Financial Planning - 2023

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Financial PLANNING

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ContentsTABLE OF 04 06 07 08 09 10 12 14 13 common invesTmenT Terms To know 15 Digging ou T of DebT e asy ways To cu T grocery cosTs saving sTraTegies for young a DulTs r eTiremenT planning Q& a builD a buDgeT ThaT works for you how To confronT freQuenT increases in cosTs of living Tricks To Trim your u TiliT y bill how finances change when sTarTing a family how To plan for posT-reTiremenT meDical expenses

Common investment terms to know

The importance of investing is undeniable. That value was especially apparent throughout 2022, when inflation took center stage. As the cost of living rises, investors can more capably handle that spike because they’ve been growing their money through various investment vehicles all along. With so much to gain from successful investing, novices may benefit from a rundown of common investment terms.

• 401(k): A popular way to save for retirement, a 401(k) is an employersponsored retirement plan. Individuals with a 401(k) make pre-tax contributions during each pay period and some employers match these contributions up to a certain percentage. Money in a 401(k) can be withdrawn at any time, but there is a penalty on withdrawals made prior to the account holder reaching 591⁄2 years of age.

• Bear market: A bear market is a market in which stock prices sharply decline over a prolonged period of time. Bear markets may be inspired by an array of factors, including rising unemployment.

• Bonds: Bonds are a low-risk investment that attract novices who are not yet certain of their risk tolerance. Bonds are loans to governments and even corporations that pay interest to the individuals who invest in them.

• Bull market: The opposite of a bear market, a bull market refers to a market in which stock prices are rising.

• Diversification: Diversification is a savvy investment strategy in which

investors spread out their investments so their portfolio is as diverse as possible. When diversifying, investors may invest in stocks, bonds, IRAs, a 401(k), and other vehicles.

• Dividend: A dividend is a payment made to a shareholder in a company.

• Individual retirement account (IRA): An IRA is a retirement account individuals open on their own. There are various types of IRAs, and contributions to these accounts are post-tax.

• Market index: The Dow Jones Industrial Average (DJIA) is perhaps the most recognizable market index, though it’s not the only one. A market index such as the DJIA tracks the financial market by analyzing data from various companies.

• Mutual funds: Mutual funds are a popular way to invest. According to the investment experts at J.P. Morgan Asset Management, with a mutual fund, money is raised by

an investment company and is then invested in a portfolio that includes stocks, bonds, options, commodities, or money market securities.

• Share: The online financial resource Mint notes that a share is a unit of ownership in a company or in an asset. Shareholders are eligible for benefits, including payouts, when a company makes money.

• Stock: Stocks are long-term investments that represent an ownership stake in a company. Most investors invest in common stocks, which are not subject to the same conditions as preferred stocks. Preferred stocks tend to be less volatile than common stocks, though that security also makes them less profitable when the stock performs well.

Knowledge of these basic investment terms can serve as a good foundation for novices who want to begin investing. As investors become more comfortable, they can expand their knowledge even further.

FINANCIAL PLANNING 4

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Build a budget that works for you

Financial trends come and go, and it appears as though one approach to finance that industry professionals have long touted is having a moment. According to a report from Debt. com, 86% of the more than 1,000 respondents who participated in the site’s annual budgeting survey admitted they budget their spending. That marks a roughly 16% increase since 2019.

If budgeting is touted as the key to individual financial planning, it’s well deserved. Budgeting can help people save money and achieve an assortment of financial goals, including paying down debt, financing tuition and planning a dream vacation.

Each person’s budget will be different, but that doesn’t mean people need to take a totally unique path to building a budget. In fact, a conventional approach to budget-building can help people from all walks of life.

• Determine your net income. The Bank of America notes that net income, also known as “take-home pay,” is the foundation of a budget. In the era of direct deposit, it can be easy for anyone to forget how much money is coming in each month. Salaried workers can determine their net income pretty quickly, while gig workers and those who are paid by the hour may need to do a little extra work and serve as their own bookkeepers as they try to calculate their net incomes.

