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Three elements to consider before retirement

August 24, 2021

After spending the majority of your life working, you’ve done this with typically one goal in mind: retirement. You have saved, invested and prepared mentally to retire, but it seems like a huge decision that any flaw in your plan can disrupt. Everyone has different goals for what their retirement will look like, but at the same time there are factors everyone is impacted by. Whether you plan to travel, lay on a beach, hunt or just stay with the status quo, think through the following items while planning your retirement. This is not intended to list everything that goes into retirement planning. Speak with a financial planner to consider your unique situation!

Your Tax Bracket

A large item to consider in retirement is your current vs. future tax brackets and how you can efficiently save for when you need to take money out. If you save in a traditional retirement account, that money is taxable when you take it out in retirement. If you save in a Roth account, that money will be distributed tax-free and won’t impact your tax bracket. You’ll want to pay attention to your tax bracket because that will impact if you pay taxes on your Social Security or how much you can receive in other government benefits. If you only have a traditional account, it’s never too late to look into if a Roth makes sense for you and your plan.

Maximizing Social Security

Let’s assume for simplicity, Social Security is here now and will continue to be a benefit to citizens. Learning when to draw on this benefit is essential to a strong plan. As of now, you can take Social Security as early as age 62, or delay to age 70. Timing is everything as the longer you wait the more your benefit grows. You’ll have to ask yourself, “Do I have enough saved up to not take Social Security? How long do I expect to live and does it make sense to take this benefit early?” You can read a previous TS Prosperity Group blog Things to Know for Maximizing Your Social Security, the topic of how long you may live brings us to our last point.


Longevity is a complicated variable that impacts everything else in your plan: how much you save, when to take social security, how much you spend, etc. You may never be accurate on the exact longevity you’ll have; however, you can have a good educated guess that can help inform everything else. Think through how long your parents and grandparents lived and add a few more years. It’s better to be overly cautious with this variable to be prepared and not run out of money.

We’re pleased to partner with the TS Prosperity Group. TSPG assists our clients with holistic retirement planning and investing for their future. Contact your banker or call 1.844.487.3030 to see how these services may be able to assist you.

At The Bank of Tioga, we IGNITE PROSPERITY® by helping our clients do more with their money. Whether it’s saving a little extra cash each month or accomplishing a long-term strategy, our goal is to help you transform your financial life. Call and schedule an appointment today, one of our team members would love to help you do more with your money at The Bank of Tioga. The Bank of Tioga has two locations in North Dakota. For more information visit thebankoftioga.com or call 701.664.338 for Tioga or 701.965.6333 for Crosby.

Banking products provided by The Bank of Tioga, Member FDIC.
Investment products provided by TS Prosperity Group are: • Not a Deposit • Not FDIC Insured • Not Insured by any Federal Government Agency • Not Guaranteed by the Bank • May Go Down in Value