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CBWY Blog

Addressing the Financial Ins and Outs of Retirement Planning

Life Stages Blog Post 7

There are many aspects and considerations that go into planning your retirement, but at the end of the day, it all comes down to a numbers game. Throughout all stages of life, money is an integral force determining how we live our lives, and in no other stage of life are financial matters more important than retirement. After all, once your career has come to a well-deserved end, the goal is to successfully and comfortably live off of money that you’ve set aside via a retirement savings vehicle (or a combination thereof).

Living a Financially-Sound Life Through Commerce Bank of Wyoming

In our multi-part blog series chronicling various major milestones in life — and the financial challenges closely intertwined with these stages in life — Commerce Bank of Wyoming closes with our advice and thoughts on managing money for retirement. You’re at a point in your life where you’ve worked through a successful career, gotten married and started a family (or stayed single, it’s your life!), established countless relationships with people, and overall, lived a fruitful and fulfilling life. Perhaps you’re somewhere in the middle of all of this and you’re planning your retirement early as a well-established professional.

In any case, our Community Bank would like to congratulate you on your life accomplishments, and work with you closely to help you enjoy the best retirement possible. Learn more about Individual Retirement Accounts through your local Rock Springs Bank by contacting us today.

Become Familiar With Important Terms

It’s not your job to be a finance expert (that’s our job), but it’s worth your while to at least have a good understanding of what a 401(k) plan is as well as a Registered Investment Adviser (RIA), financial planner, and fiduciary are. You should also know what the differences are between these important people and concepts, and understand how to use a standard IRA versus a Roth IRA.

This way, when you go to meet with a Banker or financial planner, you’ll have some background and context as to what they’re talking about. In other words, the financial aspects of planning your retirement shouldn’t be foreign to you.

Determining When You Should Start Social Security

We get it; no one particularly enjoys receiving multiple AARP letters in the mail each week, especially those who haven’t settled for retirement yet. Understand, however, that these organizations aren’t harassing you about your age, they’re simply reminding you that it’s time to give your retirement a little more thought. After all, isn’t it nice to have the peace of mind that things are accounted for when you decide to leave your job?

It’s important to note that retirement age varies among each individual. While some people are set to retire in their mid to late 40s, others will wait until their late 70s, or even never truly “retire” and work from home until it’s no longer viable to do so. From a social security standpoint, what matters is how long you’ve been working or contributing to your retirement savings vehicles such as a 401(k) through your employer, a traditional IRA, or an IRA variant such as a Roth IRA. Make sure to ask our Team about retirement planning variables like the future state of the stock market, tax reform laws, and estate planning factors as these can affect whether or not you should wait to retire until a certain age.

Know That You Can’t Plan For Everything…

...but Commerce Bank of Wyoming can help! Unfortunately, it’s impossible to successfully plan and account for every single variable relative to your retirement as things tend to change very quickly. Your best interest is in saving early, working with an employer that matches your 401(k), surrounding yourself with supportive friends and family, and, most importantly, managing your money with a Community Bank who truly cares about your future wellbeing.

Work With Commerce Bank of Wyoming For a Reliable Retirement Planning Resource

We can help you decide if central retirement (a great balance of work versus free time) or a non-traditional retirement plan is right for you. You’ve worked hard your whole life, so our Community Bank is here to work hard for you — it’s all part of our commitment to the Rock Springs community.

Plan for financial success by contacting Commerce Bank of Wyoming today.

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