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Now browsing: Hometown News > Business Columns > Alan Boggs

Alan Boggs
This Week | Archive


Seven banking strategies for savvy seniors
Rating: 2.89 / 5 (206 votes)  
Posted: 2006 Feb 23 - 21:30
• There you are, gliding along into the retirement years, secure that your golf score is low, your blood pressure isn't high, and you can really twinkle your toes on Saturday night. Your lifestyle has changed, and maybe it's time you took another look at your banking - because those needs may have changed too.


Seven banking strategies for savvy seniors

There you are, gliding along into the retirement years, secure that your
golf score is low, your blood pressure isn't high, and you can really
twinkle your toes on Saturday night. Your lifestyle has changed, and maybe
it's time you took another look at your banking - because those needs may
have changed too.
Piercing the fog of your financial future can be easy. Banks now offer
myriad services specifically for older customers, from free checking to
trust and insurance assistance.
Savvy seniors can make that lifestyle transition with ease by visiting
their financial institution and using these seven simple strategies:
v Revise and adapt
Your lifestyle changed with retirement. Seek expert advice in adapting to
financial changes. Talk to your bank representative about new services
designed just for older customers; you'll receive personal attention and
guidance. Ask about the convenience and security of online banking.
v Free checking
Some banks offer a variety of checking accounts, including free checking.
Talk to your bank's customer service counselor, who can advise which one is
right for you.
v Trust services
A trust plan is not just for the wealthy. A good plan ensures that your
family and financial goals are met. Trust officers at your bank can tell
you how to reduce your estate and gift taxes and protect your assets.
v Estate planning
No matter what your net worth is, it's important to have a basic estate
plan in place. An estate plan has several elements, including a will,
assignment of power of attorney and a living will or health-care proxy
(medical power of attorney). Your bank can advise you on how to begin your
planning.
v Investment counselors
In these uncertain times, a wise senior might consider rebalancing their
portfolio. A bank financial counselor can show you investment strategies
tailored just for your goals.
v Financial seminars
Sit in on some investment seminars that may be presented by your bank on a
variety of topics, including trusts, taxes, investments and long term care.
Ask your financial representative for clarification on any issues.
v Long-term care insurance
Unexpected medical expenses can drain savings and stifle retirement
dreams. Prudent planning includes long-term care insurance. Check to see if
your bank offers this insurance.
v More help is a phone call away
In addition, bank representatives may travel to your home if you are
unable to get to your bank. Call for information on a home visit.
If your finances are not meeting your fantasies of retirement, look to
your bank for financial advice.
Savvy seniors know the place to begin is the place they trust the most:
their bank.

Brokerage services offered through UVEST Investor Services, member
NASD/SIPC. UVEST and Riverside National Bank are independent entities.
Investment and insurance products are not a bank deposit, not bank
guaranteed, not FDIC insured, not guaranteed by any government agency, and
may lose value. Consult your attorney for estate planning advice.

This article was submitted by Alan Boggs, Riverside Bank President in
Brevard County. For more information, call (800) 741-3283 or visit a
Riverside location near you.




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