Trading Houses

One of the easiest ways to achieve significant cost savings while preparing for or during retirement is to trade in a large home for a smaller one. This may not seem possible in the current economy, but most retirees have been in their homes long enough that they can afford to sell properties for a bit less and still make a nice profit. By downsizing, you can often save between $750 and $1,000
per month.

Benefit From Benefits

Many retired individuals do not realize their eligibility for benefits from federal, state and local agencies. Make sure that you are taking advantage of any cost saving benefits available. You can check your eligibility on the BenefitsCheckUp® website at www.benefitscheckup.org. You may find that you are eligible for assistance in the areas of prescription drugs, financial, legal, housing, transportation, tax relief, energy, and more.

You may also receive financial benefits by delaying the receipt of Social Security benefits. Although you are able to start receiving benefits at the age of 62, you can benefit by waiting to begin receiving them until full retirement age (age 65 for those born from 1939-1942 and age 66 for those born from 1943-1954). If you hold off, the government will reward you with a delayed retirement credit that adds 8% to your benefits each year until age 70.

Play It Safe

Keep cash on hand for unexpected expenses. Having to liquidate assets during a market downturn will hurt your investment returns. Keep a cash reserve in a safe and liquid investment. That way, you can let your long-term investments ride out downturns even when emergencies arise.

The best advice in planning for retirement is to make every effort to leave your savings alone as you grow older. You will appreciate those untouched retirement savings later.

Southern Community
in the Community

Habitat Holds Hoedown

Trent Wall, a Commercial Associate at Southern Community's Country Club Road location, helped organize a fundraising event benefiting Habitat For Humanity that brought in over $10,000 for the organization. The event, named Blue Jeans, Belts and Bandanas, was held February 28th in the Habitat For Humanity ReStore in Winston-Salem. Over 240 people attended, including a number of Southern Community employees. Attendees enjoyed great barbecue, tasty beverages, and entertaining music from two bands.

Wall, a member of Habitat for Humanity's Executive Board, said that the event was a kickoff fundraiser for Habitat's Most Wanted, an adjuct group of Habitat For Humanity made up of young professionals in Forsyth County. "Our goal is to raise $55,000 before September to be able to build a house in the fall," said Wall, who is the Committee Chair of Habitat's Most Wanted. The house will be built in a historic area of Winston- Salem as part of the North Cherry Street Revitalization Project, which is on Habitat's build agenda for 2009. Southern Community will also be sponsoring the building of a separate house in the fall.

Bowling For Dollars

On February 28, four teams from Southern Community participated in Bowl For Kids' Sake, a bowl-a-thon benefiting Big Brothers Big Sisters of Winston-Salem/Forsyth County that was held at Major League Lanes in Winston-Salem. Southern Community was also a Lane Sponsor of the event, and David Styers, the coordinator of Southern Community's teams, estimates that the total contribution of the employees and the company was about $1500. The participating teams represented the Commercial Lending and Mortgage Divisions from Corporate Headquarters and the Stratford Road and South Park branches.

Bowl For Kids' Sake is Big Brothers Big Sisters' biggest fundraising event of the year, and helps the agency provide mentors for children. The teams bowl one game and participants can pledge per pin or simply give a donation. Styers called the event "a fun hour for a great cause."

Southern Community is a long-time supporter of Big Brothers Big Sisters, having participated in Bowl For Kids' Sake since the bank opened over twelve years ago. Many individual branches also raise funds for the group through bake sales, car washes, and similar events, and many Southern Community employees have volunteered as Big Brothers or Big Sisters.