Blog   2014

Midterm elections: What does it matter to the economy?

  |  Posted by

Elections are vital for more than just ensuring the democratic process (and inundating you with political campaign ads). They also decide which politicians will be making serious fiscal decisions for us. With the midterm elections being held next week, we want to discuss just how they affect the economy.

See below for more…

Continue Reading

Control change in Congress
The race worth watching in the midterm elections this year will be in the Senate. At this early stage we believe there is a slightly better than 50 percent chance that the Republican Party will win control of the Senate. As for the House, the Republican majority does not appear to be changing hands.

Currently, Democrats control the Senate with 53 seats and two Independents that both caucus with the Democrats. Republicans hold the remaining 45 seats.

Here’s the math that leads us to our conclusion that the Republicans have the edge this time:

  • 36 contested seats
    • 21 will go to the Democrats
      • These include seven Democrats in states that supported Mitt Romney in the presidential election. These seven states have substantially lower approval ratings of President Obama than the national average.
    • 15 will go to the Republicans
      • Only one of the Republicans up for reelection is in a state that President Obama carried.

Our research tells us that incumbency is a powerful thing.  During an average election cycle, 90 percent of incumbents win reelection. The Republicans need six additional seats to have the majority, which means it’s going to be close. This is why we put the odds at only slightly better than a coin toss.

What we find interesting is looking past the 2014 Senate race and into the 2016 cycle where we see the opposite happening. Out of the 24 Republicans up for reelection, seven are in states that supported President Obama, meaning the Senate may see a yo-yo effect in 2016.

Why it matters
Why does it matter if the Republicans control Congress? If they are in control, we believe Congress will focus its attention on a few major issues:

  • Spending and other fiscal issues – The debt ceiling will once again be a discussion point in March 2015. A Republican-controlled Congress may look for spending concessions.
  • The 2016 budget -The Republicans made a big deal out of the Senate’s failure to pass a budget in the past, so now it’s their turn to get it done. If Paul Ryan is Chairman of the Ways and Means Committee, we could see discussions around tax reform and changes to Medicare and Medicaid.
  • Immigration reform – This could be put on the back burner, which forces it to be addressed by our 2016 presidential candidates.

Stay tuned for part II of this topic on election day—November 4!

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.


K.C. Mathews joined UMB in 2002. As executive vice president and chief investment officer, Mr. Mathews is responsible for the development, execution and oversight of UMB’s investment strategy. He is chairman of the Trust Investment, Asset Allocation and Trust Policy Committees. Mr. Mathews has more than 20 years of diverse experience in the investment industry. Prior to joining UMB, he served as vice president and manager of the portfolio management group at Bank of Oklahoma for nine years. Mr. Mathews earned a bachelor’s degree from the University of Minnesota and a master’s degree in business administration from the University of Notre Dame. Mr. Mathews attended the ABA National Trust School at Northwestern University and is a Chartered Financial Analyst and member of the CFA Institute. He is past president of the Kansas City CFA Society and a past president of the Oklahoma Society of Financial Analysts.



Leave a Comment

Tagged: , , , , , , , , , , ,

Financial Word of the Week (Small Business Month): Collateral

  |  Posted by

FWOTW

Collateral is a company’s assets that are pledged to ensure payment of a financial obligation. Collateral can include business or personal assets such as equity in your home. Business collateral typically includes equipment, inventory, vehicles and accounts receivable. As we explained in our post about the “Five Cs of Credit” (one of which is collateral), you may be required to sign a guarantee with the promise to repay the loan if you cannot repay it with the profits from your business.

Sometimes a Small Business Administration (SBA) loan could be used if there is a collateral short fall within the organization.  An SBA loan has other requirements as well.

A company must understand that the collateral they put up for a loan could be seized if a company defaults on a loan. Also remember that most lending institutions require your collateral value to be more than the loan amount.

 

 

Continue Reading

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.


UMB Financial Corporation (Nasdaq: UMBF) is a financial services holding company headquartered in Kansas City, Mo., offering complete banking, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. It also has a loan production office in Texas. Subsidiaries of the holding company include mutual fund and alternative investment services groups, single-purpose companies that deal with brokerage services and insurance, and a registered investment advisor that manages the company's proprietary mutual funds and investment advisory accounts for institutional customers.