• Monitor your spending. Spending habits fluctuate, but some patterns will likely develop over time, and identifying these patterns is vital to building a budget. Individuals shouldn't wait to track spending. Log into your bank account and see how you spent money each month over the last six months to a year. This can give you an accurate idea of where your money went after it came in. Monthly utility bills may be constants, but those bills tend to fluctuate depending on the season, so a closer examination can yield what the average cost is. Budgets may need to be tweaked during months when utility bills peak.

• Don’t discount the importance of things you want. It’s important when building a budget that money is left for more than just bills. Things you want to do like dine out, travel or additional expenses like entertainment should be built into your budget so you can still enjoy yourself and your budget is not blown up when opportunities to have fun inevitably arise.

• Track and tweak. Progress can be tracked and the budget can be tweaked if you’re still having trouble saving or your efforts to save are causing issues. Tracking progress allows you to see what is and isn’t working, while tweaking affords room to compromise if the budget is proving too restrictive or not allowing you to meet your goals.

A conventional approach to budgeting can help people achieve their financial goals and feel better about their futures.

Money Matters Keep track of cashless spending

• Use an app to track spending. If you’re using an app to make purchases, you can just as easily use an app to track that spending. Mint is a free app that automatically updates and categorizes how your money is spent. Users can see how they’re spending their money in real time, making it easy to know where they stand with their finances.

• Recognize the temptation associated with cashless spending. Studies have shown that cashless spending tempts people to spend more than buying with cash. A recent study from the Massachusetts Institute of Technology asked business students to bid on basketball tickets. Some participants were told they would eventually have to pay with cash, while others were told they would need to use a card. Those who paid by card spent more than twice as much as those who were told they had to pay with cash, which illustrates just how easy it is to spend more on transactions that do not involve cash. By recognizing that temptation in advance, consumers can better prepare themselves to remain disciplined when using cashless payments like credit cards or apps.

• Pay off your balance each month. If your preferred mode of cashless spending is credit cards, then make sure you pay off your balances each month. This not only saves you from potentially hefty interest charges, but the knowledge that you will need to pay off your purchases at the end of each month can help you stay more disciplined with your spending.

FINANCIAL PLANNING 6

Digging out of debt

Debt can quickly sneak up on a person. It can take much longer — sometimes decades — to get out of debt. And that’s a big concern when considering just how much debt the average person has incurred.

Northwestern Mutual’s 2018 Planning and Progress Study says the average American has about $38,000 in personal debt, excluding home mortgages.

Stop the flood

Avoid new debt at all costs. Stop using credit cards, cease taking loans, do not buy any big-ticket items and scale back on general purchases.

Learn about avalanches and snowballs

The avalanche method is a way to pay off debt. According to NerdWallet, a popular online financial resource, the debt avalanche approach encourages debtors to pay off debts with the highest interest rates first. That seems like an effective way to get out of debt quickly.

However, in a 2016 investigation for the Harvard Business Review, researchers found that the snowball method, which prioritizes paying off the smallest debt balance first and then moving on as debt amounts increase, is the most effective strategy. It tends to have the most powerful effect on people’s sense of progress because they gain momentum by watching debts disappear.

Cut back temporarily

Reduce expenses by cutting nonessential spending, such as cable subscriptions or gym memberships temporarily. Repurpose extra money to pay off existing debts. Compare prices for other services, such as insurance and internet.

Get a lower interest rate

Call customer service centers to see if they can lower debt by negotiating a better interest rate. Since much of a credit card payment goes toward

monthly interest charges and not toward the actual balance, this can be a way to get a handle on debt. Some people prefer to use a balance transfer to get a lower rate on another card and try to pay off the balance before the promotional rate expires.

Consolidate or settle

When debt is so substantial that debtors cannot see the light at the end of the tunnel, they might ask a creditor to accept a onetime, lump sum payment to satisfy the debt. Debt consolidation companies also can help by negotiating with creditors and streamlining debt into one payment per month instead of many.

