether fresh out of school or winding down in a career, there are things you can do to successfully prepare your nest egg, as well as places where it’s easy to stumble. Financial institutions such as Vinton County National Bank can help you set up a retirement account and personalized plan. But it’s up to you to do the heavy lifting throughout the decades.

If you are in your thirties, now is the time to get serious about your retirement savings.

By Cait Klein, NerdWallet

If you hit your thirtieth birthday and you haven’t started thinking about retirement, you’re not in the danger zone yet, but you are starting from behind. Consider meeting with a financial planner to see where you’re spending more than you need to and discuss how to redirect some of that money toward retirement. Create a budget and consider trying to divert 20 percent of your income into savings. If the company you work for provides a 401(k) account and matches a percentage of employee contributions, make sure to participate with an eye toward contributing at least enough to get the full match.

Before making big purchases, look into a crystal ball and envision the future. Don’t saddle yourself with a level of debt that could distract from your retirement down the line. If you’re about to buy your first home, and you made good strides in building your retirement fund in your twenties, you might be tempted to draw on that money for a down payment. Although the Internal Revenue Service allows first-time homebuyers to draw on a portion of their retirement savings to pay for a home, doing so results in a double hit. Not only are you reducing your plan by the amount you withdraw, you’re also causing the dividends that that money would have accrued to evaporate. As a result, though you might have a beautiful house, you might also find that you have to delay your retirement because you have to work longer to make up for the withdrawal and those unrealized dividends — or, you might find that your later years end up being less golden than you’d anticipated.

NerdWallet

“When it comes to credit cards, insurance, loans or expenses like hospital costs, consumers make almost all their decisions in the dark. NerdWallet is changing that by building accessible online tools and providing research and experts that can’t be found anywhere else, all to help consumers take back control of their choices in a marketing-driven, trillion-dollar industry. Find out more at www.nerdwallet.com.”