Leave a Comment

Tagged: , , , , , , ,

Cyber security: 10 tips for protecting your mobile device

  |  Posted by

Your mobile device provides convenient access to your email, bank and social media accounts. Unfortunately, it can potentially provide the same convenient access to criminals. As we continue National Cyber Security Awareness Month, remember to always follow these tips from the American Bankers Association in conjunction with the Stop.Think.Connect. campaign to keep your information – and your money – safe.

protect your mobile

  1. Use the passcode lock on your smartphone and other devices – This makes it more difficult for thieves to access your information if your device is lost or stolen.
  2. Protect your phone from viruses and malicious software just like you do for your computer by installing mobile security software.
  3. Use caution when downloading apps – Apps can contain malicious software, worms, and viruses. Beware of apps that ask for unnecessary “permissions.”
  4. Download the updates for your phone and mobile apps. These contain valuable security patches and fixes for vulnerabilities.
  5. Avoid storing sensitive information like passwords or a social security number on your mobile device.
  6. Be aware of shoulder surfers – The most basic form of information theft is observation. Be aware of your surroundings especially when you’re punching in sensitive information.
  7. Wipe your mobile device before you donate, sell or trade it using specialized software or using the manufacturer’s recommended technique. Some software allows you to wipe your device remotely if it is lost or stolen.
  8. Beware of mobile phishing – Avoid opening links and attachments in emails and texts, especially from senders you don’t know. Be wary of ads (not from your security provider) claiming that your device is infected.
  9. Watch out for public Wi-Fi – Public connections aren’t very secure, so don’t perform banking transactions on a public network. If you need to access your account, try disabling the Wi-Fi and switching to your mobile network.
  10. Report any suspected fraud to your bank immediately.

Next week we’ll share 10 tips to protect yourself online to wrap up National Cyber Security Awareness Month.

 

Continue Reading

Source: American Bankers Association

 

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.


Ms. Matheys serves as senior vice president and Director of Corporate Information Security & Privacy, providing oversight of UMB’s information security and privacy programs. She joined UMB in 2010 and has 15 years of experience in information technology and information security. She attended Kansas State University with a focus on management information systems and is a Certified Information Security Manager (CISM), Certified Information Systems Auditor (CISA) and member of the International Association of Privacy Professionals.



Read One Comment

Tagged: , , , , , , , , , ,

Manufacturing and Technology: A New Workforce Dynamic

  |  Posted by

IndustryInsights_blog_555x19
How do you find the right employees for your organization? A panelist of leaders in the manufacturing industry shared their struggles and successes with the ever-changing workforce.

Panelists:

Jon Kinning, COO, RK Mechanical, Inc.
Kim Madigan, CEO, AdamWorks
Bill Newland, CEO, Hercules Industries
Kevin Fink, CEO, Ice-O-Matic

Moderator:

Bart Taylor, Founder/Publisher, Company Week

Next month, we’ll bring you these panelists’ insights on education and technology advancements.

 

Continue Reading

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.


UMB Financial Corporation (Nasdaq: UMBF) is a financial services holding company headquartered in Kansas City, Mo., offering complete banking, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. It also has a loan production office in Texas. Subsidiaries of the holding company include mutual fund and alternative investment services groups, single-purpose companies that deal with brokerage services and insurance, and a registered investment advisor that manages the company's proprietary mutual funds and investment advisory accounts for institutional customers.



Leave a Comment

Tagged: , , , , ,

Financial Words of the Week (Small Business Month): Working Capital

  |  Posted by

FWOTW

Working capital is a financial measure of cash that is calculated as Current Assets divided by Current Liabilities. Working capital is a common measure of a company’s liquidity. Current assets are your company’s most liquid assets, such as cash and other items that could be quickly turned to cash.  Current liabilities are obligations that are due within a year.  A positive working capital usually indicates that the company is able to pay off its short-term liabilities quickly.