With an effective plan in place, even people struggling with massive debt can often dig themselves out of financial peril.

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How to confront frequent increases in costs of living

Prices on the majority of goods and services have increased significantly over the last yearplus. Financial analysts report that inflation has reached heights that haven’t been seen in 41 years. According to the United States Department of Labor, the consumer price index, which measures changes in how much Americans pay for goods and services, rose 0.4% in September.

As prices soar, budgets are being pushed. What can we do in the face of rising costs on items we need. How can we adapt on fixed incomes? These suggestions may help.

• Frequently review your budget.

much items cost right now. Document all spending by writing down a list of weekly expenses or utilizing any number of free budgeting apps available. Tracking what is going out may make it easier to cut costs on less essential items, such as streaming services or gym memberships.

• Contact service providers. You may be able to negotiate better deals with a service provider, such as a mobile phone company or a cable television provider, if they learn you are considering leaving. If they can’t work out a deal, go with the less expensive provider. You can always switch back at the end of the term if you desire.

• Stop automatic payments. Having subscriptions and other bills automatically deducted from your checking account is convenient, but those rising costs may be overlooked. By viewing your bill and paying it each month, you can see where costs have increased and where you might need to

Reduce expenditures on gasoline by sharing the costs with another person. Determine if public transportation is more cost-effective than driving to work or

Brand loyalty to one supermarket or a particular retailer is quickly

Nowadays it is wise to comparison figure out where you’re getting the best deal. Venture into stores previously. Divide your shopping several for different items if it

Reduce dependence

on electricity and gas-

consumers can explore various ways to

8

Easy ways to cut grocery costs

Consumers might not think it, but eggs are an expensive commodity. As of December 2022, the U.S. Bureau of Labor Statistics reported the average price of a dozen Grade A, large eggs was $4,25.

Eggs are just one example of foods that have become significantly more costly over the last year or more. Flour, butter/ margarine and dairy products also have become more expensive. According to CNBC, food prepared at home now costs 10% more than it did a year ago. Comparatively speaking, restaurant prices have risen by 6.9%, making it more affordable for some people to eat out than prepare meals at home.

Despite rising food costs, it is possible to save money by preparing more meals at home.

Purchase generic brands

Switching to generic brands can immediately bring about savings over “premium” counterparts. Generics cost less because manufacturers don’t have to offset the cost of advertising. Many generic brands are made in the same facilities that produce name brand items.

Plan weekly (or monthly) meals

Take a few moments to jot down meal ideas for the week. This can

streamline the process of buying meals and help a person use fewer ingredients. Plus, meal plans can be based around which items are on sale. One can meal plan from scratch, or utilize a meal plan from a website that helps utilize all ingredients in various ways, such as turning leftover meatloaf from one night into sloppy Joes on another.

Stick to a list

When meal planning, check out the

pantry first to see what’s on hand, and then mark down the items needed. Buy only what is listed, resisting the urge to make impulse purchases. For those who can’t avoid throwing a few extra items in the wagon, utilize stores’ shop from home services, where it’s possible to keep track of what’s being spent in real time. Simply check out and then do a curbside pickup.

Check product prices

When comparing prices, be sure to check out the net item, net pound or net ounce price. This enables shoppers to see if a sale is really a value, including whether it’s best to buy pre-packaged products or individual items. Again, it can be beneficial to shop the sales each week, rather than trying to stock up on a monthly basis. Not only will that prevent food waste, it can significantly reduce spending.

Consider cheaper meals

Make the bulk of meals with less expensive ingredients, such as beans, whole grains and vegetables. Chicken drumsticks or thighs are generally cheaper than steaks or even chicken breasts and cutlets.

Reduce reliance on bottled beverages

Opt for water at home rather than bottled drinks, if possible. Purchase iced tea powder or tea bags and whip up brews. Water with lemon juice can replace lemonade.

