Archive for July, 2018

03
Jul

4 Reasons You Should Start Saving For Retirement As Early As Possible

Written by Best Financial Magzine. Posted in Uncategorized

You may be thinking, “I’m so young, I don’t need to think about retirement right now.” That’s not really true. If you can, you should start saving for retirement as soon as possible, and here’s why.

You can retire sooner
Financial advisors will tell you that investment plans include spending less money than you earn and investing the difference. When you do that early on, you are increasing the odds of becoming financially independent at a young age. According to a recent survey conducted by MoneyRates.com, people who start saving for retirement in their 20s are 6% more likely to reach retirement by age 60 than people who waited to start saving in their 30s.

More time equals more money
It makes sense to say that the longer you stock money away, the more money you’ll have when retirement finally comes. This happens for a few reasons. One is that many companies offer a match on your retirement fund, especially if it’s for a 401(k). Another is that compounding interest lets your money grow. The longer you invest your money, the more time it has to grow, and the more money you’ll get back.

You will improve your spending habits
When you start putting away money from your paycheck every pay period and planning for retirement, you have less than you’re taking home. This can help you develop disciplined spending habits because you’re now focusing on a budget and cutting expenses. This means you have to stop impulse buying and other poor spending habits so you can save more for your retirement years. Financial advisors can help you with a budget if you struggle with creating one on your own.

Your quality of life will improve
Wouldn’t it be nice to know that you’ll be safe and covered when it comes to retirement? When you start retirement planning and saving, you are reducing the risk of making reckless decisions in order to secure a stable retirement fund. You won’t have to be up all night worrying about what your life will be like when you stop working.

Approximately 22% of Americans state that failing to save for retirement is their biggest financial mistake. Don’t let it be yours. If you need help planning for retirement, contact us today. 

02
Jul

Choosing the Right Bank for You

Written by Best Financial Magzine. Posted in Apply for checking account ct, Bank, Bank in connecticut

Managing your money is important. For people earning a consistent wage and looking for a place in which their finances can be safely stored and secured, it is important to find a location that you are comfortable with. Dependent upon your preferences, there will be certain types of banking that will be more preferable to you.

When looking for a bank, there are a number of things you want to consider. First and foremost, do you want an experience that is personal or impersonal?

With more and more Americans believing that the United States will essentially become a cashless society in the coming decades — relying solely on electronic payment methods, there seems to be less of a need for community interaction. However, physical money will never go away. The form of banking you most desire comes down to your personal preferences. Community banks accou