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Retirement planning in the digital age

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Key takeaways:

  • There are many online resources to help you better plan for your retirement.
  • A better understanding of your financial situation can help you wisely select the retirement plan that is best for you.
  • While online tools can help, talking with an investment representative can help ensure you have a retirement strategy that fits your needs.

As fun and exciting as planning your retirement can be, it can also be stressful. Your situation is unique to you, and determining which plan is best can take time.

With a bevy of websites and resources, planning can be drastically easier, but you should be careful in deciding which ones to use. Here are a few tips to point you in the right direction:

  • Budget: You can’t understand how much you can set aside for your retirement until you understand your cashflow. If you don’t have a budget, read this first to set one up. You can also gain a better understanding of your cashflow by utilizing online and mobile banking, so you’re in-the-know about your accounts. Apps such as Mint also can help you better understand how to handle your money.
  • Use online calculators: The MidWestOne retirement calculator helps you understand how long your retirement savings will last. This is an important tool that also allows you to know how much you’ll need to save. 

A free calculator from AARP can also help you plan your retirement funds. If you’re in the military, there are calculators for planning your retirement. 

  • Social Security calculator: You can estimate how much you’ll receive in Social Security during your retirement. You can choose which Social Security calculator you want to use by determining how much information you want to give and receive. You can enter a little information for a rough estimate, or you can receive a detailed estimate by using an installed program.
  • Utilize apps: Now, there are many apps for helping plan your retirement. RetirePlan, for example, is an app that helps you better understand your financial situation and retirement. Betterment is also an option as it acts as an online financial advisor. Acorns helps you invest when you have very little to do so with. 

Regardless of the app, it’s important to remember to select an investment option that matches your personal financial situation. A general rule of thumb is that those who are younger can take higher risks while those who are older should look for safer options.

  • Talk with an investment representative: MidWestOne’s retirement and investment team can help you figure out your options. Have your banker connect you with an investment officer, so you can discuss what strategy is best for you.

Retirement doesn’t have to be overwhelming if you utilize the tools and people who are ready to help you. If you have questions about saving for your retirement, have your banker put you in touch with a member of the investment and retirement team. 

MidWestOne Bank does not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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