buying a home is a wise investment at this life stage. If possible, try to get a fifteen-year mortgage so that you can pay it off while you are still working, and have it taken care of by the time you are ready to retire.
Regardless of whether you are ahead or behind your initial savings goal by the time you reach mid-life, it is crucial that you keep saving. If you're in your thirties and did not begin a regular saving routine in your twenties, try to set aside between 10 and 15 percent of your income. If by your forties you still have not begun to save for retirement, aim to save at least 20 percent of your income. Invest as much as possible into your IRA(s), 401K or any pension funds you may have through your employer. If you're self-employed, set up a simplified employee pension plan (SEP) and contribute as much as possible to the plan.
If you have questions about financial strategies during any stage of life, Southern Community bankers are always available to help.
Check out the Spring issue of Southern Community Quarterly for advice specific to the retirement stage of life customers...
Southern Community employees got off to an impressive start in their efforts to raise money for the American Heart Association's annual Start! Tanglewood Heart and Stroke Walk to fight heart disease and stroke. Scott Bauer, Southern Community's Chairman and CEO, chaired the Executive Committee for the walk, and over 40 Southern Community employees raised money to participate in the event at Tanglewood Park on Saturday, October 18.
Southern Community raised a total of $32,656 for the cause. The funds were raised a variety of ways, including individual walker and team fundraising efforts and the selling of paper hearts throughout the branches. Some teams even had creative ways of raising money, like our Operations Department who put on a Texas Hold'Em Poker challenge and collected entry fees for donation.
Southern Community employees were only a fraction of the 3,500 total walkers from the surrounding community who participated in this year's Start! Heart Walk. The event succeeded in raising almost $600,000 that will go toward research to find a cure for heart disease and stroke. Thanks to all the Southern Community employees who contributed to the success of this inspirational event, and all our customers who helped support our efforts!
Southern Community has broken ground on our new Triangle Regional Headquarters, a full-service branch to include mortgage, wealth management, and construction lending, that will serve individuals as well as businesses.
According to Stan Moore, Triangle Commercial Banking Manager, the leadership team for the new branch provides extensive banking experience and related expertise that will benefit customers greatly. Moore has been in the banking business for 12 years, but prior to that
had five years experience as a CPA and was CFO of his own consulting and tax preparation firm. Similarly, residential construction manager Jim Derrickson and commercial banker Steele Hall also possess expertise in fields other than banking. In addition to Derrickson's 25 years in banking, he has extensive experience as a land acquisition manager. Hall was an internal auditor prior to his 20 years in banking.
The branch will focus on small-to-medium sized businesses, asset-based lending, and providing a safe place for deposits. According to Moore, "This is a great opportunity to bring on customers from banks that are in turmoil and banks that have not treated customers the way they deserve to be treated."
Harvey Schmitt, president and CEO of the Greater Raleigh Chamber of Commerce, delivered remarks at the October 15th groundbreaking ceremony. Southern Community officers in attendance included Jeff Clark, President; Robert L. Davis, Executive Vice President, Commercial Banking; and Lenny F. Caudill, Vice President, Facilities.
The new branch is expected to open this summer, and will be located at 3100 Edwards Mill Road in Raleigh, a location that was chosen for its convenience to both business and individual customers.