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Picking a bank isn't as stressful as picking a mate or a house, but it's not easy. Parking your cash in the wrong place can cost you. Before committing to opening an account, consider the tips to ensure you're making the right choice.

The options are endless when it comes to financial institutions and the variety of products and services that they offer. So how do you choose among national banks, community banks, credit unions, and digital-only banks? You have to consider the services and features that you value.

There are so many banking options out there that you could reading and comparing the fine print. It's no wonder choosing a bank can easily become overwhelming.

Choosing a bank, whether it's your first bank, you're looking to open a specialized account, you're considering an online bank, or you're looking for different banking services, from the wide array of options out there can be daunting. Of course you know what you need, but, in the moment, you may forget to ask about important details that could make or break your banking experience.

Here are some important items to add to your checklist when you choose a bank.

You can choose from several types of banks for your financial services. They offer similar products and services, especially if you're just looking for savings accounts and a debit card for spending, but there are differences.

Big banks are the national names you're familiar with. There are numerous branches on busy street corners in large cities, and you probably hear about big banks in the news. These institutions have national and multinational operations.

Products and services available include almost anything you can imagine

Rates on savings and CDs usually aren't the highest.

Fees tend to be on the high side, but it's possible to get fees waived

Branch and ATM locations are numerous if you care about banking in person.

Local banks operate in smaller geographic areas. They tend to have more of a community focus, and they're an essential part of your local economy.

Products and services available are usually sufficient for most consumers. These institutions should have everything you need personally, although large businesses and the ultra-wealthy may need to obtain specialized services from other providers.

Rates on savings and CDs vary, but you might snag a deal with advertised "specials."

Fees tend to be reasonable, and fee waivers are often available.

Online banks have established themselves as a solid option, and it's worth having an online-only account even if you don't use it regularly. That said, going 100% online with your money can be tricky-physical locations still have value.

Rates on savings and CDs are often higher than you can find anywhere else.

Products and services available include free checking and savings accounts as the main attraction, but other products may be available.

Fees tend to be low. Most accounts are free unless you bounce checks or request certain transactions (like wire transfers, for example).

Credit unions are not-for-profit organizations with a strong community focus. To open an account, you need to qualify and join as a "member," but this process is often easier than you think.

Products and services should be sufficient for most consumers and small businesses. The smallest credit unions might offer slightly less, but you can almost always find checking accounts, savings accounts, and loans.

Rates on savings and CDs are often higher than big banks, but lower than online banks.

Fees tend to be low, and it's relatively easy to find free checking.

Things to Consider When You Choosing a Bank

There are many things to consider when choosing a bank and the array of options can be confusing. Here's a checklist to guide you through the process.

Your money's safety
You have insurance to protect your health, your car, your home - and you should have insurance for your cash, too. Look for banks whose deposits are backed by the Federal Deposit Insurance Corp. or credit unions whose deposits are secured by the National Credit Union Administration. Both federal agencies insure balances of up to $250,000 if the bank or credit union fails.
Most banks or credit unions are insured. You can check the websites of the FDIC or NCUA to see if your institution is covered.

Consider interest rates

Main factor to consider is how much interest you can earn on bank deposits, or will be charged on loans. You have to looking to generate high interest income through saving accounts and certificates of deposit, even though you may have to give up other benefits to find this.

Checking accounts don't usually pay interest, or if they do, the rates are pretty low. But if you're opening a savings account, CD, or money market account, you should look at how much you'll earn in interest. You may decide that a high interest rate isn't an important factor when choosing a bank. Maybe you find a bank that doesn't pay high rates, but you like it for other reasons. That's totally fine, but if interest rates do matter to you, make sure to choose a company with competitive rates.

A bank may have the best customer service in the country, but if their interest rates are the lowest around, you may to find a better interest rates. Similarly, you might consider putting up with extra restrictions if it means you can earn a maximum level of interest on your deposits.

Ultimately, your bank should fit your current situation. If you want to take out a loan, prioritize a bank that offers low loan rates. Then, once you are paid off and no longer need a loan, move to a bank that better suits your other banking needs.

