RETIREMENT
Starting a new job or career professional? Open a retirement account. A retirement account is one of your most important financial freedom building vehicles.
There are different types of retirement plans that you can contribute to. Your options are:
- 401k – employer sponsored plan
- 457(b) – public sector and nonprofit organization
- 403b – tax exempt organizations and public schools
- IRA – individual retirement account
- SOLO 401k/SEP IRA – small business owners, consultants, contractors
HIGH YIELD SAVINGS
A savings account will help you plan for future purchases and emergencies. A high yield savings account (HYSA) typically has a higher annual percentage yield (APY) than the traditional savings account, sometimes as high as ten times the APY of a traditional savings account.
*Interest Rates: Remember interest rates change, so be sure to check with the financial institution before opening an account.
*Requirements: Each financial institution has different requirements, so read their requirements thoroughly before opening an account. Some requirements include:
- Potential Monthly Fees
- Direct Deposit
- Minimum Amount
- Withdrawal Limit
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