Current assets and current liabilities include four areas that are critical for working capital management:

  • cash
  • inventory management
  • accounts payable – Remember to negotiate discounts with vendors and suppliers for a net 10 or 30-day payment.
  • accounts receivable – With money your clients owe you, consider ways to speed up payment that will impact your working capital.
    • Communication – when do you follow up on past-due items? Could you make a 10-day courtesy call? Do you have standard collection practices based on the size of your clients?
    • Eliminate any manual processes within your organization to prevent delays.
    • Shorten payment terms, and potentially provide a discount for paying promptly.
    • Email invoices and allow for Electronic Funds Transfer (EFT) payment.

Consider these ways to positively impact on your working capital and the strength of your business.

Continue Reading

UMB Financial Corporation (Nasdaq: UMBF) is a financial services holding company headquartered in Kansas City, Mo., offering complete banking, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. It also has a loan production office in Texas. Subsidiaries of the holding company include mutual fund and alternative investment services groups, single-purpose companies that deal with brokerage services and insurance, and a registered investment advisor that manages the company's proprietary mutual funds and investment advisory accounts for institutional customers.



Leave a Comment

Tagged: , , , , , , , , , , , , , ,

Cyber security: 10 ways cyber criminals try to steal information

  |  Posted by

Did you know that 378 million adults were victims of cyber crime* and more than 13 million consumers suffered from identity theft** in 2013? October is National Cyber Security Awareness Month, and just as in previous years, we’ve joined other organizations, including the Department of Homeland Security to support the Stop.Think.Connect. campaign to help the American public better understand cyber threats and ways to be more safe and secure online.

This month, we’ll be bringing you a series of tips to help you stay safe when banking online, starting with today’s:

Capture

  1. Phishing – Phishing is a form of social engineering that uses a sense of urgency, personalization (often gleaned from information found on social media) or masquerades as a legitimate business to convince victims to provide information like bank account numbers, online banking user IDs and passwords or credit card information.
  2. Malware – Malicious software has evolved into stealthy, complex arsenals that are widely used and easily accessible to experienced cyber criminals and novice identity thieves alike. Malware can attach to browsers, steal keystrokes to send back to the attacker or intercept security codes on mobile devices – all of which can be used to steal your information.
  3. Email hijacking – You’ve all seen this one, even if you didn’t have a name for it. Remember when you received odd emails from your friends (which you hopefully deleted), later to get a frantic message from them saying “I was hacked!” Cyber criminals are able to hijack email accounts by guessing passwords, using phishing techniques or installing malware on the victims’ computers. Once they have access to your email account, the cyber criminal may be able to gain access to online banking or social media accounts. They may even begin emailing your contacts requesting money or account information, making you an unwilling accomplice to cyber crime.
  4. Mobile devices – Did you know that your mobile device is no different than your desktop or laptop computer when it comes to malware? Your mobile device can be infected just as your desktop or laptop would. In addition, mobiles devices can be easily lost or stolen. Once a device is obtained, the content of your device, browsing history, account IDs and passwords, may be accessed by the thief. In some cases, malware can even be planted on the stolen device and returned to obtain additional data. We’ll be bringing you more tips specific to your phone later this month.
  5. Eavesdropping – “Sniffing” is a common word used for searching out potential eavesdropping victims. One of the easiest places to sniff is an open Wi-Fi (Wi-Fi networks that don’t require a password) such as hotels, coffee shops and sporting arenas. Once a target is identified, cyber criminals can easily intercept personal or financial information being transmitted over the open Wi-Fi network. Cyber criminals will also set up their own unsecured Wi-Fi connection to lure unsuspecting victims.
  6. Online gaming –Playing games online can often involve a social network and customizable content requiring downloads or computer updates. These can be used to phish for personal or financial information or infect systems with malware. In many cases, online gaming accounts are tied to payment information as well.
  7. Drive-by downloads – It’s easier than you realize to become infected by malware. A drive-by is malware that is automatically downloaded to your computer or device. These downloads occur without your knowledge and don’t require you to click a file, button or link to begin. These infections can be delivered simply by viewing a website, checking an email or clicking a pop-up window.
  8. Merchant breaches – As we’ve seen in the news lately, these breaches occur when a merchant’s security system is compromised. Capable hackers are able to crack the security of the merchant and access large volumes of card or account data. This information can then be sold to create new cards for fraudulent use or commit other financial crimes.
  9. Pretext Calls – One of the oldest tricks in the book is the telephone scam. These veteran social engineers call posing as computer technicians offering to help update your computer, remove a virus or sell you software. Once they’ve established a rapport with the victim, they can ask for credit card or bank account information or direct them to a website to download malware.
  10. Dumpster diving – Believe it or not, this is still a common method of identity theft that happens when thieves go through garbage in search of financial statements, receipts and letters with personal information. Surprisingly, some people still toss personal data in the trash can rather than using a shredder or shred bin.

