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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.

Mar 31, 2019
Fast Student Loans | School Year 2020
Its Not Too Early to think about Summer and Fall 2020
Now is the time to apply for you student loans for next semester. Be sure to shop for the best loan for you. There are many variables like fixed or floating interest rates and pay back periods. Lending Tree student loan programs offer a way to get the best student loan offers with just one loan application. Don't hesitate to apply as it is free and there is no obligation. More info...

Mar 29, 2019
How to Pay for Home Improvements
Consider these alternatives.
Home improvements can be costly and choosing the right way to finance the improvements can save you money. Here are several alternative methods for paying for your home improvements. More info...

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Build Your Mortgage Borrowing Power
Plan Ahead to Qualify for a Mortgage
Qualifying for a mortgage in today's market requires some preliminary work for you as a borrower. The stronger your borrowing power, the more likely you will get approved for a mortgage, and at the best possible interest rate. You can build your mortgage borrowing power by following these steps: More info...

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Mortgage Rates are Low Again - Refinance Now
Calculate Your Monthly Mortgage Savings
House Poor
What does it mean to be house poor? It means that housing expenses eat up too much of your monthly income. Although lenders use exact formulas for determining the size mortgage a typical borrower can afford the results don't mean the payments are affordable for you. More info...

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