If you have a number of outstanding debts, it may make sense to consolidate them into one personal loan. With one loan, your payments are usually lower, and you pay less in total interest charges.
You can refinance your current loans and get lower rates at your credit union.
If you have a checking account or use other banking services at another institution, check out the same services here. Chances are the rates, fees and terms will be better.
After you retire, your personal savings should be your primary source of support. One great way to boost them is with an IRA. IRAs were created by Congress in 1974 as a tax deferred way for Americans — particularly Americans without company-sponsored pension plans —to supplement their social security benefits. With fewer employers offering pensions, IRAs may play an even larger role in the future.
A high income may affect the deductibility of your contributions to a traditional IRA and the amount you can contribute to a Roth IRA. Even if your income isn’t high enough to be an issue, there are still legal limits to the amount you can invest in an IRA per year.
If you’re thinking about opening an IRA, or you want to roll over an IRA you already have, contact us.
Discuss your retirement benefits with someone in your employer’s human resources department.
Consider reallocating some of your investments to reduce your risk.
Review your IRA portfolio to find out if you must begin taking minimum required distributions of any of the funds.
Check your latest Social Security Statement to see what you’ll have coming to you once you retire.
Add up the income you expect to receive in retirement and compare it with your projected expenses. If it’s not enough to maintain your desired standard of living, you may want to delay your retirement.
If you’ve decided to go ahead and retire, you’ll need to choose the month you want to start receiving Social Security benefits. If you plan to retire within the next 12 months, arrange to talk with a Social Security Administration representative.
Don’t put off retiring just because you’re having trouble tracking down a particular document or bit of information. A Social Security representative may be able to help.