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7 Steps to Help Prepare for Retirement

June 12, 2019

Take steps now to create a plan

When thinking about saving for retirement, a good plan includes some important steps. We can help you get started by considering your income, budget, lifestyle, and goals. Begin with these steps, and you’ll be on your way. 

1. Create a Budget

Regardless of age, it’s a great idea to create a budget to manage your spending and increase your savings. When we have a good savings habit started, we can begin to think about saving for retirement.

2. Set a goal to save a percentage of your income every year

This includes matching contributions from your employer 401(k) if available, IRAs, and any other workplace retirement accounts. A good target: by the time you reach 30, try to have saved a total amount equal to your current salary.

3. Set targets based on your age

If you're in your 40s to early 50s, saving is especially crucial as you approach retirement age. Common recommendations include having at least 3 times your salary saved by age 40, and 6 times your salary saved by age 50. If you haven’t met these goals, it's okay, then try to increase the portion of your income you save in an amount that works for you.

4. Maximize your 401(k), especially with employer matching

If it’s available to you, your first place to put retirement savings should be the maximum allowed in a 401(k) with employer matching. The matching funds are essentially free money. Ask your employer what you’re currently contributing, and consider having more deducted from your paycheck (up to the maximum allowed) if you can. If your employer doesn’t offer it, or you are self-employed, other options are available, such as a SEP IRA, SIMPLE IRA, or Self-Employed 401(k).

5. Take advantage of IRAs

IRAs, both Traditional and Roth, offer tax breaks if you meet certain eligibility requirements based on your income. Each may have a place in your retirement savings mix. Learn more here, and ask us what may work for you.

6. Make your savings automatic

You won’t spend part of your income that you don’t see. We recommend setting up automatic withdrawals for retirement. Making automatic contributions to your retirement accounts with each paycheck makes it easier.

7. Check your progress regularly

It’s a good idea to evaluate your retirement plan once or twice a year, or whenever your income, expenses, or other factors change. We can help you evaluate your savings, your goals, and whether any changes are in order.

Getting Started Planning

Make an appointment with a First Source Representative to start your retirement planning process. Once you have a plan in place, you can begin to work toward your goals, and take control of your future. We’ll be here for you as you move toward your retirement, ready to help you Retire Smarter. 

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Posted in: retirement, savings

What to Consider at Retirement

June 20, 2019

Happy middle aged couple making a plan for retirement.Planning to make your funds last

As retirement approaches, you’ll look forward to having more free time. You’ll also be putting your retirement plan into action, transitioning from saving to managing and spending. 


We’re here to help match your retirement goals with a spending strategy. We start by analyzing plans you may already have, and offering advice for making adjustments based on your current resources and needs.

Factors to consider include: when you plan to retire, where you plan to live, and how you plan to spend your time.


Once we know your goals, time frame, and plans, we can estimate your projected expenses. We can include items like establishing an emergency fund, ongoing health care, essential living expenses, and entertainment. After taking everything into consideration, we can make plans. 


A retirement plan includes generating income from the assets in your retirement portfolio, and developing a strategy for withdrawing funds from various accounts in a way that maximizes your long-term income management. It may also potentially include reinvesting. 

Making Withdrawals

The goal is to have your savings last through retirement. Some accounts, such as traditional savings, offer complete freedom over the timing and amount of withdrawals. Others, especially tax-deferred accounts, have more restrictions, and some distributions may be reinvested to earn continuing income. We can help you choose the approach that best fits your budget and lifestyle.

Regular Checkups

Once you’re retired, we recommend regular “checkups” to ensure your plan is still meeting all of your needs. If your circumstances change, you may want to adjust your budget and strategy accordingly.

Getting Started

Make an appointment with a First Source Representative to work on your retirement plan. We’re here to help you make informed choices and Retire Smarter. 

Learn More


Auto Loan Down Payments

June 28, 2019

Know the basics and plan ahead

Consider some of these factors when shopping for a vehicle. First Source Senior Vice President and Director of Member Services Amy DeMetri shares her perspective on the importance of a down payment.

Plan Smarter

Learn more about a down payment on an auto loan and planning ahead by making an appointment to speak to one of our representatives.

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Mortgage Loan Down Payments

June 27, 2019

Start planning now for your purchase

Before you shop for a new home, check out this video by First Source Senior Vice President and Director of Member Services Amy DeMetri. She shares the importance of saving for a down payment first.

Plan Smarter

Learn more about a mortgage loan down payment and plan ahead by making an appointment to speak to one of our representatives.

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