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How to generate income during retirement

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Senior Couple WalkingWith the baby boomer generation already in or quickly approaching retirement age, it is important for current and soon-to-be retirees to determine the best approach to collecting the money from their 401(k), IRA, Roth IRA, pension plan, 403(b)  or social security.

You don’t want to spend your retirement years worrying about money. You should spend the time enjoying your family and hobbies or traveling! Planning ahead and working with a professional can help alleviate your anxiety.

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Here are some important things to remember about saving and spending during retirement:

  • Generate income using assets and investments

    Discuss with your financial planner how to generate income during retirement with the money you’ve set aside for this time in your life. Your planner can help you separate your assets into three groups: taxable, tax-favored and tax-free. If you take a blended approach to meeting your required minimum distributions, your money can last significantly longer.

  • Diversify your portfolio

    It is always recommended to have a portfolio of assorted investments. You don’t necessarily have to rely completely on safe, income-producing investments. Adjust your rate to your needs when necessary and don’t be afraid to spend capital from your retirement portfolio. Traditional IRAs, 401(k)s, 403(b)s, and self-employed plans are structured for you to withdraw from it over your lifetime. You might be nervous spending down these accounts, but a financial advisor can help you distribute these funds appropriately over the course of your retirement so that you can live comfortably.

  • Remember: taxes, timing, spending

    These three items are the most important factors to creating income during your retirement. You should understand your tax obligations because tax rates could help determine acceptable savings withdrawals.It’s also important to carefully time your retirement. The point at which you begin taking money from your retirement accounts can make a significant difference in the amount that is available several years into your retirement. Remember that some retirement funds charge a penalty if you withdraw before a certain age.Finally, it’s vital to spend wisely during this time in your life to ensure that you will have enough funds to last throughout your retirement. Do you want to splurge on a Hawaiian vacation during your retirement? If so, this is something you should plan for in advance. Talk to your advisor about any major spending you would like to do in your retirement. You might not be on a completely fixed income, but you need to be mindful of how much money you have to spend.

  • Educate

    Take the time to educate yourself before and during your retirement. Start planning early so you can enjoy this time in your life. Do your best to educate your children about saving for retirement and encourage them to start saving at an early age.

 

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 diversified financial holding company headquartered in Kansas City, Mo., offering complete banking services, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas, as well as two national specialty-lending businesses. Subsidiaries of the holding company include companies that offer services to mutual funds and alternative-investment entities and registered investment advisors that offer equity and fixed income strategies to institutions and individual investors.



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Oklahoma tornado: How to help

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Oklahoma

 

In light of the recent severe weather in Oklahoma, many have asked how they can help. See below for information on how you can assist some of the organizations on the ground and helping those who have been impacted. Check umb.com for updates.

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American Red Cross

The Red Cross has set up shelters in various communities. You can donate to the Red Cross Disaster Relief fund at redcross.org. The organization also suggests giving blood at your local hospital or blood bank. If you want to send a $10 donation to the Disaster Relief fund via text message, you can do so by texting the word REDCROSS to 90999. The donation will show up on your wireless bill, or be deducted from your balance if you have a prepaid phone. You need to be 18 or older, or have parental permission, to donate this way. (If you change your mind, text the word STOP to 90999.  Additional information can be found here‡.)

Phone: 1-800-RED CROSS (1-800-733-2767); for Spanish speakers, 1-800-257-7575; for TDD, 1-800-220-4095

Salvation Army

The Salvation Army is organizing disaster response units to serve hard-hit areas in central Oklahoma, including Moore, where it is sending mobile kitchens that can serve meals to 2,500 people a day, and to South Oklahoma City. Supporters can donate online via the organization’s website, SalvationArmyUSA.org. You can also text the word STORM to 80888 to make a $10 donation via cell phone.  To confirm your gift, respond with the word “Yes”.

If you want to send a check, the Salvation Army asks that you put the words “Oklahoma Tornado Relief” on the check, and mail it to: The Salvation Army, P.O. Box 12600, Oklahoma City, OK, 73157.

Phone:  1-800-SAL-ARMY (1-800-725-2769)

United Way of Central Oklahoma

The organization’s disaster relief fund was activated on May 20 so that individuals can specifically donate to tornado relief and recovery efforts, the organization says on its site.

“Financial contributions are the best way to help unless otherwise requested.” Donations can be made online at United Way of Central Oklahoma’s Disaster Relief Fund. Donations may be made online here. Checks, with a notation of “May Tornado Relief” can also be sent to the United Way of Central Oklahoma, P.O. Box 837, Oklahoma City, OK, 73101.

Feeding America

Feeding America’s mission is to “feed America’s hungry through a nationwide network of member food banks”.  It is committed to providing hunger relief services during times of disaster and beyond, remaining in communities long after the first-responders leave and news of the disaster fades from national coverage. During this time, they will be mobilizing 200 hundred food banks and 61,000 agencies. To assist them in their efforts, you can donate online here‡.

Phone: 1-800-771-2303

 

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 diversified financial holding company headquartered in Kansas City, Mo., offering complete banking services, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas, as well as two national specialty-lending businesses. Subsidiaries of the holding company include companies that offer services to mutual funds and alternative-investment entities and registered investment advisors that offer equity and fixed income strategies to institutions and individual investors.



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Infographic: 1913 vs. 2013 (Part 1)

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Did you know the U.S. population has increased by more than 216,000,000 in the last century? See what else has changed in the last 100 years!

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infographic_peoples_1215x504

Click to enlarge.


