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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.

Dec 14, 2018
How to Save Money When Buying a Vehicle
Ivan Vidjaya
It is no secret that buying a vehicle can be an extremely expensive process. Not only do you have to actually physically purchase the vehicle, you always have to think about other expenses like insurance and maintenance. Whilst it is the case that it is going to be expensive, there is no reason why you cannot save money in the process. Here are some tips as to how you can save money in the process of buying a vehicle. More info...

Dec 8, 2018
Real Estateís Constant Conflict
By Paul Sullivan
Do I rent or do I buy? Itís an eternal question, one that canít be solved with economics alone.

This is particularly fraught time to make such a seemingly monumental decision. Interest rates are rising, which means mortgage payments are going up as well. Lock in those rates now or face the prospect of their going back to, well, normal levels (over 6 percent, from todayís 4.5 percent).

The stock market, except for a few small corrections, has continued to soar. What that means depends on your outlook: It may be a good time to pull some money out of equity investments and put it into a more stable (and usable) asset like a home, or it may not be the right time, since stocks could continue to rise, increasing your wealth.

Unemployment is near historic lows, so peopleís finances may look as good as they have in a decade.

More info...

Dec 7, 2018
Mortgage Calculators
How much home loan payment can you afford?
Check out these mortgage payment calculators to determine your mortgage payment, down payment, and alternative types of mortgages. Depending on your needs you can get a mortgage with a low down payment or one with the lowest rate available. More info...

Dec 6, 2018
Construction Loan Draw Schedule
Free Downloadable Form
Download this free construction loan draw schedule to your computer and print it out for use during construction. The actual form your lender uses may vary but this gives you a good idea of how construction loans are funded. More info...

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