Three Reasons Milford Bank is Grateful for You This Thanksgiving

By Susan L. Shields, President & CEO

What are you thankful for this Thanksgiving? At The Milford Bank, we’re thankful for you—our customers. All year long, we get the privilege of seeing you stop in our office locations, take part in community events with your families, and watch as you build your businesses up from the ground floor with pride. So, in the spirit of the holiday, we wanted to take a brief moment to tell you why we’re so grateful to share the Milford and Stratford communities with you.

You’re community minded: You’ve always got the option to do your banking with one of the big corporations, but you, like us, understand the importance of doing your business locally. By supporting us, we’ve been able to continue supporting your businesses and families for nearly two centuries. For that, we are grateful.

Not only that, but you believe in supporting local charities and events, too. Whether you’re stopping by one for a guest lecture on a lunch break or participating in our annual 5K, our customers love to stay active.

Always striving to learn more: Not only are our customers always staying active in the community, but they’re also voracious to learn more. That’s why we provide a wealth of resources online, and always relish the questions we’re asked when you stop in a branch location. By continually seeking out financial education, you’re taking the necessary steps to provide for your family for years to come. And for that, we are thankful.

Innovation oriented: Though our customers love supporting a community bank, we’re thankful that our customers still love all the innovation and new technology available in the financial sector today. Your innovative spirit has emboldened us to continually seek out new ways to provide a superior customer service, whether through our mobile banking app, our website, or in our branches.

Everyone has something to be thankful for this holiday season, and for The Milford Bank team, we know that it’s our customers. So thanks to all of you in the Milford and Stratford areas, and have a wonderful Thanksgiving!

The Milford Bank and Food 2 Kids Team Up To End Child Hunger

By Celeste Lohrenz

When sitting around the table looking over piles of turkey, potatoes, stuffing and pies this Thanksgiving, it can be easy to forget that there are some in this world who aren’t so fortunate. In fact, child hunger is still a considerable issue in communities like Milford and Stratford today, as well as in most other communities all around the world.

But did you know that for only $7.00, you can help feed a child suffering from hunger in your community for a weekend? For just $280, you can provide weekend meals for a child for an entire school year. Weekends are particularly difficult for these children, as they don’t have access to their school’s cafeteria.

With this in mind, The Milford Bank has teamed up with Milford Food 2 Kids, a local organization dedicated to ending child hunger. Through the end of November, we will be raising donations at all of our office locations in Milford, with all contributions going to shore up the food gap for our community’s food insecure kids.

Donations collected will fund bags of kid-friendly food—enough to last six meals—and will be handed out to children identified by partnering schools’ teachers and counselors as being the most in need.

At The Milford Bank, we’re dedicated to improving the lives of all members of our community, and strive to partner with others that cherish the spirit of giving. To learn more about ways that you can get involved with us in your community, click here.


Baby Boomer Retirement Challenges, Part 2: Strategies for Success

By Sindy Berkowitz

Every day, roughly 10,000 Baby Boomers retire. But many of them do so unaware of the challenges they will face when living off their savings alone. The Insured Retirement Institute recently found that the average American will enter retirement with an income gap ranging from $3,864 and $12,072. Such a disparity is unsustainable, and even if it doesn’t disrupt your lifestyle now, it is likely to do so in your later years when you’re less capable of addressing the problem.

In Part 1 of this series we addressed some of the core challenges facing American retirees today. In Part 2, we’ll take a look at some ways that you can alleviate your retirement concerns.

Consult with a financial advisor: Retirement planning is a big job, and it can be difficult to have the knowledge and experience necessary to go it alone when trying to maximize your wealth to meet your retirement objectives. A financial advisor can help you get the proper context, help you shape a budget, and offer great advice to help you plan effectively.

Take advantage of employer benefits: If your company offers a pension plan or retirement account benefit like a 401(k) or IRA, you should do everything you can to take advantage now—especially if your company matches contributions. After you retire, certain benefits may no longer be available to you. If all your retirement accounts are already fully funded, you have other options available. If you’re over 50 and just starting out, though, you may be eligible for catch-up contributions that offer higher contribution caps.

Put additional funds into an annuity: Annuities provide a guaranteed income stream for life, making them a good consideration for retirees. Annuities, unlike 401(k) or IRA accounts, do not have a maximum contribution limit, and have several other unique characteristics that set them apart from other retirement savings accounts.

Delay Social Security payouts: Retirees can begin collecting Social Security at age 62, but your monthly paycheck depends upon when you start collecting, and your full retirement age. Every year that you delay past your full retirement age increases your payout by 8 percent. So if two individuals with a full retirement age of 65, for instance, start collecting Social Security at 62 and 67 respectively, the individual who deferred payouts will see a 30 percent higher payout.

Asess your risk tolerance: All investment vehicles will come with a varying degree of risk. That’s why it’s important to diversify your holdings. That said, every individual has a different lifestyle, different goals and expectations for retirement. While some retirees want a more conservative, low-risk and assured income in retirement, others may find themselves looking to take a more aggressive approach to accumulating wealth post-career.

At The Milford Bank, we have been helping Milford and Stratford retirees develop successful saving strategies for generations. But Baby Boomers face unique challenges unlike those before them. To get started with a retirement strategy that will work for you, stop by a Milford Bank location today. You can also learn more by checking out our Online Learning Center.