Retirement

Planning for retirement is one of the most important financial decisions you’ll make. With so many investment options available, it can be challenging to determine which ones are best suited for your needs. Two popular choices are Individual Retirement Accounts (IRAs) and Certificates of Deposit (CDs). Let’s explore the differences between IRAs and CDs, so we can help you decide which option is right for your retirement planning. Understanding IRAs What is an IRA? An Individual...
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As the years pass, the prospect of retirement becomes more tangible. It’s a time to savor life, explore new passions, and enjoy the fruits of your labor. But how do you ensure that your golden years truly live up to your dreams? The answer lies in strategic financial planning. Assess Your Current Financial Situation Before embarking on any financial journey, it’s essential to know where you stand. Take a close look at your income, expenses, debts, and assets....
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Your financial journey is unique, filled with aspirations, and opportunities. At Middlefield Bank, we understand the importance of having the right financial tools and support to navigate this journey with confidence. Whether you’re starting a savings plan, managing day-to-day expenses, or planning for major life milestones, our personalized banking services are here to help you achieve your goals.   Checking Accounts   Your checking account serves as the foundation...
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When clock strikes midnight on December 31st next month, you have a golden opportunity to embark on a new financial journey. Whether you're a recent graduate, a young professional, or someone with a few more years under your belt, the New Year presents a chance to take control of your financial future. In this guide, we'll cover savvy financial resolutions tailored for anyone aged 17 and above, regardless of your current life stage. Let's make this next year a standout one for your finances!  Master...
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If you’re looking to supplement your 401k offered by your employer or you currently do not have an option for a retirement savings account, a Roth IRA could be the savings option for you. Keep reading to learn the ins and outs of a Roth IRAs so you can decide if a Roth IRA is the right option for you! What is a Roth IRA?  Planning for retirement is uber important. Whether you’re looking to get started or wanting to incorporate another savings option, a Roth IRA can be a fantastic...
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Debt can be a burden and a hindrance to financial success. Eighty percent of Americans have consumer debts, and the average debt is $38,000, excluding mortgages. Paying off debt will help you to improve your credit rating, save you on interest payments, and make you financially secure in the short term. On the other hand, saving for retirement can offer a long-term return on investment that is not guaranteed by paying off debt. The longer you wait to save, the less you may earn. You may need...
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Whether you’ve barely thought about retirement or are nearing the typical retirement age and want to know how to go through the transition properly, learning about the process is always a good idea. Learn from the mistakes of others and avoid these common mistakes:  Putting Off Retirement Savings  Don’t keep putting it off – the time to start saving for retirement is now. The earlier you start, the less stressed the retirement process will be. A CD or IRA is...
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Maybe you are already off to a good start when it comes to saving for retirement, but there may be some ways in which you can amp it up. If you could boost your retirement savings even by a little now, it can pay off big time later! Here’s how: Step Up the 401(k) Most companies offer a matching contribution of up to three percent to your 401(k). If you aren’t taking advantage of this now, make sure you do so immediately. Once you have established this for a year, consider ramping...
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Over the years, we put away money for important events such as a baby, college tuition, a new car or house. Those tangible items make it worth the amount we set aside. However, retirement is a harder concept to grasp, as it is far off into the future. For this reason, we wanted to help shed some light on how much is actually enough when saving for retirement. How much do I save at my age? Trying to figure out how much to save at any age can be tough, especially when saving for other items....
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