Have you ever wondered: “Am I really saving enough for retirement?”

Do you wonder how your retirement savings compare with others your age?

The average person in their twenties has around $16,000 in retirement savings.
The average person in their thirties has saved about $45,000.
Americans in their forties have median retirement savings of around $63,000.
Americans in their fifties have median retirement savings of about $117,000.
Americans in their sixties have median retirement savings of approximately $172,000.

Senior couple relaxing outsideYou may have saved much more – but have you really saved enough?

You may need to save more for retirement than you realize. It is very common for people to underestimate their retirement savings and retirement income needs. Whether you are 5 years or 35 years away from retiring, you need to be confident that you are doing the right things for your financial future – saving enough, investing what you save in a way that is appropriate for you, and managing risks to your savings.

Now is a great time to check and see if you are on track toward your retirement savings goal. Ask about setting an appointment with one of our Citizens Wealth Management financial advisors at any of our CNB offices so that we may quickly review how you are doing so far. If anything about your retirement saving or investing strategy needs adjusting, it is better to plan those adjustments now than to regret not making them later. Call 419-358-8060 ext. 153 or email cwmg@lpl.com to make an appointment.

Securities offered through LPL Financial, member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates. The investment products sold through LPL Financial are not insured Citizens National Bank of Bluffton deposits and are not FDIC insured. These products are not obligations of Citizens National Bank of Bluffton and are not endorsed, recommended or guaranteed by Citizens National Bank of Bluffton or any government agency. The value of the investment may fluctuate, the return on the investment is not guaranteed, and loss of principal is possible.

– See more at: www.cnbohio.com/AboutUs/CNBNews/CNBConnection/Default.aspx

Recipe – Chicken Salad with a Twist

Chicken Salad

No bread needed.

6 ounce package corkscrew macaroni
½ cup Italian dressing
3 tablespoons lemon juice
1 medium onion, chopped
1 cup diced cucumber
salt and pepper to taste
3 cups cooked chicken
1½ cups mayonnaise
1 tablespoon prepared mustard
¾ cup ripe olive wedges
1 cup diced celery

Cook macaroni as directed on the package. Mix cooked chicken and Italian dressing with hot macaroni. Set aside to cool. Blend mayonnaise, lemon juice, mustard, onion, olives, cucumber, celery, and salt and pepper to taste. Add to cooled macaroni mixture. Mix well. Chill 2 hours or longer to blend flavors. Serves 4-8 people.

Recipe was submitted by Diane M. from our “Cooking It Up with CNB” recipe contest.

– See more at: www.cnbohio.com/AboutUs/CNBNews/CNBConnection/Default.aspx

 

Ask The Lender – Bridge Loans

Brent Kohn

Brent Kohn VP Loan Originator NMLS #554361

Spring is upon us and so is the search for that new home.

  • Are you tired of finding the perfect home for you and your family only to see it slip away at the last second because you need to sell your current home first?
  • Perhaps you are just dreaming about upgrading or even downsizing your current home but don’t think it is possible to buy a new home without selling your current home first?

If so, I want to let you know that your dreams can come true here at Citizens National Bank by taking advantage of a bridge loan. A bridge loan is a temporary note taken out against the equity in your current home. You are able to convert your home’s equity into cash to use for the down payment and closing costs of the new home you are trying to purchase.

Typically the bridge loan is written for a short period of time, usually 10-12 months. It is designed to “bridge” the gap between buying your new home and selling your current home. Often times you are required to pay interest only on the bridge loan on a monthly basis. Once your existing home sells, the bridge loan is paid off and any remaining proceeds from the sale are distributed to you. You can even use the bridge loan to pay off your existing first mortgage loan to get rid of that higher monthly obligation. This would allow you to temporarily keep your monthly obligations as low as possible on your current home while taking out a traditional mortgage and principal and interest payments on the new home.

Factors to consider when looking into a bridge loan are:

  • Are you willing to take on the additional monthly obligation on both homes? Even though the payment is just interest only and is relatively small in comparison to a traditional loan, are you willing to make those payments on both homes?
  • Can you qualify to make both payments on both homes with your current income?
  • Do you have enough equity in your current home to take out a bridge loan? Typically lenders want to see that you have at least 20-25% equity left after you take out a bridge loan.
  • Are you willing to pay the costs of an appraisal, title search, recording fee, etc for a temporary bridge loan? How important is it to you to not lose out on the purchase of the new home?
  • How quickly are homes selling in your area? You don’t want to take out a temporary bridge loan and not have your home sell in 10 months. If this happens then you are faced with the additional cost of “renewing” your bridge loan for an additional term.

