Understanding your Social Security benefits is essential to preparing for retirement. For people with average incomes planning to maintain 80 – 100% of what they earn following retirement, you can anticipate Social Security to provide 40% of your income in addition to your savings and employer-sponsored retirement plans. With just under half of your retirement wages dependent on Social Security, it is easy to see how important is to choose the right benefit strategy to meet your needs.

How is Social Security Determined?

The money you earned while working is what determines your Social Security benefit in retirement. Benefits are calculated based on a percentage of your income; the higher your income while employed, the lower the percentage of benefits you receive in retirement.

People receive benefit statements from the Social Security Administration every 5 years beginning at age 25 through age 60; statements are mailed annually to recipients 60 ...

For some folks, October is the spookiest month of the year. It's a time for good-natured fright-fests and ghost stories. There are even scary thrills and chills to be found at familiar store fronts temporarily transformed into haunted mansions.

It's also harvest time. And there's no better way to reap savings than by refinancing your vehicle and scoring a better interest rate. With our competitive vehicle loan rates, we may be able to help you lower your car or truck payment dramatically.

Car dealerships were offering 1.99% or even 0% for up to 72 months, only for select customers on select cars, proclaiming it as extraordinarily low. Very few customers can meet the credit criteria or afford the payment on the high end cars this is normally offered on.

Refinancing a vehicle loan with First Reliance Bank is fast and simple. So ...

Making the decision to start your own business can be an exciting, yet overwhelming experience. On the one hand, you are possibly fulfilling a lifelong dream to become your own boss and indulge in your passion. On the other, there are a lot of technical, financial, and administrative aspects to be worked out, leaving you with a lot of figurative plates spinning in the air. To make the process, a little less confusing, here is a step-by-step guide to how to take your business from idea to reality.

1. Draft your business plan

The first step to starting your business will be you creating a detailed plan of how your business will operate. Your plan will include things like a description of products and services, a market analysis, your marketing strategy, structure, and more. The South Carolina Small Business Development Centers (SC SBDC) has created a helpful business plan template ...

Preparing for your soon-to-arrive bundle of joy can be both exhilarating, and overwhelming. Not only are you assuming the lifelong responsibility of a human being, raising children can be expensive. The United States Department of Agriculture (USDA) estimates that the cost to raise a child in the US is approximately $245,340. By putting together a budget in an advance, you can develop an understanding of the expenses that are ahead when baby arrives. Here are some things to remember when planning your budget for baby.

First Trimester
Prepare a Budget

You may be surprised by how quickly the costs can add up after baby arrives. Between the costs of one-time items such as a car seat or baby crib, and regular expenses like daycare or diapers, baby could easily cost you $10,000 during your first year. You can plan in advance by using an online baby calculator, such as the ...

It goes without saying that marriage is a huge step that comes without a lot of responsibility and accountability. Not only are you joining your life with another individual symbolically for what is ideally forever, but you are also marrying many physical aspects of your life, such as finances and debt. While some couples may choose to keep their finances separate regardless of marriage, this can occasionally cause trust issues as you may question what your significant other is spending his or her money on. To foster trust and communication about finances with your significant other, we recommended that you join your financial accounts with your spouse after you marry.

We also suggest that you wait until you are married to join accounts. While you may be in love, and may even be engaged, there are some couples that never say “I do,” and it can make breakups especially messy ...

One of the most popular services offered by First Reliance Bank is the refinancing of auto and truck loans from other lenders. You may have considered this yourself, but wondered if it was worth the time and trouble, how much it costs, and what you have to do. When you hear the word "refinance," what may come to mind is the process of refinancing a home mortgage. If you've done this, you know there are some costs involved and it does take a bit of time. Refinancing a vehicle loan with First Reliance Bank is much faster and simpler.

Here are a few things to know about refinancing a vehicle loan:

• You don't have to talk to your current lender to arrange the refinancing. First Reliance Bank will take care of everything needed to transfer your loan. Occasionally, a lender may require a call from you to verify that you ...

Every year, millions of consumers fall victim to cybercrime. According to the FBI’s Internet Crime Complaint Center, in 2014, consumers lost more than $800 million from scams initiated through the web. In recognition of Internet Safety Month in June, First Reliance is highlighting seven tips to help consumers protect themselves from online fraud. “The Internet has become one of the most popular tools used to commit fraud and criminals are becoming more and more sophisticated with their hacking techniques,” said Jeff Paolucci, Chief Financial  Officer“.  As a result, it’s extremely important for consumers to secure their wireless networks and filter the amount of personal information they choose to divulge online.” First Reliance Bank recommends the following tips to keep you safe online:

• Keep your computers and mobile devices up to date.  Having the latest security software, web browser, and operating system are the best defenses against viruses, malware, and other ...

As millennials juggle a multitude of responsibilities -- from school, to work, to planning for major life events --First Reliance Bank is highlighting eight banking tips to help them secure a financially sound future.

“Millennials are digital natives who understand the importance of staying connected socially, but staying connected to their bank can help their finances as they encounter life’s many milestones,” said Rob Nichols, ABA president and CEO. “From enhanced mobile resources to free budgeting tools, banks offer a variety of products and services to complement millennials’ unique lifestyles and ease their worries as they prepare to make some of life’s biggest financial decisions.” With a recent report finding that more than 4 in 10 U.S. millennials say they are “chronically stressed” about money, First Reliance recommends these eight tips to help them secure a strong financial footing:

• Go cyber shopping for a bank that fits your style. There ...

Everyday we hear the current economy is affecting our customers, but there are ways to get household budgets into shape, and First Reliance Bank is here to help.  To that end, we have developed a program called "We The Financially Fit", to help our customers establish and maintain financial goals, while guiding them through valuable money management lessons along the way.  It's all about helping you increase your savings while reducing debt.  And we're asking for input and ideas from you through our social media that can be shared to help each other. Below is a FREE Money Makeover Guide that you can download and use to get started.  It has several different worksheet tools in it that you can use to develop and track your budget and spending habits.  Or you can pick one up in any of our branches. You can also use the Free Budget Tools on ...

Some of us are married with children,  many of us have aging parents and some of us are the aging parent.  Either way, it's important to have things written down and planned for should anything happen to us.  Losing someone in your life is hard.  There are so many decisions that have to be made so quickly for the loved ones left behind.  That's why it's important to have one place where everything can be found.  The American Institute of Economic Research offers a free eBook which can be downloaded called, Should Anything Happen To Me.  The book steps you through all the decisions you've made that you'd like your family to carry out.  It does not replace all the legal documents and things you should do but it does help organize if they've been done and where they are located.  It has places to make notes as to ...