By Nate Haberman, AAMS^®, Financial Advisor

By the year 2040, it is projected that 14.6 million Americans will be 85 years old or older. This is triple in population from 6.5 million in 2014, according to the Administration of Aging¹.

Are you prepared financially to live longer? If you’re age 20 or older, retirement planning should be one of your top priorities. Not sure where to begin? I asked Nate Haberman, AAMS® Financial Advisor at RCB Wealth Management to share a few tips.

Figure out your retirement income needs.

Use your current expenses as a starting point. Don’t forget to factor in items like travel, new vehicles and healthcare expenses.

“A financial plan does not have to be complicated,” Haberman said. “Its purpose is to help you get from where you are to where you want to go, as well as improve the odds that you won’t outlive your money in retirement.”

Invest in your employer-sponsored retirement plan or an individual retirement account.²

Start now.

“It can be hard to plan for retirement when you are living paycheck to paycheck,” said Haberman. “But, a small amount is better than no amount. Setting aside a little bit each month will add up in the long run, especially if your employer matches a percentage of your contributions.”

Build an emergency fund.

Prepare for the unexpected and avoid tapping into your retirement savings.

“At one time or another, an expense will come up that you didn’t plan for – car repair or hospital visit,” said Haberman. “An emergency fund is there to help manage the financial risks of unforeseen expenses and potentially lessen some stress. Plus, early withdrawals from retirement accounts often have tax penalties assessed to them.”

Revise your plan along the way.

Life happens. Plan, prepare, review and adjust regularly in order to stay on track of your goals.

“A professional advisor can assist you through realistic expectations in your planning, while taking into consideration items like the age you plan to retire, inflation and taxes,” said Haberman. “A professional can walk you through all the available tools so you can better understand your options.”

While having a plan doesn’t guarantee a successful retirement, it may help you alleviate possible hardships, and allow you to live the life you want during your golden years.

Source:

¹U.S. Department of Health and Human Services Administration for Community Living. Administration of Aging Profile of Older Americans: 2015. Retrieved from http://www.aoa.acl.gov/aging_statistics/Profile/2015/2.aspx

²Investing involves risk, including the possible loss of principal and there can be no assurance that any investment strategy will be successful. Before investing, carefully consider the risks, charges and expenses of the investment.

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. This information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. Investments mentioned may not be suitable for all investors. The material is general in nature. Past performance may not be indicative of future results.

Investment products are not insured by the FDIC. Not a deposit or other obligation of, or guaranteed by the depository institution. Subject to investment risks, including possible loss of the principal amount invested. Ask for details.

Buying a car can be intimidating, even if you’ve done it before.  Sales people, negotiations, paperwork  – it can be a whirlwind of emotions. For most people, buying a car is the second largest purchase they will make in their lifetime. A little preparation before you step onto the dealership floor may improve your car buying experience.

Get preapproved.

If you know the financial institution you will be using to finance your next car, get preapproved for a loan so you know your budget upfront. Car shopping is less complicated when you know your maximum purchase price. It’s easy to get blinded by a shiny new car and all the extras only to find it is out of your budget.

When you have your financing approved, you can focus on other aspects, like car reviews and purchase price to ensure you are getting the best deal.

Do your homework.

There are a number of websites to research the dependability and safety of cars. Find out what similar cars are selling for in your area. Then, compare your potential purchase to its value on websites such as Nadaguides.com.

Trade in your car.

If you will be trading in your car, know the payoff amount and make sure the dealer will pay off your loan in full. Research the value of your trade-in to know what you should expect before going into the dealership.

Think through term limits.

Don’t overpay. An important, and often overlooked factor in auto financing, is the loan term. The loan term is the number of months you have to pay off your car. Many dealerships will finance a car for seven or even eight years. This may look good on paper but you must think long term.

Before you sign, ask yourself:

• Will I own this car for seven or eight years?
• Will the car’s value still match my loan payoff?

People forget to ask these questions before they purchase, and some end up upside down in their car. This means their loan payoff is more than the car is worth and they have negative equity.

Watch your overall interest cost. While financing a longer term may allow you to buy a more expensive car at a lower monthly payment, you will also pay more interest on long-term loans. Always compare the potential outcome and consider what is best for your future car buying experiences.

You are the customer.

You decide where to finance your car, not the dealership. While dealerships may have a competitive rate or loan term, ask yourself some questions.

• Does the dealership have my best interest in mind?
• If I have problems with my loan, who will I call for help?
• Does the dealership know me better than my bank?

You hold the cards when it comes to where you finance your vehicle, so do what feels comfortable to you.

Our lenders are happy to answer your questions, even if you are not an RCB Bank customer. Connect with a lender in your area.

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. Member FDIC and Equal Housing Lender. RCB Bank NMLS #798151.

By Jocelyn Wood, RCB Bank

Every year, my granddad would sit his grandkids down at the kitchen table and pour out a big jar full of coins he’d saved. We could have these coins but only after we sorted them, divided them equally and then rolled them. As little children, it felt like hours to complete this task, but the reward was a bag full of money.

When grandparents talk, we ought to listen, especially when it comes to money. They’ve lived a lifetime earning, spending and saving money. They can teach us a thing or two about the value of a dollar and the importance of saving for a rainy day. Here’s five lessons learned from grandparents.

By Eddie Curran, RCB Bank Business Services

Ever wonder if you’re paying too much for credit card processing? Follow this guide to discover if you can reduce your costs.

1. Gather Knowledge

To know if you’re getting the best deal from your merchant service provider (MSP), you first need a basic understanding of credit card processing and fees, according to Eddie Curran, RCB Bank vice president of business services.

Fees vary among companies, based on a wide range of variables.

“Familiarize yourself with the interchange rate,” Curran says. “This is the fee credit card companies charge MSPs to process their cards. This isn’t a flat rate fee but a range.”

Multitudes of factors affect it. For example, is the card a debit or credit? How is the card information entered, swiped, inserted or hand keyed? Is it a consumer or commercial card? Are there rewards like miles or points?

“These variables impact the interchange fee per card transaction,” Curran says.

MSPs decide how they charge for interchange fees and other costs for credit card processing.
A popular payment method is a flat rate. You pay the same price per transaction plus additional costs.

Another option is a cost-plus, or interchange-plus-pricing rate. You pay the actual interchange rate per transaction plus additional costs. This fee option adjusts per transaction.

“While a flat rate may sound convenient, you may get better transaction pricing with a cost-plus program,” Curran notes.

2. Compare Pricing

Processing fees and services are not the same across the industry.

Compare pricing to make certain you are getting the best deal.

Request an itemized list of all fees and services. Then, ask questions. When are fees taken out? How are they calculated? What assistance is provided in the event of a chargeback? What happens if there is a problem with the equipment? Am I buying or leasing equipment? When will I get my funds? What are the terms? What support is available and when?

“In any discussion, answers to questions should be very clear,” Curran advises. “If you feel you’re getting the run around or you don’t understand completely, step away and seek help before you make any decision. Not paying attention to details may get you locked into a long-term contract that may end up costing you lots of money in the long run.”

3.Choose Wisely

Don’t be afraid to ask questions. Get a second opinion. Understand the terms of the deal completely, and have it spelled out clearly in writing.

“Take time before you sign,” says Curran. “Make sure the service provider is working to secure a deal that works best for you and allows you to process cards in the manner you need.”

Our business services representatives are happy to answer your questions, even if you are not an RCB Bank customer. Connect with a business services representative in your area.

Invest in yourself.

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. Member FDIC.