UMB Financial Corporation (Nasdaq: UMBF) is a diversified financial holding company headquartered in Kansas City, Mo., offering complete banking services, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas, as well as two national specialty-lending businesses. Subsidiaries of the holding company include companies that offer services to mutual funds and alternative-investment entities and registered investment advisors that offer equity and fixed income strategies to institutions and individual investors.



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Meet Beulah Thompson

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Beulah Thompson

Meet Beulah Thompson. She was born in Lincoln, Mo., in 1909. Yes, you read that right. 1909. She recently celebrated* her 104th birthday at St. Andrews Church in Kansas City, where she has been a member for more than 70 years. Another fun fact is that she’s been a UMB customer for more than 50 years.

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To this day, Beulah is a strong yet kind woman who is no stranger to hard work. She started working in her early teens, washing clothes for 60 cents a day.

“Then I got a raise, and they paid me 75 cents a day!” she joked.

Eventually she worked for the Sullivan family and took care of their children. She worked for the Sullivans for 23 years, helping raise all seven of their children. To Beulah, the Sullivans were more than an employer. They were her family.

One day Beulah was talking to a friend, a customer of City National Bank and Trust Company (which would one day become UMB Bank). The two were chatting about running errands and paying her bills when her friend suggested Beulah open a checking account at City National Bank and Trust.

More than 50 years later, Beulah still banks with UMB. Until recently, she was a regular at the branch in downtown Kansas City at 10th and Grand. She doesn’t make it in to the bank as often as she used to, so she’s embraced convenient bank technology like direct deposit and bill pay. She still writes her own checks to pay some of her bills and says she’s always been happy with UMB.

“Everyone is so nice when I go to the bank. And when I call in they’re very pleasant and nice as they can be,” Beulah said.

Today, Beulah enjoys an active life of going to church, visiting friends, reading The Kansas City Star as well as several national newspapers and magazines. She says she wants to know what’s going on in the world. She also enjoys doing crossword puzzles and watching her favorite team, the Royals, on TV.

Beulah has a lasting impact on everyone she meets. To this day, the Sullivan kids still say, “I’m one of Beulah’s kids.” She talks to them on a regular basis and continues to give the advice she has lived by to this day: “Don’t say you’re going to do it; do it.”

Born at the beginning of the 20th century, Beulah has watched the world change as we entered the 21st century, sometimes for the better and sometimes for the worse. Even today, she is still fiercely independent and a fighter. As she said, “I’ve been through it, honey, but I’m still kickin’!”

As we look back on the first 100 years of UMB, we want to thank Beulah for more than 50 years as our loyal customer.

 

* Courtesy of KCTV5

Bank deposit products provided by UMB Bank n.a., Member FDIC. Equal Housing Lender

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 diversified financial holding company headquartered in Kansas City, Mo., offering complete banking services, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas, as well as two national specialty-lending businesses. Subsidiaries of the holding company include companies that offer services to mutual funds and alternative-investment entities and registered investment advisors that offer equity and fixed income strategies to institutions and individual investors.



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UMB “More Than” student video contest

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As part of our 100-year anniversary celebration, UMB sponsored a student video contest that engaged college students by using the “more than” theme. The contest was open to any person over the age of 18 enrolled in at least three credit hours in a college or university in our seven state retail footprint.

We asked for video entries that contained emotionally compelling content to inspire others by telling a story of how they see “more than” in their life, school or community.

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In honor of the company’s 100 years in business, the contest ran for 100 days (September 13, 2012 to December 21, 2012). Entries were scored by a pre-determined judging panel. Based on those scores, the top 15 finalists were posted to the UMB Bank Facebook page on February 1 and counted down until only the top five finalists were left. The top five finalists were then open to a two-week public vote on Facebook. The judge’s scores and the Facebook votes were combined to determine the top three winners, announced on March 1.

The grand prize winner received $20,000 and a trip to New York City to see their video displayed in Times Square. The second place winner received $10,000 and third place received $5,000.

The grand prize was awarded to Purna Biswa, Hang Summers and Evgeniya Zvigunova from the University of Missouri – Kansas City for their video titled “Inspired to do More.”

Biswa, originally from Shawnee Mission, Kan., is majoring in computer science. His favorite part of the trip: “Watching myself on that huge Nasdaq building was like the sweetest dream come true.”

Summers, originally from Kansas City, Mo, is majoring in computer science. Her favorite part of the trip: “The best part of this trip for me was getting the chance to explore New York because I have never been there. The city is so beautiful and the experience helped me find more inspiration to keep doing what I love…Cinematography.”

Zvigunova , originally from Moscow, Russia, is majoring in computer science. Her favorite part of the trip: “This trip was the most exciting and unique experience of my life because I felt that I am powerful enough to make a difference in this world.”

The students had a great time in New York City!

NASDAQ PHOTO - Video Contest Winners in Times Square2

Zvigunova, Biswa, UMB CEO Mariner Kemper and Summers stand in front of the Nasdaq building in Times Square.

To see the top three prize-winning videos, click here.

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 diversified financial holding company headquartered in Kansas City, Mo., offering complete banking services, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas, as well as two national specialty-lending businesses. Subsidiaries of the holding company include companies that offer services to mutual funds and alternative-investment entities and registered investment advisors that offer equity and fixed income strategies to institutions and individual investors.



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Something Big!

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UMB President and COO, Peter deSilva, has something to tell you. Take a look!

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UMB Financial Corporation (Nasdaq: UMBF) is a diversified financial holding company headquartered in Kansas City, Mo., offering complete banking services, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas, as well as two national specialty-lending businesses. Subsidiaries of the holding company include companies that offer services to mutual funds and alternative-investment entities and registered investment advisors that offer equity and fixed income strategies to institutions and individual investors.



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