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Five Ways Your Savings Account Is More Than Just a Savings Place

Given all of the advantages that come with a savings account, the name ‘savings’ account can be misleading for those deciding whether to use one. Understanding some of the benefits to opening one can ensure that you get the most out of the money you put in the bank. Here are five ways to get more out of using a savings account today: Compound Interest It may seem that the interest earned on savings is insignificant; however, the returns grow over time. The totals can add up very quickly and turn into what is called compound interest. Essentially, this can be understood as interest earned on the interest you have already earned. For example, if you earn 5% interest on 100 dollars for a year, the 105 dollars you then have earns 5.25$ over the next year. This continues to grow exponentially, turning the five dollars into almost 1,000 dollars over the course of 40 years. The 72 Rule An easy way to see the power of saving is to understand the so called “rule of 72”. The formula allows […]

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Five Underlooked Investments for Retirees

When it comes to investing strategy, your age should be counted as one of the most important factors in forming the way you approach building a portfolio. While younger investors still have a salary that allows them to recover from more risky ventures in the stock market, older individuals or the recently retired need to tailor their allocation of stocks in a diversified way. Ideally, this would look like a combination of companies that have above market average dividend return. But not everyone is savvy enough with todays markets to hit this golden combination on their own. That is why we have compiled a guide of these five under-looked strategies and assets that best suit the retired investor. Consider Moderate Changes – If you already have a portfolio before retiring, it is not always necessary to make big changes to the stock listing that you are currently in. For those first years of a hopefully long retirement, it is wise to make small adjustments, amounting to perhaps a 5-10 percent change in holdings. For example, if you plan to withdraw a moderate amount of your savings each year, […]

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