These are just a few ways to save money on groceries as prices continue to rise.

FINANCIAL PLANNING 9

Tricks to trim your utility bill

Arapid rise in the cost of living will undoubtedly prove to be one of the major stories of 2022. According to the U.S. Bureau of Labor Statistics, energy prices rose by 41.6% in the 12-month period that ended in June 2022, marking the highest 12-month increase since April 1980.

The significant spike in energy costs is somewhat misleading, as the BLS considers motor fuel prices, which rose more than 60% in the 12-month period ending in June 2022, part of the energy category. However, during that same period, electricity prices rose by nearly 14% while natural gas prices increased by 38%. Both of those increases were more significant than the more publicized rise in food prices, which rose by right around 10%.

Families need to eat and many professionals now must return to in-person work after years of pandemic-related remote working, which means they must confront higher fuel costs. That leaves little room to save money in those areas. However, there are ways for families to reduce home energy costs without adversely affecting their quality of life.

• Run appliances during off-peak hours. According to the United States Department of Energy and the U.S. Environmental Protection Agency, the best time to use appliances in a home is when overall electricity use is low. For example, La Plata Electric Association offers their members savings for use during off-peak hours. Residential off-peak hours are 9 a.m.-5 p.m., and 10 p.m.-6 a.m.

• Strategically use your shades and blinds. The energy providers at ConEd estimate that about 40% of unwanted heat comes through windows. Strategic use of curtains, shades and blinds can keep heat out on hot days, thus allowing homeowners to turn the thermostat up on their air conditioning units in summer. Opening curtains, blinds and shades on sunny, winter mornings and afternoons will allow more sunlight in, allowing homeowners to control heating costs more effectively.

• Reorganize your refrigerator. There are plenty of contradictory strategies regarding how best to store foods in a refrigerator so the unit consumes as little energy as possible while still keeping foods fresh and chilled. But various energy

experts recommend that consumers avoid packing a fridge too tightly. By allowing cold air to circulate within the refrigerator, the refrigerator won’t need to work as hard, and thus consume as much energy, to keep foods cool. It’s important to note that the opposite should govern how the freezer is packed. Packing frozen items tightly in the freezer will help the refrigerator work a little less hard.

• Turn off the lights. Estimates from the U.S. Energy Information Administration indicate that electricity for lighting accounts for around 10% of electricity consumption in homes. A concerted effort to use natural light when available, and turn off lights in rooms that aren’t being used can help consumers save money.

Rising utility bills are compelling millions of people to seek ways to trim their energy consumption. Thankfully, there are many ways to do that without upsetting daily routines.

Rising utility costs

Much like the cost of a loaf of bread or a carton of eggs now costs consumers considerably more than it did a couple of years ago, the price to heat and cool a home has risen considerably. Various factors, from climaterelated events to supply chain issues to the Russian invasion of Ukraine, have been cited as contributors to the rise in utility costs, which is not just a North American problem. Following pandemic-induced lows in 2020, natural gas prices have risen consistently, even during off-peak months, over the last year-plus. The cost of natural gas that’s delivered through pipes was up 24% in February from the year prior. Electricity has gone up as well. According to Choose Energy, an energy reporting resource, electricity rates have risen across the 50 states in 2022 by anywhere from 1.7% over 2021 (Alaska) to 46.1% (Maine). The national average increase is 11.3%. CBS News reported in 2019 that Americans are paying up to 30 percent more on water and wastewater bills in less than a decade. Water and sewer bills are rising faster than inflation rates, having increased for an eighth consecutive year in a study of the country’s 50 largest metropolitan regions. People concerned with the rising costs of utilities may have to be creative. Running appliances during off-peak hours; turning off lights and unplugging devices when not in use; investigating solar power; and investing in water-saving faucets, shower heads and toilets can help individuals curtail their energy consumption.