A bridge loan is a great product to use to help make your dreams come true, but it may not be for everybody. Consult with your Citizens National Bank loan officer to find out if a bridge loan is right for you.

Health Care Costs in Retirement – Free Seminar

Medicare_Header_0417Deborah Boisselle, VP Investments of Citizens Wealth Management Group, Featured Speaker

With health care spending projected to grow 5.8% annually, health care costs remain the largest threat to retirement savings. Deborah Boisselle, VP Investments of Citizens Wealth Management Group will present a free seminar to the public in order to help gain a better understanding of:

  • Coverage options including Medicare
  • Health care costs in retirement
  • Steps you can take to develop a plan with your financial advisor.

Seminars will be held at the following locations. Refreshments will be served at each.

  • Tuesday, May 16, 6:00 pm, Holiday Inn Express, 941 Interstate Dr, Findlay
  • Wednesday, May 17, 6:00 pm, Holiday Inn & Suites, 803 S. Leonard Ave, Lima
  • Thursday, May 18, 6:00 pm, Stone Ridge Golf Club, 1553 Muirfield, Dr., Bowling Green

Ms. Boisselle has worked in the financial services industry since 1985 and has worked for LPL Financial since 1996. LPL Financial is one of the leading financial services companies and the largest independent broker/dealer in the nation. Citizens National Bank partners with them to offer wealth management and investment services to its clients.

Registration is free, however RSVP is required. Call 419-358-0937 or email kimberly.swank@lpl.com by May 12.

To learn more, visit https://cnbohio.com/investments/.

Thomas Szypka Joins Citizens National Bank as VP Business Development Officer

Thomas Szypka VP/Business Development Officer

Thomas Szypka VP/Business Development Officer

Citizens National Bank has named Thomas Szypka as its new Vice President Business Development Officer for the Toledo market. Szypka will be working with small businesses, offering commercial loans and lines of credit, as well as aiding with cash management solutions.

Szypka received his Associate Degree in Banking and Finance from Owens Community College. In addition, he has attended numerous seminars and classes related to lending. Szypka has more than 30 years’ banking experience in various lending positions. He currently resides in Woodville, Ohio with his wife Connie.

With offices in Bluffton, Celina, Defiance, Elida, Findlay, Lima, Springfield, Van Wert and Toledo, Citizens National Bank has assets totaling more than $760 million and has been serving the communities of West Central Ohio since 1920.

CNB Online Banking is Now Better Than Ever!

Computer Screen showing Citizens National Bank Online BankingCNB Online Banking has a new look and feel. To check it out, simply log in with your current username and password. From the home screen you will immediately notice a simplified look, easier navigation and increased functionality. And depending upon what device you’re viewing the site on, whether mobile, tablet or desktop, everything will size accordingly to fit your screen. The new site is even touch-enabled for easier access with your phone or tablet.

Here’s a list of the improvements you’ll experience with the new CNB Online Banking:

  • Create custom nicknames, change the order of how you see your account and even hide accounts if you don’t wish to see them every time you log in.
  • View the last 10 transactions for each of your accounts right from the home screen. Click “more” to pull in older transactions to the list. View all your scheduled, pending and posted transactions in one list.
  • Initiate transfers between accounts from the home screen.
  • Bill Pay now opens within online banking, which will prevent online banking time-outs.
  • Updated log in – Enter username and password on the same page. The security challenge is on the next page. You’re now able to hide your username and security answers for extra security when accessing the site in public.

To see what the new CNB Online Banking looks like, check out our online demo. If you’re not currently enrolled in Online Banking, simply click the New User Signup link underneath the Online Banking Login button on our homepage, cnbohio.com.

– See more at: www.cnbohio.com/AboutUs/CNBNews/CNBConnection/Default.aspx

Positive Pay – Put Your Business in Control of Check Fraud

If your business writes checks, you’re at risk for check fraud. Citizen National Bank’s Positive Pay program can help protect you from the potential loss of funds from this growing problem. This online tool is easy to use, requiring just minutes a day to set parameters for checks processing through the business account. Watch this video to see why Larry Webb of Webb Insurance in Lima chose the Positive Pay program and the peace of mind he has knowing safeguards are in place to protect his business.