Next week, we’ll bring you 10 tips for protecting your mobile device.

 

Continue Reading

Sources: Buzz Hilestad, Principal Consultant Partner, Secure Healthcare Solutions

*American Bankers Association
**Javelin Strategy

 

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.


Ms. Matheys serves as senior vice president and Director of Corporate Information Security & Privacy, providing oversight of UMB’s information security and privacy programs. She joined UMB in 2010 and has 15 years of experience in information technology and information security. She attended Kansas State University with a focus on management information systems and is a Certified Information Security Manager (CISM), Certified Information Systems Auditor (CISA) and member of the International Association of Privacy Professionals.



Leave a Comment

Meet the Leadership Series: Tony Mayfield, Chairman & CEO of Greater Missouri

  |  Posted by

Q&A with Tony Mayfield

Get to know UMB Bank’s leadership a little better. Tony Mayfield joined UMB in 2005 and was recently promoted to UMB Bank Chairman & CEO of Greater Missouri.
DSC_0739-Edit

Continue Reading

What about your past shaped who you are today?

I grew up in a blue collar family in Jefferson City, Mo., that, at times, struggled to make ends meet.  I decided early on that I would work hard in everything I did in order to take a different path.  I was the first and only person in my family, which included four sons, to go to college (William Jewell) and the only person in my extended family to earn a master’s degree (at the University of Missouri).  I started athletics when I was in 6th grade and eventually earned a college scholarship as a track and cross country athlete.  Those experiences taught me that by leveraging hard work, integrity, discipline and tenacity, you can shape your future.

Why did you choose UMB?

I knew the bank had a great history in Kansas City. However, it was ultimately an article about the new leadership (new at the time, nine years ago) that caught my attention.  My recruiter wanted me to see the changes at UMB, and he sent me articles about Mariner Kemper. The one that impressed me was an article about Mariner bringing his children to an annual shareholders’ meeting.  I loved his approach to leadership that reaffirmed that we are professionals but our family is a key factor that should not be overlooked as a vital part of our success. I have two daughters with my wife, Cori, of 20 years, so family is essential to me.

What makes a regional bank chairman/CEO great?

My ultimate goal is to be the type of leader that allows people around me the space to communicate their thoughts, ideas and passions and to take the time to really listen and therefore to really care.

I am striving to become an expert listener.

For anyone that knows me, they would say that I have made progress in this area but still have a very long way to go. I sincerely believe that authentically listening and placing your whole attention on someone (spouse, child, co-worker, etc) is vital to really affirming the other persons’ value as a human being.  When you give someone your undivided attention you are really saying “I care about you and what is important to you.”

What is the greatest challenge facing the financial industry going into 2015?

Regulatory pressure.  While I do see the value to protecting consumers and businesses from unfair practices, I also think that best practice organizations like UMB get painted with the same brush as those that don’t share the same values.

What are your favorite ways to give back in the Columbia community?

I am involved at the University of Missouri Crosby MBA School. I graduated from there in 1994, and it has been great to give back through sitting on their advisory board. I am the past president (2012) and have taught an annual seminar, MBA Life Skills 101, for the past three years. I have participated in being a panelist, mentor, and have an opportunity to work with the Trulaske School of Business (undergrad) as well.

My wife and I have been very involved in Rainbow House, a domestic violence crisis shelter, and the Food Bank of Central Missouri.

Where is your favorite place to travel? Why?

