Monthly Archives: February 2018

Now Start Saving For Your Retirement

Should you get an IRA account or a gold IRA account?

Over the past few years, people have been struggling to recoup the losses the realized during one of the worst economic periods in United States history. The global recession wiped out the retirement accounts of millions of Americas, leaving many to wonder how they were going to pay for their retirement and if they would be able to retire at all. For those who still have time to plan for retirement, there are choices such as protecting their wealth with a gold IRA. Gold IRAs allow you to purchase investments, gold, that won’t decrease in value if the stock market crashes again, allowing you the ability to recession-proof your retirement account. And, just like other investments, gold has the ability to increase in value over time, allowing you to grow your retirement income while hedging against losses. Here’s how it works.

About Gold IRA Accounts

Most traditional IRAs and 401(k)s don’t allow the accountholders to purchase gold directly. But, that’s ok. You can simply roll your existing retirement account into a gold IRA without any money out of pocket. Because this is a rollover to another retirement account, you won’t face early withdrawal penalties or IRS penalties for moving your money.

Gold IRAs are not a new phenomenon in the fact that they have been around since 1997. However it’s only been recently that they have become popular. This is mostly due to the financial collapse of 2008 and the large number of Americans who were left with empty retirement accounts and no time to re-accumulate the money they need to retire. A Gold IRA is different from a traditional IRA in that the account allows you to purchase gold with your money. In some precious metal IRAs, you can also purchase other precious metals such as silver, platinum and even palladium. However, not all gold IRAs will offer this kind of flexibility.

Turning an existing 401k into gold allows those who still have time to save for their retirement a way to protect their money from future stock market crashes and other financial crises.

Benefits of Gold IRAs

The reassurance that you have a modicum of protection in your retirement account is the main benefit of having a gold IRA. However there are other benefits. Buying gold the traditional way requires you to pay sales tax. However, by turning your 401k to gold, you can not only avid paying sales tax, you can use pre-tax dollars to make the purchase, giving you the ability to buy more gold for less.

Not sure whether or not Goldco Precious Metals is the right company for your gold IRA needs, please visit https://goldcopreciousmetals.com/gold-ira and browse through their library of information regarding the benefits of owning gold and setting up a gold ira. You won’t find a more committed partner for your retirement savings needs.

Ways to Pick The Ideal Online Trading Broker

Technology has made it easier and simpler for anyone who wants to go into stock and commodity trading. Newbies can read various resources online so that they can acquire some knowledge about trading and do not go into this area blindly. In addition, you can also trade online today; you don’t have to go a formal business area to start trading as well.

If you are new to the world of stock and commodity trading, even if you decide to do so online, you will benefit greatly by working with an online trading broker. A broker will work with and assist you when you are ready to buy and sell stocks, commodities or securities. There is no doubt that when you choose a trustworthy broker, your foray into the world of online trading will be easier and successful.

It is important to choose the right broker to work because the last thing you want to happen is to lose money when you start trading. A good rule of the thumb is to make sure you know you broker well. You can start by asking him or her directly and doing some research to find out if the broker you are interested to work with is licensed within your state. Keep in mind that you will be entering the game of trading which could give you great earnings; not being diligent though will cause you to lose a great amount of money.

It is also essential that you understand all the risks and advantages that come with employing an online broker as compared to having a trained pro. This is because a trained and seasoned stock broker can give you sound advices and could present different investment scenarios on the movements of stocks. An online one, however, will be using various investment tools to help you decide on when to buy and sell stocks or commodities. This is mainly the reason why the fees of online brokers are practically lower than the fees of investment advisors.

Lastly, the ideal online broker needs to have access to and knows how to use the right essential investment tools. These should include research tools, investment products, financial services, and various mobile and online apps and sites. They should also be knowledgeable in various aspects as well such as the required minimum opening balance, the reasonable or average rate or percentage of commissions they will deduct, use of technology or features for international trading and other important special features and services.

Nine Ways To Save with Student Loans

When it comes to student loans there can be a number of ways that you can actually save money. In a lot of cases, many students often have multiple loans and many of these may all have different interest rate and terms.

Having many loans against your name can have a detrimental effect to your overall credit score.

Let’s look at some ways in which you can save both financially and monetarily with your student loans.

