If you’re just getting started or have decided it’s time to start building up your short or longer-term savings, you may be wondering if a traditional savings account, a high-yield savings account, or a Certificate of Deposit (CD) is the right solution for you. Let’s take a closer look at three popular, non-retirement savings options.
Do you want to start building your credit but aren’t sure where to start? That’s okay. In fact, it’s very normal to be in this position. We’re going to go over some common questions people, especially young adults, often have about getting started on their credit journey.
Today, women have more financial responsibilities than ever before. How will your family or loved ones manage financially if you die? Whether you are single, married, employed, or a stay-at-home mom, you probably need life insurance. At the very least, life insurance can help pay for the costs of funeral and burial services, estate administration, outstanding debts, estate taxes, and the uninsured expenses of a final illness.
Join an exclusive webinar, hosted by the First Bank Center for Family-Owned Businesses, that dives into the shift in family business organizational culture that happens through intentional events, like succession, mergers, acquisitions, and leadership change as well as accidental events, like pandemics, death, divorce, and other outside factors that often create change. This is Part 1 of a two-part series.
In many cases, your first step should be to open an Individual Retirement Account (IRA) and contribute as much as allowable each year. Because of the potential for tax-deferred, compounded earnings, IRAs offer similar long-term growth opportunities as employer-sponsored plans.
Withdrawing taxable funds from a tax-deferred retirement account before age 59½ generally triggers a 10% federal income tax penalty, on top of any federal income taxes due.
It's important for you to be involved in the retirement income planning process even if you're married. While you may plan to be married forever, many women end up single at some point in their lives due to divorce or death of a spouse.