We love to go to the northeast during fall foliage season.  We love the coast of Maine (my wife has seen every lighthouse from Massachusetts to the Canadian border), the White Mountains of New Hampshire, or anywhere in Vermont.

My wife and I have been there 9 times in our 25 years together.  She spent a year in Gloucester, Mass. right out of college and I went to visit her and fell in love with that part of the country. There are so many historical places, and of course the foliage is breathtaking in late September and early October.

What are your favorite ways to spend a weekend?

I love to spend time with my family.  My kids are great ages (14 and 10). On any given weekend morning, we might make breakfast and have it on the deck and read the newspaper for an hour or two. We also enjoy going to the pool, riding bikes, playing golf, riding horses, yard work or going shopping. We usually then cap off the day with grilling on the deck and spend some time around the fire pit after dark. In the winters, we enjoy board games, playing team air hockey or ping pong, watching movies, reading or playing in the snow together.

 

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.


Mr. Mayfield is a regional CEO for UMB for Greater Missouri. He is responsible for strategic leadership of the region and partnering with teams in various communities throughout Missouri. He joined UMB in 2005 and has 24 years of experience in the financial services industry. Tony is passionate about building relationships and developing associates to help them maximize their potential and success at UMB.



Leave a Comment

Tagged: , , , , , , , , ,

Financial Words of the Week (Small Business Month): SWOT Analysis

  |  Posted by

FWOTW

Now that we’ve entered Q3, it’s 2015 planning time for small business owners. What better way to plan than by returning to the method you probably learned in business school: a SWOT analysis? SWOT stands for strengths, weaknesses, opportunities and threats. This analysis will lead to better awareness of your organization and insight into areas of growth, especially heading into a new year.

Strengths and Weaknesses

This should be an internal review. What are you doing well that is separating you from your competition (talent, product, process, etc)?  Understanding your company’s weaknesses is just as important and sometimes difficult to discover. Think of objections you might get during the sales process.  Keep your strengths in mind as you review your business as you might be able to leverage them to offset a weakness in your organization.

Opportunities and Threats

Many businesses are great at evaluating internally, but are challenged to look externally. Looking beyond your direct competition is important. How could government, technology, talent allow for an opportunity for growth in your market?

SWOT

Once the analysis is complete, ask for feedback from your senior leaders.  Develop a plan that will allow you to minimize your threats and capitalize on your opportunities.  Assign owners to these projects and take your business to the next level.

Continue Reading

UMB Financial Corporation (Nasdaq: UMBF) is a financial services holding company headquartered in Kansas City, Mo., offering complete banking, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. It also has a loan production office in Texas. Subsidiaries of the holding company include mutual fund and alternative investment services groups, single-purpose companies that deal with brokerage services and insurance, and a registered investment advisor that manages the company's proprietary mutual funds and investment advisory accounts for institutional customers.



Leave a Comment

Tagged: , , , , , , , , , , , ,

Meet the Leadership Series: John Wilson, Springfield Community Bank President

  |  Posted by

Q&A with John Wilson

Get to know our leaders a little better. John Wilson joined UMB in 2012 and was recently promoted to community bank president for UMB Bank in Springfield.
IMG_8678
What about your past shaped who you are today?

I grew up in Tucson, Arizona. I graduated from Northern Arizona University and also the Pacific Coast Banking School in Seattle. My first job was as a teller in Tucson for what became Wells Fargo Bank.  We have moved several times during my career, each time for a better professional opportunity.  A promotional opportunity arose 10 years ago so we moved from Washington to Springfield, near where my parents were born and raised.

I have found that being mobile has lead to better career advancement and a number of different life experiences.  We have lived in five cities including Tucson, Flagstaff, Seattle, Yakima and now Springfield.

What makes a community bank president great?

A community bank president must be a coach, motivator, mentor and a subject matter expert for his/her team and support staff.  This person also has to be highly visible and highly respected in the community.

Continue Reading

What is the greatest challenge for community banks going into 2015? 

Pressure on net interest margin combined with the rising costs associated with complying with regulations is a huge challenge for all banks, particularly smaller community banks.  In the case of UMB, I think our expansion/investment in select markets using an efficient infrastructure will benefit us.