Most consumers will want to take into account ATM location convenience, branch location convenience and the availability of online and mobile banking, says Paul McAdam, senior director of banking services at J.D. Power.

However, varies, particularly by generation. For younger, mobile banking capabilities trump branch location convenience. The opposite is true for older bank customers. Still, branches continue to play a role in the lives of most Americans, with 78 percent saying they've opened their most recent new account or product in person at a branch, according to J.D. Power. Their data also indicates that branch offices in convenient locations is the most common reason why a consumer selected their primary financial institution.

Fees are a main factor to consider. Since fees often depend on banking habits, it pays to be aware of these habits in addition to static fees the bank charges. Know how many checks you'll write, what balance you're likely to maintain, and if you'll have a savings account, how much you're likely to keep in it.

No-cost setup and account maintenance

If you're in the process of choosing a bank, a low or fee-free checking account should be a given; there's no need to be charged for the pleasure of setting up an account.

Even if you were going to set up direct deposits anyway, or keep enough of an account buffer that you're not worried about dipping below a minimum monthly balance, it's less stressful to have a low or fee-free checking account, rather than a checking account with strings attached. Make sure a checking account is a part of that honorable 37% of low or fee-free checking accounts by looking for and avoiding 'free' checking accounts with terms such as 'options to avoid the monthly service fee.'

When it comes to banking, size matters. That doesn't mean that bigger is always better. You'll need to evaluate your business's needs and your comfort level to decide whether you'd rather work with a small community bank or a large national bank. Big banks have lots of branches, lots of different offerings, and lots of resources.

Bank can give you a wide variety of credit options and may be able to offer you perks for opening accounts or lines of credit. Smaller community banks may be more attuned to local market conditions and more willing to work with you based on your character and overall profile, rather than the hard numbers of a credit score, in other words, it might be easier to secure a loan or line of credit. Smaller banks may also be more willing to give you a better rate or a lower fee in order to win your business.

Whether you need the resources and variety of a large bank or the local expertise of a small bank, keep in mind that you're going to need a personal relationship with your banker. You'll be working with that person a lot and having a good relationship can be a big help if you run into trouble with fees or missed payments.

Types of Financial Products Available

There are 2 types of financial products available from most banks: income generating assets and loans . Best banks will offer a wider array of each product type, but that doesn't necessarily mean a better deal. There are some financial products by type and what to look for.

Find for high interest rates and varying CD lengths. Ideally the bank has high rates for a range of terms so you can build a CD ladder. Also check to see what penalties you'll face for withdrawing CD funds early.

Never do business with a credit union or bank that does not offer deposit insurance, or carry the FDIC or NCUA symbol. There are 2 types of deposit insurance: Bank deposits are insured by the Federal Deposit Insurance Corporation (FDIC) while credit union deposits are insured by the National Credit Union Association (NCUA). If a bank fails, the FDIC steps in and takes over.

Car loan. Find the bank with low interest rates, prepayment penalties. and origination fees. Consider the various loan terms and how these fit your needs. Find low new car rates easily, but used car rates are not advertised as often.

Home mortgage loan. find for low interest rates, closing costs, origination fees or points, and prepayment penalties. Consider the types of mortgages available.

Credit cards. Find for interest rates (best low interest APR credit cards), if you carry a balance, and rewards programs (best cash back credit cards). Always use credit cards and rewards wisely to avoid going into unnecessary debt.

Individual retirement agreements (traditional IRA) and brokerage accounts. Check for investment variety and fees. Can you invest in mutual funds, bonds and individual stocks, and other asset classes? What does it cost to place trades? How diverse are mutual fund options? Are there additional commissions charged on your purchase, such as front-end loads on mutual funds?

Banks, unlike online discount brokers, can offer personalized one-on-one service when it comes to your investments, but keep in mind, you'll pay for it.

