Everyone’s retirement plan looks a little different. One person may want to travel the world while another may just want to master a favorite hobby like quilting or fly fishing. No matter how you want to spend your retirement, it’s important to put a financial plan in place to achieve your retirement goals. Here are a few simple retirement strategies you can try.
What is an IRA and when should I open one? The individual retirement account, (IRA) became popular decades ago when average Americans wanted to be more hands-on with their retirement savings. The two most popular versions, traditional and ROTH, both offer savings in a tax-advantaged account. But the common question many of us have is, “when should I open an IRA?”
When should I retire? It’s a great question. And a good plan for retirement is one that starts early. At any point in your life, you can take steps to work toward financial security so you’ll have the freedom in retirement that you have today. By contacting a certified financial advisor, you’ll be taking a big step in the right direction. Together, you can develop a solid retirement savings strategy today to help you live comfortably tomorrow.
CD (Certificate of Deposit) laddering helps navigate the territory between the benefits of liquidity and the appeal of higher yields. CDs typically offer higher returns for longer terms, but tying up funds for years on end can be a tough choice. While the difference between a 1-yr CD and a 5-year CD have been less dramatic recently, laddering allows you to take advantage of higher rates when offered, while having a rolling opportunity to access your cash if you need it.
If building a nest egg has been on your mind (and it should be!), the following tips can help you start saving for retirement. In addition to these pointers, our financial planners can show you how putting aside just a little today can help you secure a successful, comfortable retirement, at whatever age you choose.
A CD, or certificate of deposit, is low-risk, fee-free savings option that typically offers a higher return on your money than most standard checking or savings accounts. Generally, the longer the term, the higher the rates.
CDs terms can range from months to decades, but standard duration of a certificate of deposit is 3 months to 5 years.
You never know when the unexpected will happen. Whether it’s an unplanned medical expense, a car repair or a major appliance breaks down - an emergency is something that can put you in debt beyond your comfort level. That’s why it’s so important to start saving for an emergency before an emergency happens. Consider opening a savings account at Partner Colorado. Set a monthly goal of how much you can comfortably afford to put in an emergency fund such as $25.00 or $50.00. If you need help finding ways to contribute to an emergency fund, here are a few ideas.
Along with the blooming flowers and sunshine come the plans for celebrating Mother’s Day. Our moms are always there for us, and now is an opportunity to show how much we appreciate all they do. However, between flowers, gifts, and dining out, Mother’s Day costs can quickly add up. How do you keep within a reasonable budget while still showing Mom how much she means to you? Here are a few ideas to celebrate Mother’s Day on a budget.
Summertime is just around the corner and vacation season will soon be in full force. If you’re gearing up for a vacation this summer, here are some simple ways to save money while you travel.
Being mindful of how you spend your money is important to making sure you’re on the right financial path. If you don’t keep track of where and how you’re spending your money, it could result in overdrawn fees, a negative checking account or returned item fees. Creating a financial journal is a great way to start awareness about your current financial situation and can help you visualize where your money is being spent. Here are some tips on how to start a financial journal of your own.
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