Transform your financial habits to prepare for the future

Your 50s are a good time to take stock of the asset allocation of your portfolio and evaluate your position relative to your retirement plans.  For an accurate estimate, consider at what age you would like to retire and the lifestyle you plan to have… will you travel, have a vacation home, take up an expensive hobby?  Project a budget, keeping in mind that some costs, such as health insurance, may increase and others, like your mortgage payment, may disappear.  Once you have estimated your living expenses, then estimate how much your assets will be worth at retirement, and how long they are likely to last.  You can do this with First Southern Bank's retirement calculator.  Also estimate your Social Security income.  With all this information at hand, you may want to increase your retirement contributions.

As you enter your 60s, fine-tune your projections and your asset allocations.  If you retire before age 65, be sure you have medical insurance to cover you until you are eligible for Medicare.

First Southern Bank can help you in your pre-retirement lifestage to increase IRA contributions or set up a trust.  Please contact us for more information.


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Here are other ways pre-retirees can enhance their financial position at First Southern Bank:

Take advantage of our interest-bearing checking account for our customers 50 years old and above.

50+ FREE Interest Checking       

FREE for customers 50 and over!
  • FREE personalized checks
  • Competitive interest
  • No minimum balance
  • No monthly service charge
  • No per check charge
  • Unlimited check writing
  • Easy-to-balance monthly statement
  • Return of check images for easy record keeping
  • FREE ATM/Debit Card
  • FREE Online Banking and Bill Pay


Southern Advantage Checking      

An account for those interested in higher interest!
  • Free personalized checks
  • Higher interest rates with balances of $2,500 or more
  • Competitive interest if balance falls below $2,500
  • No per check charge
  • Unlimited check writing
  • Easy-to-balance monthly statement
  • Return of check images for easy record keeping
  • Only $8 monthly charge if minimum balance falls below $1,000
  • FREE ATM/Debit Card
  • FREE Online Banking and Bill Pay




Conserve time, money and paper with First Southern Bank's convenient checking accounts with online banking and bill pay and no-charge ATM services

First Southern does not charge you fees for using any ATM nationwide.  We will even refund ATM fees charged to you by other banks when using your First Southern Visa Debit Card at their ATM*. 

*Original receipt reflecting fee must be presented to a First Southern Branch within 60 days to receive reimbursement.  Reimbursements are limited to $25 per month per account.

You’ll reduce the time it takes to pay your bills and save on the expense of printed paper checks and postage while helping the environment as well.

Pay bills quickly and easily with free Online Banking with Bill Pay.

No need to spend time writing checks and stamping envelopes. Now, with Online Banking with Bill Pay, it only takes a few minutes and a click of the mouse to conveniently pay your bills.

Please contact one of our Customer Service Representatives to enroll or if you have any questions.




Save the time and expense required to prepare, transport and deposit transactions, by conveniently making remote deposits from your home or office at any time of day or night. Our simple, web-based interface integrated with an inexpensive flatbed scanner and our online banking service lets you electronically deposit checks into your account for improved cash flow. 

To learn more, go to Direct Deposit.

Catch up on your IRA or other retirement plan

After age 50, you are qualified to boost your plans with “catch-up” contributions.  

Catch-up contributions up to $5,500 in 2011 and 2012 may be permitted by these plans:

  • 401(k) (other than a SIMPLE 401(k))
  • 403(b)
  • governmental 457(b)


IRA Catch-Up Amounts

You can make catch-up contributions to your traditional or Roth IRA up to $1,000 in 2011 and 2012. Catch-up contributions to an IRA are due by the due date of your tax return (not including extensions).

  Individual Retirement Account     
First Southern Bank is always willing to help you plan for financial success. Individual Retirement Accounts are a great way to prepare for the future. Contact one of our Customer Service Representatives for qualification requirements or any details concerning these retirement accounts.

We can help you with:

  • Traditional IRA - A Traditional IRA is a retirement account that offers tax-deferred earnings and the potential for contributions that are tax-deductible. Traditional IRA earnings are taxed upon withdrawal.
  • Roth IRA - The Roth IRA is a retirement account in which non-deductible contributions can grow tax free and can be withdrawn tax free upon retirement.

    Certificates of Deposit     
    First Southern Bank offers a variety of Certificates with competitive terms and rates. CD's are time deposit accounts that earn interest for a specified term. It can be used essentially as a savings account because it restricts the holder from withdrawing funds on demand. Although it is still possible to withdraw the money, this action will incur a penalty if the Certificate has not reached maturity.

    Contact one of our Customer Service Representatives for questions or assistance.

    See our CURRENT RATES-


Establish an estate plan and/or trust with First Southern Bank’s Trust Department

Trust Services can help you plan for the special needs of your children, aging parents or the responsibilities of higher education and more.  Our trust professionals can help you in the areas of trust administration and estate planning to grow your assets, save on taxes and protect and manage your property.

First Southern Bank offers full fiduciary services. Our sole focus is on providing exceptional service to our clients. As the only staffed trust office in the Shoals, First Southern Bank offers personal, hands-on delivery of trust and investment services.

Our approach is to provide face to face meetings with our clients and their advisors. Our consultative approach assists in providing structure and consistency to our client's financial structure.


As a fiduciary, we can serve as:

  • Trustee
  • Co-Trustee with a family member
  • Executor/Personal Represenative

  • Co-Executor with a family member
  • Trustee for Asset Protection Trusts

We can provide:

  • A team approach for accounting, annual tax, and legal matters
  • Comprehensive tax coordination services for your trust in conjunction with your choice of accountant

We can assist with:

  • Estate planning concepts and explanations
  • Planned giving strategies and explanations
  • Setting up a new trust with your financial advisor and attorney
  • Developing strategies to move a trust



Tips for Effective Financial Management

  • Become aware of opportunities to reduce your lifestyle costs, e.g., downsizing vehicles or your home may provide convenience while lowering the costs and time of maintenance.
  • Determine your financial priorities, make a list with deadlines and start accomplishing them.
  • Start the decision-making process about where you want to live during retirement and figure all the associated costs.
  • Spend time doing what you plan to do at retirement to help yourself determine if you’re ready.
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For help determining the best accounts and products for sound and productive money management during
your Pre-Retirement Lifestage, please contact us at 800-625-7131 or