Must-have technology
Does your bank account need a boost? Good technology can help you stay on track with your money. If you don't want to step into a branch, you'll need a bank with a mobile app that offers remote check deposits. Determining must-have features - such as the ability to transfer money easily to friends or loved ones, budgeting tools, automated savings plans or security measures - can help you narrow down the list of suitable institutions.

Where to look: Some credit unions and community banks may offer basic versions of some of these features. If you want the latest technology though, pick a national bank, online-only bank or mobile-only bank.
Bank Convenience

To make sure a bank would be convenient for you, find out about in-network ATM locations near you as well as any banking features you would use regularly, such as direct deposit. You'll also want to make sure the bank account is user-friendly. For instance, you might want a bank with a decent mobile app so that you can access your account from almost anywhere with ease.

Simple's unique features make banking much more convenient. You can create savings Goals, which take money from your overall balance and hide it in digital envelopes. Your overall balance doesn't change, but Simple adds a neat feature called Safe-to-Spend, which shows you how much expendable cash you have left over, once your Goals are taken care of.
Is it worth switching your bank account?
If you're unhappy with the service you are getting from your current bank or building society, it's easy to change. Your new bank will do the work for you and there's no need to deal with your old bank.

To pick the best bank for your needs, get familiar with the options available, and then choose the institution best fits your needs.

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Picking a bank isn't as stressful as picking a mate or a house, but it's not easy. Parking your cash in the wrong place can cost you. Before committing to opening an account, consider the tips to ensure you're making the right choice.

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Financial matters can be quite complicated. Tasks like buying and selling stocks, preparing for retirement and protecting your estate so you can pass it on to your children are all complex and often involved. Handling all of them on your own is enough to make your head spin.

A financial advisor can help you make sense of all of these tasks. Financial advisors can holistically examine your financial situation and help you craft a financial plan to ensure you make decisions that are in line with your larger financial goals.

Financial advisors have the investment expertise to make shrewd decisions in order to grow your money. A financial advisor can help you to create an asset allocation that fits with your goals and adjust it as you get older or your goals change. At the same time, financial advisors can help you to protect your assets, which becomes especially important as you near retirement. With the help of a financial advisor, you can ensure you're ready to retire when you want.

This is how a financial advisor can help you

Money is a complicated topic. Those who don't, strive to get it. It has been this way for years, and the story isn't likely to change any time soon. As such, everybody needs help with their finances at some point in their lives. That's where a financial advisor or investment advisor comes in.

Financial planner, is an expert who helps you to organize your finances. Your advisor will forecast the outcomes of your investments and savings, giving you a clear picture of your preparedness for your retirement and life's unexpected mishaps.

Doing your own financial planning is fine, but seeking professional assistance puts your monetary strategy on a different level. A financial advisor is somebody who has ideally received years of training, education, and experience in everything finance-related. They could make a significant difference in the quality of the financial choices you make.

A financial advisor should collect personal and financial information about you and use this data to help you plan for present and future needs. Financial planner should take the time to understand your goals and would have formulated a long-term monetary plan for you before they make any recommendations.

When should you get a financial advisor?

A good financial advisor can look at your big picture. financial advisor can assess all your financial needs and challenges and can help you achieve your goals. A financial advisor can guide you through retirement planning, investing strategies, tax issues, dealing with employee stock options, and more.

When looking for a prospective financial advisor, a good starting point would be to know about his/her education qualifications, certifications, and licenses. Financial planning is a vast subject and has various specializations. Hence it is imperative to know if your advisor has the adequate competency and benchmark level of qualification to provide you with the best advice based on your situation.

Experience A significant experience in the financial domain would be an added advantage when it comes to hiring an advisor. It is an old school thinking that the advisors who have more years of experience are an ideal one. However, you should assess an advisor with his level of expertise and capability in dealing with long-term financial markets and investment allocations and working experience with other clients.

