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Retirement

Banzai!

First Southern National Bank has partnered with Banzai to bring you clear, in-depth lessons to help you dive into the financial topics you care most about.

How to save money on summer vacation

2023-06-29T00:46:18+00:00May 21st, 2023|

How to save money on summer vacation Summer is a time of fun and adventure, but it can also be a time of significant expense, especially when it comes to planning a family vacation. The good news is that with a little bit of planning and creativity, it is possible to enjoy a

Retirement Planning

2023-05-01T16:04:58+00:00May 8th, 2023|

How to ensure you're on track for a comfortable future. Retirement is a phase of life that many look forward to. It's a time when you can relax, travel, pursue hobbies, or spend more time with loved ones without the burden of a full-time job. However, you must have a solid plan to

What is Inflation?

2021-11-04T13:25:13+00:00November 4th, 2021|

Inflation measures how much prices rise over time. When prices rise, the value of a dollar falls and your purchasing power goes down. What is Inflation? The price of goods and services—stuff you buy—isn’t constant; prices change over time. When prices go up, that’s inflation. During moments of inflation, it takes more money

Financial Wellness Assessment

2021-04-15T21:45:50+00:00April 15th, 2021|

Coach: Financial Wellness Assessment HOW IT WORKS The Financial Wellness Assessment lets you take a step back, analyze your spending, budgeting, and saving habits so you can reflect on how you’re currently managing personal finances. This assessment addresses your individual financial decisions and goals before giving you recommendations on where you can improve and how to get

Leaving a Job with a 401(K)

2021-11-09T18:55:35+00:00October 30th, 2020|

When you leave a job with a 401(k), you’ll generally have four options for what to do with the money. Each has its own benefits and drawbacks, so deciding what’s right for you will depend on your situation and preferences. Leave the Money in Your Old Account If you have more than $5,000 in

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Trusts

2020-08-10T18:03:54+00:00August 6th, 2020|

Setting up a trust is a way to ensure that your assets are handled the way you want them to be after you pass away. Trusts A trust, similar to a will, is a way to designate what happens to a person’s belongings after they pass away. How a Trust Works When

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Early Withdrawals From Retirement Savings

2020-08-05T20:38:04+00:00August 5th, 2020|

Whether you find yourself laid off from work, facing a medical emergency, or confronted with a situation that you’re financially unprepared for, it may be tempting to withdraw from retirement savings—but there are penalties and consequences you need to consider before doing so. Early Withdrawal Penalties There are serious consequences to accessing your

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Meet Your 401(k)

2020-08-10T18:03:51+00:00July 1st, 2020|

If you’re lucky enough to be introduced to a 401(k), you’ll make a friend for life. Even if you’re just starting your first real job—actually, especially if you’re just starting your first real job—it’s time to start thinking about retiring. That’s not a comment on how motivated or unmotivated you are, or a

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Social Security Basics

2020-07-01T19:50:16+00:00July 1st, 2020|

Since its introduction in 1935, in the wake of the Great Depression, Social Security has evolved from a safety net designed to relieve poverty to the mainstay of a secure retirement. But the role it will play for future generations is less certain. Fewer workers will be putting money into the system in the 21st century while more

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Disability Insurance

2020-07-01T19:09:30+00:00July 1st, 2020|

Even if you feel your job is secure and you're in perfect health now, it's smart to plan for the unexpected; acquired disabilities may be more common than you think. According to the Social Security Administration, there is a three in ten chance of a 20-year-old worker becoming disabled before he or she hits

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Portfolio Building

2020-08-10T18:12:11+00:00July 1st, 2020|

As logical as it might seem to look for the perfect stock, bond, or mutual fund and make it your investment of choice, that’s not the best approach to meeting your financial goals. No single investment, or type of investments, provides a strong return year in and year out. The saving grace is

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Individual Retirement Accounts

2020-06-30T20:34:47+00:00June 30th, 2020|

Individual retirement accounts (IRAs) are tax-deferred, personal retirement plans. You must have earned income to contribute, and you can put money into an IRA whether or not you participate in an employer’s retirement plan. There are two types: the traditional IRAs, to which contributions may be deductible or nondeductible, and the Roth IRA.

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