Tips to Save With Student Loans

  1. Consolidation. You can save several ways when you consolidate all your loans, you will save money over the long term and you will save your credit rating by only having one loan, this will give you a better long term score also which will help you well into the future.
  2. By consolidating, you will also have a greatly improved Debt-Income ratio which will make a significant impact on your ability to obtain a housing or vehicle loan later in life.
  3. When you consolidate your loans, you will not have to depend on using credit cards as much which means that you will have even more savings on interest charges.
  4. Develop a financial management plan that will help you keep a track of your finances this will also help to keep you more aware of your payments.
  5. When you consolidate now, you will be locked into the interest rate right now and so you will save money from increasing interest rates in the future because yours will stay the same.
  6. When you consolidate, you will be in a position to obtain even more discounts, many companies offer more discounts you just need to find the ones that do.
  7. When you arrange to have your payments deducted automatically then you will also be eligible for a more favorable interest rate on your loan and even more when you always make your payments in a timely manner.
  8. Choose the right time when you need to have your loan deferred when necessary because your accruing interest will stop also saving you a little more.
  9. Think about setting up some sort of passive income while you are studying. There are many different low cost or no cost businesses that you can set up online and this way you will building for your future as well.

I hope that this article about student loans has been of help and I wish you well with your studies.

Some Tips To Minimise Energy Bills

Energy is an important resource and an everyday necessity, which asks you to pay a hefty price for it. One of the main factors of your monthly budget is the energy bills, which can turn the tide to minimise budget and maximise savings, only if you know the tricks. Although, it is no rocket science, can certainly play a big role if you know the little things that makes for a big change in your energy bills.

Most of the energy consumers are busy enough to never take a chance and switch to another supplier, even when it saves them hundreds of pounds. Statistics suggest that nearly 60{90f9fdb721786c8722be52f8b62817a2aa2831acf05d2b998f2677edeb5674f8} of energy consumers choose to live on Standard Variable Tariffs, which are the most expensive tariffs of all. This attitude should be changed as savings are the best way to build an empire! Even if it is affordable for you, there is no point being on tariffs with the highest costs.

Today, let us peek into techniques that can reduce energy bills to a bare minimum. These are tried and tested formulas from energy customers who make a switch through FreePriceCompare. They may demand you to be a bit alert in order to avoid overspending but, are worth your time as they certainly save you big money. All you have to do is read, apply and start saving!
How to minimise energy bills?

By switching to cheaper deals!

First and foremost, choose a supplier that offers the cheapest tariffs along with exceptional service. If you are currently with a supplier that offers energy at expensive rates then it’s high time to make a switch to a cheaper energy tariff, be it with the same supplier or with another. The fact is that millions of people have never made a switch and end up paying at least 200 a year extra, an amount that can easily be saved by making a switch. If you fear the hassle of switching or any blackout situations then rest assured as a switch takes just a few minutes.

By choosing fix deals over variable tariffs!

Many of us choose variable price tariffs, which keep increasing or decreasing in the due course of time due to varied reasons. While you may assume that you will get lower tariffs if energy costs go down, this often is not the case. The variation in tariffs depends on many factors and suppliers choose the factors that benefit them the most. However, fixed price tariffs remain constant for a certain period, which can be anything from one, two or three years, they are still safer option as you would never be bombarded by a sudden inflation in energy bills.

You may face rising energy bills with variable tariffs while fixed price tariffs give you steady bills along with a peace of mind. So, when you want value for your money, choose fixed price deals over variable tariffs. You will find that it is a more economical solution and ensures savings.

Stretch for that something extra!

You need to analyse, whether your supplier offers you something extra like a smart meter installation or an app that keeps an eye on your energy usage and alerts you about devices that sap excess energy. In addition, some go on to give you loyalty discounts if you have been with them for longer than two years. These small perks help in making big savings when analysed collectively. Free boiler service or a free smart thermostat with a particular tariff can cut down on your servicing bills, which are the inevitable annual expenses.

You should leverage these benefits from your supplier and if it is not offering these incentives then find the one that offers them. It is all about choosing the best deals and services so that you make savings as well as enjoy hassle free energy usage. Therefore, keep your eye open for those perks and stretch for a supplier that offers these little but useful add-ons to their services.

Choose a supplier that informs you about cheaper tariffs!

