retirement

                            Exchange Bank of Northeast Missouri announced Paula J. Fox is retiring as President and CEO.  She will be succeeded by Jed M. Wilson, who most recently served as Executive Vice President of Exchange Bank of Northeast Missouri. Wilson officially took on his new duties January 12, 2022.  However, to ensure a seamless transition, Fox will remain working until March 31, 2022, at which time Read More

While retirement might sound lifetimes away, it sneaks up faster than you think. Many people wonder when to start saving for retirement, how to start, how much money they’ll need and more. We’ll answer those common retirement questions in this blog, so keep reading!  When to Start  The time is now! If you are earning paychecks, start saving for retirement as soon as you can. The sooner the better, and the main reason for this is because your money will have Read More

Maybe you are already off to a good start when it comes to saving for retirement, but there may be some ways in which you can amp it up. If you could boost your retirement savings even by a little now, it can pay off big time later! Here’s how: Step Up the 401(k) Most companies offer a matching contribution of up to three percent to your 401(k). If you aren’t taking advantage of this now, make sure you do so immediately. Once you have established this for a year, consider ramping Read More

If you’re in your twenties and thinking about retirement, you are light-years away from your peers who wait until it’s too late. You’ll be so glad you started to take serious steps towards your golden years with these straightforward strategies. 1. Negotiate More Your first job isn’t typically known to be a real money maker. You’ve been told to “pay your dues” and take the work for little pay. However, it is especially important for college graduates Read More

No matter your age, every day you work is a step closer to retirement. When you think of driving off into the golden years, where are you headed? You likely have a picture in mind, whether it is having a house in your dream location or an RV to explore the National Parks. Whatever that goal is, the steps to get there are going to be similar. Here are some great money moves you can make in order to reach your retirement savings goals. Start Where You Are Many are under the impression that they Read More

Congratulations, after your roaring twenties, you have made it to the thriving thirties. Unfortunately, with another candle added to the cake comes another responsibility. People in their thirties have a very high amount of expenses from a house payment to the cost of little ones, which is why we wanted to offer the following solutions to saving. Automate Savings You have hopefully already begun a savings account for the other financial goals in your life. If not, no worries! You’ve likely Read More

Over the years, we put away money for important events such as a baby, college tuition, a new car or house. Those tangible items make it worth the amount we set aside. However, retirement is a harder concept to grasp, as it is far off into the future. For this reason, we wanted to help shed some light on how much is actually enough when saving for retirement. How much do I save at my age? Trying to figure out how much to save at any age can be tough, especially when saving for other items. Read More

It’s finally time! You’re getting close to taking a new path in life - but do you know where to begin? Retirement is an ideal time to declutter, as you may be downsizing or moving locations. Exchange Bank of Northeast Missouri offers a few ways you can deep clean for retirement, so you aren’t left with a mess! Turn Big Tasks into Smaller Ones When beginning to downsize to a different home or clean out old tax returns, it is easy to get overwhelmed with the process. Try starting Read More

Congratulations, you have made it to retirement or are close to being in your Golden Years! As you may be discovering, a successful retirement plan involves extensive planning and a lot of patience. Likely, one of the last and biggest decisions to make in your plan is deciding what living situation is most financially feasible.  While you may have invested in home ownership for many years, it may be time to downsize and your decision to rent or to buy your next space can have significant impact Read More

Retirement is one of those unique financial goals where you can benefit by saving less earlier, compared to saving more at a later date. By maximizing on the most valuable element, time, you can ensure that even a little savings will go a long way. To help illustrate the capabilities of time, and the interest it compounds, Exchange Bank of Northeast Missouri would like to share a simple story:   We start with two people, Jane and John. Jane starts saving for retirement at 25, contributing Read More