Managing Your Money in Retirement

by Andrew Schreiber 6. November 2012

Money in RetirementYour days of working are over. Now you have to figure out a new financial plan. The nest egg that you have accumulated through your pre-retirement years will determine the type of life you are able to live post-retirement. The more disciplined with saving you have been in your younger years, the more comfortably you should be able to live in your golden years.

If you spent the younger days of your life thinking that you would never make it past 60, yet now 60 has come and gone and you’re still going strong, here are some tips on making the most of your retirement fund.

Rate of Withdrawal

It is very important to determine a safe and conservative rate of withdrawal to ensure that there are adequate funds for your post-retirement years. Determining a safe rate of withdrawal will ensure that you will not run out of money. You must figure out a happy medium between being frugal and living enjoyably. This might require life changes such as home downsizing and reducing or eliminating spending on luxury items and impulse buying.

Asset Allocation

In previous life stages it was important to save and accrue wealth. Now it is time to protect the wealth that you have accumulated throughout your life. This might require reallocating your assets to safer investments. Instead of having high growth investments, it’s now time to invest in more well-established blue chip firms that pay dividends consistently. This will help protect your wealth and guarantee future cash flow.

Continue Working

After retirement, if you are looking for ways to fill your newly gained free time, consider working at a different capacity than before. Working part-time as a consultant or entering a different career path altogether is a great way to fill your time and gain some extra income. This allows you to continue accumulating wealth and live a more comfortable life. It will also keep you physically and mentally active. Finally, if you decide to work, you could be eligible to make use of your employer’s health insurance benefits to further reduce your personal expenses.

With so much newly found free time, it would be easy to go through all of your money in just a short while. Set your new budget and stay on track!

If you found this article useful, be sure to check out these related articles:

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Money in Your 30s: Manage It, Don't Be Managed by It

Hurricanes and Halloween. Happy Weekend, Baltimore!

by Stacy Tharp 26. October 2012

Hurricane Sandy Path

Source: National Weather Service National Hurricane Center

As I’m sure you’ve heard by now, we have an angry storm headed our way. Invited or not, Hurricane Sandy is coming to a town near you. According to a recent report issued by WBAL TV-11, Hurricane Sandy’s path is making it a near certainty that it will make landfall anywhere between the Outer Banks and New England. If you know your geography, you’ve probably realized that Baltimore is pretty close to the direct center of that range. According to the article, BGE is preparing for what it expects to be hundreds of thousands of potential power outages.

Luckily, I’m confident that you all read my article from last summer, Heat, Storms and Power Outages: Were You Prepared? So everyone should be prepared as the lovely and talented Hurricane Sandy makes her way towards us.

If we simply MUST be put right smack in the middle of Hurricane Sandy’s path, depending on your thought process, she’s either coming at an awful time, or at a fantastic time. You might be thinking that Ms. Hurricane Sandy will ruin your Halloween in Baltimore! You had the perfect costume ready and were so excited to celebrate Halloween in Fells Point, take your children trick-or-treating in your Baltimore neighborhood and attend the 2012 Halloween Lantern Parade and Festival in Patterson Park.

I, however, say don't let Hurricane Sandy ruin your Halloween; instead, embrace her presence! If you are stuck in your house on Halloween, have some neighbors over and play some Halloween games. If your power goes out, that will only make the games more fun!

As far as your banking needs go, be sure you look into all of your different banking options ahead of time - from being aware of the nearest branches and ATMs to enrolling in Online Banking and Mobile Banking. Using Online or Mobile Banking, you can set up future-dated bill payments and transfers before the storm hits in case you lose your power and are unable to log in to your accounts after Hurricane Sandy hits. You never know where or for how long power outages will occur, so the more banking options you have, the less likely you will be inconvenienced. If you are planning on heading to one of our branches after the storm hits, be sure to first check our News and Updates page to check for any branch closures due to power outages.

Most importantly, make smart decisions and stay safe!

A Note from Joe Flacco

by Joe Flacco 26. October 2012

Joe Flacco

First I want to thank everyone who participated and sent in questions for 1st Mariner Bank’s Flacco Fridays contest. The questions were a lot of fun to read and answer. Even though I was only supposed to answer “5” questions each week, because I appreciate the time everyone took to submit questions, I went back and answered another five. You can read the answers to them at the end of this blog, but first I wanted to give you guys an update on how I think the season is going.

To recap the season to date I would have to say that we are doing okay. Even after a tough loss last week we are in good position going into our bye week. By the way, all of the losses are tough. One of the big reasons we are in good position is due to our situation in the division. Obviously we are going to need to continue to play well the rest of the way but we have put ourselves in a good position so far. We still have both games with Pittsburgh yet to be played and they, like always, will be huge games. All the division games will be that way. I think it is obvious though for the fans that the two with the Steelers will be the biggest.

One thing I know, our team understands the importance of giving it your best each week. If with the help of our fans we can hold our home field advantage we should end up where we all want to be. At home in the playoffs!!!!!!

As the season continues, we have an exciting new contest for you, beginning next week. Be sure to check 1st Mariner’s Facebook page or click here for details.

Bonus Flacco Friday Questions

Q. I have been dying to know how your little boy is doing and are you enjoying parenthood--not really related to football but does affect your game--. (Submitted by Pauletta Linton Vance)

A. My son is doing very well as is my wife and yes I have enjoyed being a new dad. It is a positive distraction. Thanks for asking.

Q. Hi Joe, do you have any pregame rituals or quirky superstitions? (Submitted by Josh Robertson)

A. I don't have any interesting pre-game rituals or superstitions. I do, like most QBs, have a pre-game warm-up I like to go through before each game. In the dead time before games in the locker room I like to just sit and relax.

Q. With your ties to UD (go Blue Hens!), do you see yourself returning to UD after retiring to be a coach and/or advisor to the football team? (Submitted by Katie Brown)

A. I don't at this time see myself returning to UD or anywhere else for that matter in an official football capacity. KC has it covered at UD! I am close with KC though and I can see myself there as a fan.

Q. Who has been the most inspirational person in your life? (Submitted by Tekesha Fiyahfly Martinez)

A. I don't know if you would say I am inspired, but I am and have been fueled and supported by my entire family. From my 4 grandparents and parents to all of my siblings and now my own family. To be a part of a close group who can nurture you early and support you later is a powerful thing. My hope is for everyone to have a similar family support group. It is something we are all capable of creating for ourselves. There is power in numbers, let's all mix in a little compassion and get started today.

Q. Hello Joe. Did you ever wish to be something else besides a football player? (Submitted by Nathan Dunkel)

A. When I was young I wasn't sure if I wanted to be a baseball player or a football player but other than that no.

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