Chamber highlights long-term financial planning | Community | duncanbanner.com – Duncan Banner

Many projects, events and useful tips came during the monthly chamber meeting hosted virtually on Thursday.

The biggest highlight came from the chamber sponsors, Arvest Bank, as Hal Layber and Ryan Benson discussed a few notes of interest to the public.

Labyer gave a brief update about happenings in 2022 to include the rates controlled by the Federal Reserve.

“We’re in a raising rate environment,” Labyer said. “We look for them to raise rates numerous time this year, which means mortgage rates are going to go up, bearing rates are going to go up.”

According to Labyer, 2022 will be a good year, but a busy and trying year for many people.

Further into the meeting, Benson discussed a few points with chamber members about wealth management.

Benson said his role with Arvest is about retirement planning and investments and each retirement plan needs to be customized to the individual, from assets to a risk profile and how they align with wants, needs and goals.

According to Benson, life and retirement planning are very fluid and can change throughout time and when those who want to invest eventually can sit down and see a blueprint and have a foundation to guide them, it becomes easier to begin building that retirement.

Benson discussed a few resources in planning for retirement, such as utilizing a company 401k plan or looking at an individual retirement account or non-tax advantage accounts.

“The idea is to at least prepare yourself for inflation,” Benson said.

Benson talked about Social Security and the best time to utilize it as well.

“Social Security when you get to retirement covers about 20-40% of your retirement income,” Benson said. “

According to Benson, they are able to sit down and look at your financial plan and they run the numbers to best decide when your best retirement dates would be.

“With a good retirement plan, we can actually put those together, so you can actually see the numbers,” he said.

Next, Benson discussed college plans and putting money to the side and letting those plans grow.

“There’s some tax advantages when using that money long-term, for college or higher education plan,” Benson said.

Then, Benson discussed estate planning.

“Take this step ahead of time and have this prepared for them,” Benson said.

Benson encouraged those in attendance to put a plan together for long-term planning and to reach out for help and resources in planning for the future.

In other news for this month’s chamber breakfast, Lois Dawn Jones and Nate Schacht shared the awarded CBDG COVID-19 relief grant of $450,000 where funds will go toward assisting low to moderate income households who need help with utility billing payments.

According to Schacht, ASCOG assisted in writing the grant and will assist in the administration of the grant.

In other breakfast news, the following events are upcoming:

• March 11-12, Hunter/Jumper Zone Finals Horse Show.

• March 19, Cow Patty Bingo.

• March 19, RC (Remote Control) Swap Meet.

• March 24, Duncan Auto Swap Meet.

• 7 p.m on March 31, Annual Duncan Chamber Banquet at the Simmons Center.

• May 6, Annual Golf Classic at the Duncan Golf and Tennis Club.

• 7 a.m. on June 2 the Chamber will meet in-person at the Simmons Center.