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Life Stages

Tailored to fit your unique situation, First South Bank has smart banking solutions for every financial stage of your life.

Young Singles

“I can’t wait to buy my first car!”

What’s Important to you?

As a young adult, you’re becoming more independent and self-sufficient, no longer depending on others for your financial wellbeing.

This is the ideal time to establish disciplined saving and borrowing habits. Defining goals and financial tactics to reach them will result in healthy financial habits that last.

Make a plan, then make it happen.

Put your goals down on paper. Start participating in a qualified retirement plan, explore a traditional or Roth IRA investment, save something from every paycheck, chip away at your debt, and, yes, look into buying that first car. All by yourself.

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Married No Children

“Maybe we’ll take that second vacation this year!”

What’s important to you?

Starting a life together means learning to manage your debt and establishing savings habits together. Maybe your career is more established and you have more discretionary income for travel and hobbies, or maybe a new home is on the horizon.

The key to success at this point is finding the right balance between spending and saving. Stay goal-focused! It’s easier to save when you have something to look forward to.

Make a plan, then make it happen.

Get educated to help you decide whether you will manage your retirement income or whether you want to focus on earning it and letting someone manage it for you. If you’re both not participating in an available plan, begin contributing, or explore a traditional or Roth IRA investment.

If you are looking to buy your first home or fix up your existing, look to a loan specialist early in the process for the tools and advice to help make the best decision for the two of you.

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Beginning Families

“I think we have outgrown our first home!”

What’s important to you?

Starting a family is an exciting experience, and now that you have a responsibility that is beyond just yourself, it’s time to put a plan in place for managing the financial security your family needs.

Whether that includes a new home or remodeling your existing home, an adjustment in your budget for childcare, or a college savings plan, you need a new saving and spending strategy to help guide you through what can be a challenging, but personally rewarding, stage of your life.

Make a plan, then make it happen.

Create a monthly budget and stick to it. Continue contributing to your retirement savings plan as well as a savings account, as you will still need a cash-cushion for those unexpected events.

And, of course, if you are looking into a new home or thinking of fixing up your existing home, be sure to talk with a loan specialist early in the process for the tools and advice you need to help make the right decisions about how much debt you should take on.

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Active Families

“How do I plan for the cost of my child’s education?”

What’s important to you?

At this time in your life your calendar is packed with kids’ events and activities. Keeping on top of it all is a challenge, and straying from your financial plan is all too easy in these busy days. Stay the course. Buckling down and paying yourself even a little every month will pay off big in the long run.

Whether you are still in the early stages of your career, or more established, get a plan that changes as you do. So, as your career and family grow, so does your financial security.

Make a plan, then make it happen.

Annually re-visit your savings and investment plans, and make changes as you need to. Earmark money from each paycheck for college savings, and get educated on how to invest it. We’ll explain all the college savings options, so you can choose wisely.

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Empty Nesters

“Is everything in place so I can I retire when I want to?”

What’s important to you?

Now that there are fewer mouths to feed and there are more hours in the day to focus on you, it’s time to transform your financial habits to prepare for your future.

Maybe you are preparing for full or partial retirement, re-examining personal interests, saving for children’s weddings, or dreaming of a new home in your retirement age.  No matter the focus, make sure that your savings and investment choices reflect the life you want in retirement.

Make a plan, then make it happen.

Review and adjust your retirement plan and overall financial situation, making sure it aligns with your retirement goals. Consider a Roth IRA and, if you’re over 55, the catch-up contribution option it offers. You can also continue to put money into it after you’re 70 ½ if you have earned income.

Remember, it’s never too late to start planning and saving. Schedule a meeting today with one of our Wealth Management Specialists.

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Retirees

“How do I turn my retirement savings into a regular income?”

What’s important to you?

It’s the beginning of a whole new stage in your life. You have more freedom and time for hobbies and the people you care about, so figuring out how to turn that retirement savings and assets into income may be your main financial focus right now.

Whether you are planning for a “winter” home, an RV, travel, or just enjoying more time at home, a budget based on an affordable spending range is essential to making sure your cash flow stays strong.  You’ve transitioned from making money as a priority to conserving money. Make sure the products you choose reflect that.

Make a plan, then make it happen.

Put together your retirement plan distribution strategies and keep in contact with your wealth advisor so you can stay on top of the new and existing ways to make the most of your money. A wealth advisor can also help you stay up to date on IRS retirement income restrictions and policies.

Don’t forget to make or update your will and name an executor who can carry out the wishes you’ve specified in it. Also, complete your estate plan and consider annual tax-free “gifting.” It’s an excellent option to distribute tax-advantaged money to loved ones!

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Mortgage Rates

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Financial Resources

From calculators to savings and planning for retirement, our Financial Resources has the tools and tips you need.

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