This is valuable throughout your life, but especially when you near major life events, such as paying for college, buying a house, getting married, having a baby, adopting a child, retiring, or inheriting assets. When changing jobs, you need to consider how to deal with your retirement accounts. All of us should evaluate whether we have adequate disability insurance or need long-term care insurance. Financial advisors can help you determine whether you're better off leasing or buying your next car, whether you should refinance your mortgage, how to avoid estate taxes, how to maximize your ability to care for elderly parents, and so on.

When is it Worth Paying a Financial Advisor 1%?

Anyone who is working with a financial advisor could bring benefits for him/her financial situation. However, the cost involved is often the stumbling block. Even so, it reaches a time when paying for financial advice is an investment. So, when is it worth paying a financial advisor 1%? If you are going to have a real dream, you need a real plan. To make it happen, you need to carry out a cost/benefit analysis to determine whether or not it is the right time to pay the 1% fee for an advisor. This involves asking yourself questions such as:

Tips for Finding a Financial Advisor

People who have financial advisors report greater financial security, and research suggests that working with an advisor can result in additional annual investment returns ranging from 1.50% to 4%. Smart Asset's free tool matches you with up to three financial advisors in your area in five minutes. Get started now.
Before you hire a financial advisor, it's important to understand how much their services will cost. Most advisors charge based on a percentage of your assets under management. However, there may be other fees involved. A key distinction to note is whether an advisor is fee-only or fee-based.

Consider the Value of an financial Advisor

Some financial planners are just as susceptible to damaging emotions and poor judgment as the average do-it-yourselfer. However, a good adviser will look at your money logically and help lay out an objective road map to follow so you can reach your future financial goals while living your present life more fully. How much might this be worth to you? Perhaps even your own acquired skill and knowledge of financial matters is greater than that of many financial advisors but how much does quality of life factor in to your decision?
How much do financial advisors cost?
It varies, is the answer in short.

But I'm going to try to break it down somewhat here:

Percentage of Invested Assets- You'll be charged a flat percentage of your total account balance - usually between 0.25% to 1% per year. An unofficial industry benchmark is 1%, although advisors may charge slightly more or less.

Annual Retainer - Financial planners typically charge a few thousand dollars for a comprehensive financial plan.

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Financial matters can be quite complicated. Tasks like buying and selling stocks, preparing for retirement and protecting your estate so you can pass it on to your children are all complex and often involved. Handling all of them on your own is enough to make your head spin.

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People love the convenience of online banking, but how much of our information is actually protected online? Mobile banking security has become trending topic recently due to the many big data breaches, and this means we all need to take online safety into our own hands. One thing is for certain: you can never be too safe, especially online.

However, as our use of mobile banking increases, so too does the risk of being targeted by mobile malware, according to security firm Check Point. In their mid-year trends report, the company found cyberattacks on smartphones had risen by 50% in the first half of 2019 compared to the same period last year, and suggested the key reason for this spike was the growing use of mobile banking applications.
But how secure is mobile banking? Could a thief sniff out your bank account information digitally? Is it safe to make financial transactions using an app or text messaging, or by visiting a mobile Web site?

Mobile banking is both safe and convenient, say cybersecurity experts, but consumers need to take certain precautions. "If you download the mobile app from a secure store, that is just as safe as visiting a bank branch," says Paul Benda, senior vice president of risk and cybersecurity policy at American Bankers Association. According him, the best place to download an app is from your bank's website, which provides the right link to the institution's app. "Banks use extremely secure, high-end encryption technologies," Benda says. "We like saying that mobile apps are like having a bank branch in your pocket."

Most transactions can be done online or through your financial institution's mobile app on your smartphone.
You can see deposits and charges that are pending, meaning they have not posted to your account yet. Note that for pending debit card transactions, the amounts you see may not be the same as the final amount that posts to your account. Be sure to check your bank's or credit union's funds availability policy before assuming that pending deposits are available for making payments or withdrawals.

Most banks allow you to set up automatic notifications to help you manage your account and alert you when any of the following happen: a direct deposit is received, a large payment is charged, your balance falls below a certain amount, your account is in overdraft, and more. Often, bank and credit union online portals offer you the ability to sign up to get these alerts via text, email, or both. These alerts can help ensure you stay informed without having to log in to your account several times a day.