What are your favorite ways to give back in the Springfield community?

As bankers we tend to having working knowledge of many industries, therefore I think we make good board members. I enjoy the diversity of thought and opinions that I experience while serving on a non-profit board or being a volunteer. It allows me to broaden my horizons and grow as a person. I advise my team to volunteer and tell them it will help their professional career in many ways.

Tell us about your family

I met my wife Gwen in college and am proud to say that we recently celebrated our 40th anniversary. We have two sons–one is a physical therapist who lives in western Montana, and the other is in industrial lighting sales and lives in Seattle.  We recently found out we will be grandparents early in 2015!
IMG_8677

Where are your favorite places to travel?

Anywhere there is a beach or golf course or some type of adventure.  Several years ago, we spent a week floating down the Grand Canyon.  It was a fabulous experience.
IMG_8675

What are your favorite ways to spend a weekend?

My wife and I play a lot of golf together on weekends.  We also snow ski although that is a little harder to do in Missouri!
IMG_8676

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.


Mr. Wilson is a Community Bank President for UMB in Springfield, MO. He is responsible for UMB’s Springfield commercial lending office. He joined UMB in 2012 and has 35 years of experience in the financial services industry.



Leave a Comment

Tagged: , , , , , ,

How saving money differs in your 40s, 50s and 60s

  |  Posted by

We already told you how your financial goals and habits vary from decade to decade in your 20s and 30s. The same is true as you move into your 40s and up until retirement. Here are some pro tips on how to take full advantage of each unique decade.

generations

Things to DO in your 40s

Do meet with a financial planner to make sure you’re on the right track to retire when you want and with the right amount to continue living the lifestyle you want. Retirement may seem very far away, but you don’t want to let yourself be caught in your early 60s playing catch-up on your 401(k).

Do decide how saving for major purchases balances with your retirement saving. If you have children, are you going to pay for all or some of their college tuition? What about your children’s weddings? These are examples of things that can cause parents to be caught off guard and can put a pause on your important retirement saving. For more information on these decisions, take a look at our recent post on Kids’ college vs. retirement: where to save?

And one thing to AVOID in your 40s

Don’t miss out on the maximum match from your employer on your retirement plan. As we’ve recommended from your first job in your 20s, be sure to take full advantage of the match from your employer. Of course, going above that amount is also a great idea; just be sure you’re reaching that minimum amount to get your full match.

 

Things to DO in your 50s 

Do think of this decade as your time to save the most (less expenses with children out of the home and typically higher income than you earned earlier in your career). Consider paying off high-cost debt, such as your mortgage, if you haven’t already and then save aggressively.

Do add catch-up contributions to your retirement savings. Even if you’re tracking well toward your retirement goals, you’re allowed to save more now, so do it!

And one thing to AVOID in your 50s

Don’t wait until your 60s to purchase long-term care insurance. The average age to buy this type of insurance is 57. If you wait until a few years later, it will be much more expensive.


Things to DO in your 60s
 

Do prepare aggressively for retirement…even before your planned last day of work. It’s difficult to predict when health, layoffs or extra time needed to care for your aging parents will cause you to retire earlier. This is the case with more than 40 percent of workers.

Do think about downsizing. This isn’t something that needs to wait until you’re already retired. If you’re single or if it’s just you and your spouse in your home, consider where you want to live for the next few decades and if moving makes sense.

And one thing to AVOID in your 60s

Don’t keep the same insurance policies you had in your 30s. You might not need life insurance anymore. Check your long-term care insurance policy to see what benefits it includes.

Remember, whether you’re 21 or 68, it’s never too late to improve your financial plan.

 

Continue Reading

References: *2012 National Association of REALTORS® Profile of Home Buyers and Sellers

Inspired by a Daily Finance article

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.


Ms. Ponce is a Financial Center Manager for UMB Bank. She is responsible for managing the Collinsville micro-market. She joined UMB in 1991 and has 23 years of experience in the financial services industry.



Leave a Comment

Tagged: , , , , , , , , , , , , , , ,

Page 2 of 1112345...10...Last