FINANCIAL PLANNING 10
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Saving strategies for young adults

When we are young, saving money for the future may be the furthest thing from our mind. After all, it may be a time to enroll in college or trade school, make a first big purchase, such as a car, or even get married. Thinking about establishing a solid financial footing for the future can take a back seat when life is filled with so many significant events.

But it’s never too early to start saving — even when saving seems to be an impossible task. Young adults should keep saving in mind and look to various strategies that can set them up for long-term financial security.

Set long-term goals

It’s easier to save when saving is attached to specific goals. While some may aspire to retire early, establish an emergency fund or to purchase a home, others may want to save for an overseas vacation. Motivation to save can make it that much easier to do so.

Determine where you spend the most

Saving money on smaller purchases will add up over time, but to really build a robust savings, figure out your biggest expenditures and how you can cut back to pad your savings. The Logic of Money reports that the average American spends more than 60% of their income on housing and transportation. Figuring out how to cut costs in these categories can be a great way to save.

Use cashback apps

Young adults are tied to their digital devices. Why not make them work for you? Free cash back apps give you money back for various purchases. Ibotta and Dosh are just two cashback apps available. Some can be linked directly to a credit or debit card to have passive income deposited directly. With others, you can cash out as a direct deposit or via a payment app instead.

Set aside one-third of your income

Make it a point to put away $1 for every $3 earned into a savings account, advises U.S. News & World Report. That is a good measure for establishing a rainy day fund. If you don’t trust yourself to transfer the money, have a set amount automatically deposited from your paycheck into a designated savings account.

Treat credit cards like using cash

The “buy now, pay later” option is an attractive trap to fall into. Using credit cards often is a safer way to pay merchants, because you’re risking others’ money rather than your own with a debit card. However, using credit can make it challenging to visualize what you’re actually spending. Do not purchase more than you can pay off within each billing cycle. Set account alerts on your phone to let you know when you’ve hit your budgeted credit card spending limit. Resist the urge to open and use too many cards.

Young adults can begin saving early with some conventional and highly effective strategies.

FINANCIAL PLANNING 12

How finances change when starting a family

Financial changes are a fact of life. Changes occur at every turn, including when students leave home for the first time, people get married and when families purchase their first home. One of the biggest financial changes occurs when starting a family.

Starting a family can come with a measure of sticker shock, particularly for young couples without much financial history. Since the 1960s, the costs associated with raising a family have risen exponentially, according to MarketWatch. For example, between 2000 and 2010, costs rose by 40%.

Data also indicates that, as of 2015, American parents spent, on average, more than $230,000 on child costs from birth until the age of 17. The U.S. Department of Agriculture says that today that number is closer to $245,000 per child, which does not include the cost of college.

When navigating the cost of starting a family, prospective parents should ask themselves the following questions to get a handle on their finances.

• Can I afford big-ticket baby items related to safety and comfort? Items, such as furniture, can be costly. Other needs might include a new vehicle with high crash-test ratings, or renovations to a home to provide a safe nursery. If renovations are unlikely, then would-be parents may need to consider the costs of moving.

• Have I considered daily child expenses? Diapers, formula, laundry detergent, clothing for each stage of growth and various other specialty items are necessary when raising a child. Make a list of items you need and their potential costs.

• Do I have adequate health insurance? Pew Research states that expenses for a delivery can range from $3,000 to upward of $37,000 per child for vaginal delivery, and from $8,000 to $70,000 if a C-section or special care is needed. Consider how much your health insurance will cover and how much adding a child to a policy will increase your rates.

• Will I need daycare? In order to afford added expenses, both parents may have to work. A family’s average childcare costs are roughly $755 per month, and finding openings locally can be challenging.

• Can I afford life insurance? Once you begin a family it is important for both parents to have a life insurance policy in place to provide support for surviving family members in the event of an untimely death.

Couples who want to start a family can make the transition go smoothly by figuring out their finances before welcoming a baby into the family.