Check your account balances online at any time. You now can catch errors such as unauthorized activity earlier - without having to wait for your paper statement. You usually can notify your bank or credit union account of errors through the online or mobile banking app or chat functions.
Consider whether you would like to continue to receive paper versions of your periodic statements and other documents. Your bank or credit union may prompt you to go paperless while you set up online banking.

If you're worried about using a mobile banking app, be aware that security threats exist everywhere, including inside the bank lobby. There is the risk that the bank employee will do something that is illegal, like stealing your banking information - this is known as an insider threat.

With a mobile app, there are potential vulnerabilities related to the security posture of the app itself, vulnerabilities in code, encryption methods, etcetera - and also potential vulnerabilities related to the transmission of information. Here's the good news In both scenarios, the bank invests heavily to 'bake in' security. Financial institutions monitor their employees' behavior and also look for vulnerabilities in their app that can be patched before they are exploited by criminals. There are also precautions you can take to reduce the risk.

Tips for Safe Online Banking

We've created this list of top recommendations. These should protect you against almost all threats. And they should also help you to practice safe browsing at all times, both on mobile networks and home internet connections.

Don't Follow Links
There are the term phishing. Phishing refers to the practice of tricking someone into revealing private information. There's bait involved with both. With a phishing scheme, that bait might be as simple as a text message or e-mail. It may be as complex as a fake Web site designed to mimic your bank's official site, which is called spoofing.
Never follow a banking link sent to you in a text message or e-mail. These links could potentially lead you to a spoofed Web site. If you enter your information into such a site, you've just handed that data over to thieves. It's always a good idea to navigate to a Web site directly. Enter your bank's Web address into your phone and bookmark it. This will help you avoid bogus Web sites.

Strong Passwords
Most mobile banking sites require that when you create your account, you create a strong password. But you should still know the rules: Use a combination of numbers, uppercase and lowercase letters, and special characters. Never use a password you're already using on another site. There are special tools to help you generate a strong password.
If you need to carry your online banking password with you, keep it in a pocket or bag separate from your phone. And don't leave any clue about what it's for.
Complete End-to-End Encryption
In a digital transaction, various bodies such as the merchants, card brands, and various banks have different roles to play! Every year, sensitive data worth billions are exchanged. It is not incorrect to say that transactions made online act as hotspots for cybercrimes and criminals. As we know, end to end encryption makes transactions a hell lot safer, this is one of the best solutions to avoid such cyber threats. End to end encryption essentially does major checks and tests, taking safety measures to the next level.

Face-scanning is bad
The latest trend in mobile user verification technologies is fingerprint scanning. From the point of view of protecting the phone, it's a highly effective technology. In addition, it's much easier and more convenient to apply a finger than to enter the pin code.
This method is not perfect. Equipped with this advanced system, the flagship of smartphone managed to be easily deceived. Bloggers managed to unlock the device, showing him selfie images from the screen of another gadget.

Turn on your alerts
Most mobile banking apps offer text or email alerts. You can be notified if your card makes a purchase over a certain amount or is used in a location that you are not in. These types of notifications can easily let the account owner know that their information has been compromised and that they need to notify their bank of this activity.
Keep a tab on text & email alerts
Setting up email and text alerts are the best way to keep your banking account safe from falling prey to hackers. And nowadays, almost all banks are offering banking alerts to their customers to set up alerts for everything from cash or check debits to credit transfers.

Summary
Most financial transactions occur through mobile devices, so it's important to keep your information protected. Follow these simple, yet important tips to keep your online wallet from thieves. The more you know about online security, the safer you'll be. With precautions like strong passwords and a powerful VPN, you can give yourself extra layers of security and learn to recognize threats.
These tips should help you to get started with secure mobile banking. And as long as you stay alert, you'll only become more comfortable with the convenience of mobile banking.