We have to accept that life can be really busy especially when you are a working partner with a family of dependents. You might not get a chance to keep checking your energy bills or occasionally keeping track of the cheapest tariffs of your energy suppliers. Here, you can check the reliability of your supplier as they can always inform their customers about the cheapest tariffs and savings which the customer can make on switching to these plans.

If your supplier informs you of the end of your current contract then it is an excellent service. If not then you should take the plunge and ask for the cheapest deals available with them. It is always an intelligent idea to choose a supplier that helps you by keeping you updated with their offers and accurate billing service. If your supplier is not one of these kinds then it’s better to move on and find a more reliable supplier.

Smaller suppliers offer big savings!

There are millions of customers that rely on big energy companies as brand matters to them. However, it is not the case anymore as many events have suggested that big suppliers have let down their customers. The companies have shown a lack of transparency and flexibility towards their customers. For a change, you can try smaller independent suppliers who are willing to offer you a good price and service.

As the smaller suppliers want to stay ahead in competition, they would be more flexible then the biggies of the energy industry. At times, they would go an extra mile to retain customers and end up giving good discounts along with a satisfactory service. Therefore, you can get everything you want from a smaller supplier and a smaller bill too.
Shop around to save!

This is like the gospel truth of the energy industry! You would certainly save if you are ready to make a switch to another supplier. There are millions of examples which prove that frequent switching is the key to minimal energy bills. In fact, the number of energy customers making a switch increases with each passing year with 4.8million people choosing to do so in 2016. You just need to compare all UK energy suppliers, their tariffs, exit fees and zero down on the supplier that proves the cheapest.

Federal Employees Ready for Retire

I meet regularly with Federal employees about their retirement benefits and their current payroll deductions. Most are not aware of what their Paystub reflects but more importantly do not know that a few tweaks to what they are currently doing can make a huge difference in their retirement.

Some key questions you need to ask yourself is:

1) Do I know what I am getting from CSRS/ FERS retirement? This is a simple calculation that is provided in your Summary of Benefits Workbook. Knowing this number is key to setting up the rest of your retirement plan.

2) Do you know what your TSP contributions translate to a lifetime Annuity? Most people contribute to their TSP as a main source of retirement funding. It is important to know what the TSP will translate to in an Annuitized retirement vehicle.

3) Do you know when you can start taking Social Security? Do you know how much your projected monthly Social Security Payments are? If you have not received a statement from Social Security about your benefits, you should call the Social Security office and have one sent to you. As a Federal Employee you can start receiving Social Security income at age 56 through a Special Retirement Supplement. A Special Retirement Supplement is a plan put in place to help Federal employees pad their monthly income until they are eligible for Social Security Benefits. This is available in your Summary of Benefits Workbook.

4) Do you know what your FEGLI Benefits are and do you know how to interpret your FEGLI code on your paystub? Your summary of Benefits workbook, goes into detail about the FEGLI code and how to interpret it. The Workbook also shows some areas of concern that you need to be aware of when approaching retirement.

5) Are you contributing enough or too much to your TSP? Do you know about the FERS contribution? Most people do not know that as a FERS employee the Government matches another  if you contribute all  to TSP. Thus you are getting a true  match.

What is the perfect contribution level? If you are not contributing to your TSP, you are making the biggest error in your retirement investing. The Government matches the first  with a match. So for every $1 dollar you invest you are getting $1 dollar plus the additional return of the fund you invest in.

On the other side of the coin I have seen many people invest  or more into their TSP and this is also a mistake. The funds within the TSP are very conservative by nature and provide a low rate of return. The maximum you should invest in a TSP is  of your income.

6) Do you know the minimum age you can retire with “FULL” Benefits?

Ages are 56-30, 60-20 and 62-5.

7) Do you know how to accurately determine what you are making now compared to what you will be making during your retirement? Do you know what items you will no longer need to pay at retirement? One of the key things that may bring Federal Employees comfort is the knowledge that there are several deductions that they will no longer need to pay at time of Retirement.

For Instance, you no longer need to contribute to TSP or FEGLI.

8) Is your W4 deduction status set to the proper level? Are you giving the government a tax free loan by mistake when you could be earning tax free interest? If you are getting money back each year, it may seem like a bonus but you have missed out getting interest on that income all year.

These are all key questions that will make a HUGE difference to your retirement. Take time to review your Summary of Benefits workbook.

To get your Summary of Benefits Workbook and a Benefit Review call 800-221-3928 and schedule a 20 minute appointment.