Providing families valuable services in their greatest time of need.

As a corporate fiduciary, we act in your family’s best interest. This includes professional portfolio managers that work to design a comprehensive allocation strategy tailored to your needs and Fiduciary Officers that work with your family’s tax professionals and legal counsel to create a prosperity plan tailor made for your unique life situation.

How can I retire if I started saving too late?

The best times to start saving for your retirement are 20 years ago and today. If you didn’t start 20 years ago that is okay, it isn’t too late. You may need to adjust your retirement dream, but there are still things you can do. Check out this blog we wrote for what those steps are: Retirement Planning for the Late Saver.

Is it too early to start saving for retirement?

This is a great question, and if you are asking this then you are on the right path. It is never too early to start saving for your retirement. If someone wants to retire at age 65 and is expected to live until age 95, then they have 30 years they need to have saved up for. With around 40 to 45 years of good working history, that isn’t a whole of time to prepare your wallet for the retirement stage. As soon as you can put money away into an employer retirement plan or an individual retirement plan, we encourage you to do so.

When can I retire and how much will I need to retire?

This is a loaded question, and no advice can be given to cover everyone’s individual circumstances; however, some general answers we can provide would be you need to know your budget very well before you retire. Knowing how much you are able to spend in retirement with how much you desire to spend is a key step. Included with this, you will want to know your estimated longevity and consider what tax brackets you will be in so you can align your retirement savings in the proper way. Lastly, the biggest expense you will see if you want to retire early will be health insurance. That is one item not many people think about so do your research, and as always we advise you meet with a retirement planner. You can also check out “The 4 L’s of Estate Planning” which will dive into some retirement thoughts.

When should I start taking Social Security?

This is a complex question that we have also written a blog on (see “Things to Know for Maximizing Your Social Security”), but the answer is never the same for each person. We would advise you to talk to one of our financial advisors for your specific advice. In general, the longer you wait to take your benefit the more that benefit will be. There is also a breakeven point around age 80 for cumulative benefits whether a person takes their Social Security at the earliest or latest possible times. Reach out with your specific questions.

How do I take my RMD?

At the start of every year, if your account requires a Required Minimum Distribution (RMD) then you will receive a letter in the mail from the company your 401(k) or IRA is with. At First National Bank and Trust Company, we not only send the letter, but will follow up with you later in the year to ensure you have taken the amount required. When it comes to RMD’s, you don’t have to take that amount from that specific account, but rather from any Traditional account you have collectively. Should you have any questions on your RMD or creating a strategy around the taxes, reach out to your financial advisor or one of our retirement planners for assistance.

Where should my retirement money be?

If your employer has a retirement plan (401k, SIMPLE IRA, etc.) you should be participating. Most likely if a plan does exist, there will be some type of match on a percentage of your salary, so that is “free” money as long as you meet the requirements. The big question around a retirement account is, should you utilize pre-tax or after-tax dollars. Put differently, should you go the traditional route (pre-tax dollars) and use tax savings now, or should you utilize a Roth option and pay the taxes now. Our overall feelings would include both types of accounts. Similar to how you diversify your investments, we believe having diversified account types will help your overall plan as well. Your individual circumstance will vary, but you should speak with someone to see what account structure makes sense for you.

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Investment products offered by First National Bank and Trust Company are: Not a Deposit • Not FDIC Insured • Not Insured by any Federal Government Agency • Not Guaranteed by the Bank • May Go Down in Value.


Our team is here to help, assuring that you and your family are well prepared for all stages: generation of wealth, retirement, incapacity, or death. We are your valued partner in navigating all of life’s major events. Contact Matt Riley at 217.935.7456 to schedule a 30-minute meeting to identify potential risks to your plans today.

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Matt Riley, ChFC® , ChSNC® - Fiduciary Officer, VP

Matt Riley was named Fiduciary Officer, VP, for First National Bank and Trust Company in January 2019, helping clients to meet their prosperity goals through investment and estate planning. Prior to joining FNBT, Matt had risk and compliance analysis experience at State Farm Bank in Bloomington, Ill. Matt is a proud Illinois State University Alumni, receiving his B.S. in Finance with an emphasis in Financial Planning. He has continued his education journey, earning other designations including the Chartered Financial Consultant designation. In addition to his bank service, Matt became a member of the Clinton Rotary Club in April of 2019 and became a board member for the Warner Hospital & Health Services Foundation in May of 2019.

Schedule an Appointment with Matt