FINANCIAL PLANNING 13

Retirement planning Q&A

Individuals need not look very far to be reminded of the importance of planning for retirement. Television ad campaigns touting the need to plan for retirement have been front and center for many years. Banks also heavily promote their retirement planning services to account holders. The emphasis financial firms and banks place on retirement planning underscores just how important it is for individuals from all walks of life to prioritize securing their financial futures.

Ad campaigns can make saving for retirement seem simple, but plenty of people may have questions about how to save for the days when they are no longer working.

Why and when should I begin investing to build my retirement savings?

It’s never too early to start saving for retirement. Young professionals may not be anywhere close to retirement, but that doesn’t mean they can afford to put off saving for the day when they call it a career. Much of that has to do with inflation. The rate of inflation varies, but it’s fair to assume that your cost of living will rise dramatically between your twenty-third birthday and your seventieth birthday. If you choose to simply save as opposed to investing that money, your money will not grow at a rate necessary to overcome inflation. Though there’s no guarantees with investing, traditional retirement investment vehicles have a proven track record of outpacing inflation. For example, Standard & Poor’s 500® (S&P 500) reports that individual retirement accounts (IRAs) grew by an average of

10.8% between 1971 and 2020. Over that same period, the U.S. Bureau of Labor Statistics indicates that the dollar had an average rate of inflation of 3.99%.

How can I save for retirement?

Various investment vehicles can help people save for retirement. Many people utilize employer-sponsored 401(k) retirement plans. These allow individuals to deposit money via pretax contributions deducted from their paycheck. For young people, enrolling in these plans as soon as they’re eligible can be a great way to begin building their retirement savings, and since many people contribute between 6 and 10% of their pre-tax earnings, their take-home pay will not be significantly different once they enroll. IRAs, pension plans, certain life insurance policies, and regular contributions to personal savings accounts are some additional aways to save for retirement.

How much will I need to save for retirement?

No two people are the same, so there’s no simple answer to this question. Estimates about how much people will need in retirement range from 60 to 80% of their yearly income the year they stopped working full-time. A financial advisor can be a useful ally as people try to calculate how much they will need to save for retirement. However, the simplest answer to this common question is that there’s no such thing as saving too much money for retirement so long as saving does not adversely affect other areas of your life.

What if I need money before retirement?

No law prohibits people from withdrawing funds from designated retirement accounts before they retire. However, there may be significant financial penalties and tax consequences if you do so. For example, the Internal Revenue Service allows penalty-free withdrawals from a 401(k) after an account holder turns 591⁄2. Withdrawals made before then could be subject to federal and state income tax and a 10% penalty of withdrawn funds. Individuals are urged to speak with a financial advisor about withdrawal guidelines and penalties prior to opening a retirement account.

Saving for retirement is vital and it’s never too early to begin investing in your financial future.

Money management tips for retirees

No one wants to outlive their money in retirement. Various strategies can help retirees effectively manage their money so they can enjoy their golden years without

• Every retirement investment vehicle, whether it’s an IRA or a 401(k), has tax implications. A financial advisor can help retirees determine the tax implications of withdrawing money from their retirement accounts and develop a detailed guideline of when withdrawals should be made and how much should be withdrawn in a given year in order to minimize tax liabilities.

• Retirees must prioritize their own financial needs, including their immediate needs and those they will have for the rest of their lives. Though it might be difficult to turn down loved ones’ requests for financial help, retirees must make sure they can pay their bills and maintain a quality of life that won’t jeopardize their longterm health.

FINANCIAL PLANNING 14

How to plan for post-retirement medical expenses

When individuals retire, they not only walk away from work, but also relinquish thier steady paychecks. For many, retirement can be a potentially risky financial endeavor. Saving for retirement is a great way to mitigate such risk, but unforeseen expenses, such as medical bills, can quickly derail a retirement plan. Such expenses, which include medication costs, are easy to take for granted when individuals are still working.

