Local Banks in Austin Texas 78704
Sherri Grocke
As shocking as it may seem, nearly half of American families have no retirement savings at all, according to the Economic Policy Institute. Those who have saved generally haven’t saved enough. Below are some of the most common questions we hear about retirement:
What Does It Cost to Retire?
The general rule of thumb for retirement is that you will need about ten times your final salary in savings to retire, or at least retire on time. Unfortunately, too many people lean on the ability to work longer in life as a substitute for saving early, but this won’t be the case for everyone, particularly those in fields that require a lot of physical activity.
How Much Should I Have Now?
Determining just how much you should have in savings now is going to depend greatly on a few questions. How old are you? When do you plan to retire? How much do you intend to make annually at retirement age? And, how much annual income will you require throughout retirement? Once you’ve established your needs, a retirement calculator like this one can help you determine where you should be in savings at any given age.
How Can I Get Started?
The best way to get started saving for retirement is to do it as quickly as possible. IRA’s, or Individual Retirement Accounts, are a perfect first step for anyone who wants to save more for retirement. At Guaranty Bank & Trust, you can open your IRA with as little as $500, and begin earning interest immediately. This account will be yours to control no matter where you work, and our personal bankers will be with you for every question along the way!
What Resources Are Available to Me?
Guaranty Bank & Trust is here to help every individual save for the retirement of their dreams. We have an entire team of financial professionals ready to assist all our clients with their retirement plans. We’ve also put together this handy guide detailing everything you need to know about retirement planning and how it works.
Elderly scams are one of the most common forms of fraud. Many seniors are viewed as easy targets—they tend to live on their own and often don’t have someone looking over their finances very closely. This makes senior citizens—our parents, grandparents, and all elderly loved ones—susceptible to financial scams. All year long and especially during Fraud Awareness Week, Guaranty Bank & Trust is dedicated to protecting our local Texas banking customers and those at risk to fraud.
Join us this Fraud Awareness Week in protecting your elderly loved ones by following some tips from your trusted Texas bankers.
- Get Involved
Don’t take a back seat to your parents’ or grandparents’ finances. Dive in, look closely, ask questions, and be involved. Check on bills, accounts, passwords and look closely at anything that might seem suspicious.
- Educate
Teach your elderly loved ones about possible threats and dangers. Tell them to never hire someone at the door, request more information from agencies or callers, and to always research and legitimize a company before giving them money.
- Protect Their Identity
Identity theft is a huge problem and a major focus during Fraud Awareness Week. Take precautionary measures like shredding receipts and credit card statements. Insist that your elderly loved ones never reveal ID information such as a social security number to an unfamiliar person or business.
- “Do Not Call” Lists
An easy thing to do, but often overlooked—be sure seniors are put on “Do Not Call” lists to help reduce the number of telemarketers or harassing calls.
- Report Issues
If you believe your elderly loved one might be at risk from a financial scam or fraud, report the issue to local authorities, your bank, and protective service agencies in your area.
Whether it’s a charity scam, email fraud, false repair promise, or Medicaid card ID theft, be vigilant in protecting those at risk from fraud. At Guaranty Bank & Trust, we’re dedicated to serving and protecting all our customers.
