Retirement Security

October 6, 2016

5:00 -8:00 pm

Virginia Beach Central Library

Whether you are years from retirement or currently navigating benefits in retirement, this event can prepare you for those golden years.  Statistically speaking, many people underestimate how much money they will need for retirement.  You may need to fund your lifestyle in retirement for 20 years or more and Social Security only provides an estimated 40% of pre-retirement income for the average worker.  You need a plan!  Get great information on Social Security, estate planning, retirement funding, reverse mortgages and more.  Meet individually with CERTIFIED FINANCIAL PLANNER PROFESSIONALS, Medicare counselors, Estate Attorneys and more- all for free with no strings attached.  Our presentations, one on one advice and free resources will help you live well for as long as you live.


Bank On September Classes

September classes now forming for Bank On Hampton Roads!  Bank On Hampton Roads is your ticket to a free financial makeover.  Break free from paycheck to paycheck living with Bank On. Give us 10 months and we will show you how to build savings, get out of debt and increase your credit score!  Register for free today!


How Long Would You Work?

You work hard for your money!  Our paycheck funds our life, but have you ever considered how long you have to work for the things you use each month?  Our Bank On Virginia Beach investigator has created a chart we can use to give us a sense for how long we need to work for our things.

We all know that if your hourly wage is less, you take less home.  But if your hourly wage is less, you also have to invest more labor to purchase the things you enjoy.  For instance, if you buy a 20 gallon tank of gas for your car, you would have to work 10.9 hours for that tank if you earn $8.00 an hour before tax, but if you earn $18.00 per hour, you would only have to work 4.9 hours for the same tank of gas.

Would you be willing to work 1/2 hour for a cup of premium coffee?  People do it every day.  Likewise would you be willing to work almost 1/2 a week to have coffee every day?  People do it all the time.  When we take time to consider how long we have to work to earn the things we enjoy, our choices take on new life.

HOURS WORKED FOR COFFEE
Before Tax Hourly Pay
$5 Cup of Coffee
Coffee for a Month
$8.00
.8 hours 
23.4 hours
$12.00
.5 hours
15.6 hours
$18.00
.3 hours
10.4 hours
$25.00
.3 hours
7.5 hours


HOURS WORKED FOR  REGULAR EXPENSES
Before Tax Hourly Pay
20 Gallons of Gas at $3.50
$350 Car Payment
$1200 Tuition
$10,000 Loan at 7% Interest
$8.00
10.9
54.7
187.5
1,856.3
$12.00
7.3 
36.5
125.0
1,237.5
$18.00
4.9 
24.3
83.3
825.0
$25.00
3.5
17.5
60.0
594.0

Note: Assumes 20% tax rate for federal and state taxes.

Navigating Disaster

Navigating Disaster

Financial disaster can strike anyone!  Whether it is a job loss, health issue, accident or natural disaster, our financial lives can be completely disrupted in only a moment.  However, there's hope!  You CAN navigate your way through unexpected expenses and come out on the other side in a much better financial position.  At this class you will discover resources to help you get organized to avoid crisis as well as navigate through the tough decisions if one occurs.

Meyera E. Oberndorf Central Library
To register for this class visit http://www.tinyurl.com/vbclasses

FLYER