Many people have a greater need for medical care as they get older. Health care is one of the biggest expenses a person will take on in retirement. The burden on costs in retirement could be a significant hurdle for retirees without a sizable nest egg or effective strategy to cover medical expenses.

According to the Fidelity Retiree Health Care Cost Estimate, an average retired couple aged 65 in 2022 could need around $315,000 after taxes to cover their health care expenses in retirement. The financial resource The Street says other studies suggest retirees plan to spend between $3,000 and $7,700 per year on health care. However, Fidelity notes that generics, branded drugs and specialty drugs account for roughly 17% of those expenses.

Financial advisors also caution clients that relying exclusively on Medicare to cover health care costs isn’t going to cut it in the long-term. Benefits under the Medicare program often aren’t enough to pay for all of a retiree’s needs. There may be gaps for chronic treatment of illnesses and specialty treatment for certain conditions. Long-term care services also typically are not covered. While Medicare may cover general doctor’s visits, it does not cover the cost of deductibles or copays.

Individuals need to be proactive and plan for medical expenses in retirement. After

housing, healthcare is the most significant expense for retirees. Health spending accounts and long-term health insurance are two options for people looking for ways to cover their health care costs in retirement.

As of 2022, people can contribute up to $3,650 for an individual or $7,300 for a family per year into a health savings account. After age 55, an additional $1,000 per year is allowed. Money in an HSA grows tax-free and it can be spent tax-free on qualified medical expenses. Once a person has Medicare, he or she no longer is eligible to contribute to the HSA, but can use money already in the account to pay for qualified medical expenses that are not covered by Medicare.

Long-term care insurance is another option, and many people invest in such an account during their 50s or 60s. The earlier an individual enrolls in a program, the lower the premium. According to Personal Capital, most policies will not start until a patient has needed assistance for 90 days and other qualifying guidelines are met. Generally speaking, longterm care insurance also is useor-lose. If there’s never a need to use the insurance, it will not be refunded. This is a risk that certain people are willing to take.

In addition to these options, people may consider gap insurance programs. When putting together a retirement plan, it can be wise to speak with financial advisors who can customize products based on their expected needs.

Though traditional retirement goals like financing travel or relocating to a warmer climate are worthy pursuits, it’s vital that individuals of all ages, including those on the cusp of retirement, recognize the importance of saving for routine and specialty health care expenses as well.

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You can SAVE & GIVE BACK!

MONEY MANAGEMENTFORTHE ENTIRE FAMILY

Financial Literacy

Loyalty Debit Cards[1]

Support local nonprofits like the Boys & Girls Club, Women's Resource Center and the Durango Arts Center, simply by using your Alpine Bank Loyalty Debit Card. Choose the category that means the most to you. Every time you use your card, Alpine Bank donates 10 cents to local causes.

[1] Alpine Bank debit cards are available with no annual fee to individuals with an Alpine Bank checking account.

Youth Checking

minimum balance required, or minimum deposit to open.

Youth Savings

how and why it’s important to save.

Pays for As

Alpine Bank rewards kids for earning good grades, holding a random drawing twice each year on January 31 and June 30.

Change Matters[2]

An easy way to save that earns rewards! With every debit card transaction, we round up to the nearest dollar and put that in your savings account. Alpine Bank gives a 5% bonus on the savings every quarter.

[2] To qualify for the Change Matters program, you must have a checking account, debit card, and a money market account/saving account with Alpine Bank. The 5% bonus is calculated and automatically credited to account holders’ savings or money fund account quarterly. Bonus is subject to IRS and other tax reporting. Other standard account terms, conditions and fee schedule still apply.

FINANCIAL PLANNING 16
Visit alpinebank.com, orstop into a branch todayto learn more and getstarted! Downtown: 1099 Main Avenue, Durango | Three Springs: 175 Mercado Street, Suite 119, Durango INDEPENDENCE • COMMUNITY • COMPASSION • INTEGRITY • LOYALTY ALPINEBANK.COM • MEMBER FDIC

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