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save for retirement

How to Save for Retirement

Pay Yourself First | 401K | IRA | Roth IRA

save for retirementThe trick to saving consistently is to pay yourself first. The best way to do that is by having money deducted from each paycheck and put into a 401K account or an IRA account.

Employer Contributions

401K accounts are set up by employers and allow employees to save money out of their pay check and invest the money as the 401 allows. In many cases the employer will match the employees savings which is like getting free money. Employers may match anywhere from 0-6% of an employee contribution and that contribution is tax free. All money put into a 401K account is tax free until it is taken out during retirement.

Self Employed

 

If you are self employed or your employer does not offer a 401K plan, you may set up an IRA account at your local bank or stock broker. An IRA works the same way as a 401K but is an individual plan rather than a company sponsored plan.

Investing Wisely

Companies like TD Ameritrade can help you set up an IRA account as either a standard IRA or a Roth IRA. With the Roth IRA you pay taxes on the money you save, but you can take it out tax free when you retire.

Sep 15, 2020
How to Finance and Build Your New House in 2020
Residential Construction Loans
Choosing the right construction loan for building your new house is the most important part of the construction process. Note that a construction loan contains many variables that can cost you time and money or cause unwanted delays. Understand these variables before you go shopping for a loan. Lenders tilt the table in their favor so you want to find the table with the least tilt. More info...

Sep 14, 2020
If you are afraid of running out of money in retirement, here are some steps you can take
Jill Cornfield
When it comes to retirement savings, most people think it's mainly a matter of building up healthy account balances through their working years.

But spending down that money safely once you've left the workforce is just as big a concern.

In fact, more Americans worry about running out of money in retirement than declining health, according to a report from Transamerica Center for Retirement Studies and Aegon Center for Longevity. More info...

Sep 14, 2020
Buy and Renovate Your Next Home
Gary R. Crum
You might consider purchasing a house with renovation in mind. This is an excellent way to purchase an otherwise unsuitable house. For example because of the scarcity of waterfront property, older homes on the water are frequently purchased with renovation as a goal. With today's low supply of suitable houses, you should give serious consideration to buying a fixer upper since there are loan programs that will provide purchase money and then disburse more funds as work on the house is completed. More info...

Sep 1, 2020
Its Time to Refinance Your Car Loan
Car Loan Rates less than 3% are available
Chances are you a paying over 5% interest on your car loan. Put more money in your pocket by reducing your car loan payment with a refinance. Refinancing your car loan will save you money and not cost you a thing. Some lenders will even defer your first payment for a few months. Start saving. Apply now. More info...


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