Although security is the biggest concern, still it is compromised generally for many reasons. Losing the sensitive data can cost the user a lot and the android app development companies must pay huge attention towards this. Above are the general tips for ensuring the app security at the coding level. The apps made to transact the information are more likely to leak the data to an unreliable resource. This leaves you prone to several cyber-attacks and can lead to more hazardous outcomes such as financial losses.

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10 Tips To Increase Mobile Banking Security

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People love the convenience of online banking, but how much of our information is actually protected online? Mobile banking security has become trending topic recently due to the many big data breaches, and this means we all need to take online safety into our own hands.

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People think that their money is safe at the bank and they don't need to do anything with their savings. Well, here's the inconvenient truth: by leaving money in the bank and not investing it, you're actually losing money every year, to the tune of around 3% in most developed nations. This is due to the effects of inflation.
Here's the way inflation works. One dollar today will buy more products than one dollar next year, and the effect is compounded over the years.

With a click of mouse, you can buy and sell stocks from more than 100 online brokers offering executions as low as $5 per transaction. Although online trading saves investors time and money, it does not take the homework out of making investment decisions. You may be able to make a trade in a nanosecond, but making wise investment decisions takes time. Before you trade, know why you are buying or selling, and the risk of your investment.

No one can predict what the markets will do in the future. Instead of trying to hit a precise return over time, I like to bucket my investments into three groups.

1. High risk investments
Average annual return: minus-5% to 10%
Strong return: 20% or better
Poor return: minus-15% or worse
Risk of initial principal: High
Investment examples: commodities, penny stocks, Real estate, high-yield bonds, venture capital, private equity, cryptocurrency

2. Average risk investments
Average annual return: 3% to 8%
Strong return: 12% or better
Poor return: 0% or worse
Risk of initial principal: Partial
Investment examples: index funds, ETFs, Stocks, corporate bonds

3. Low risk investments
Average annual return: 1% to 2%
Strong return: 3%
Poor return: 0%
Risk of initial principal: Little to none
Investment examples: bonds, CDs, Municipal bonds, s money market funds, bank savings accounts

Online Investing Platform Types

1. Full-service brokers come at a higher cost than discount brokers, however they essentially manage your investment portfolio for you. They also usually require higher account minimums - typically $50,000 or more - than discount brokers, who often have no minimum account balance at all. When you turn your portfolio over to a full-service broker, they determine your portfolio allocation, rebalance periodically, and handle all purchases and sales of securities in the process. But because they're full-service brokers, there is a good deal of customer contact.

2. Robot Advisors (Best for new and small investors) This is the most recent group of online investment brokers, having only come up in about the last seven or eight years. But they offer professional investment management at very low fees.

3. Mutual Fund Families (Best for less active trading) Mutual fund families are companies that manage their own group of mutual funds or ETF's. They can offer anywhere from a dozen to several hundred funds, covering every conceivable market sector and market index. Since each fund within the family is effectively its own managed portfolio, it represents an opportunity to have professional investment management.

4. Discount Brokers (Best for active traders) Discount brokers are actually some of the largest online investing platforms available. Some of them hold many hundreds of billions of dollars for millions of individual investors. They provide you with an opportunity to invest in the widest range of assets, including stocks, bonds, mutual funds, exchange traded funds (ETFs), foreign securities, real estate investment trusts, and futures and options.

Whether you choose your own investments or use a robot-advisor, just know that not all broker services are the same, so get to know each online broker's "fee schedule" or "pricing" pages. Some brokerages will charge commissions per trade, while others ask you to pay a certain percentage of your account balance as a "management fee" (typically 0.25% to 1% of your account balance) each month or year. Also pay attention to the account minimums, which tell you how much cash you'll need to open an account in the first place (If you're opening a retirement account, most firms typically waive this requirement).

Don't turn investing into gambling
People that doing investing will be ideal for. Someone that has the time to manage their investments, has a good understanding of the investment world as well as their own requirements, and also has the inclination to take on the responsibility of managing their savings.
A lot of people who don't fit this investor type yet still take on the task of investing themselves. If you are one of these people, you may well be investing with much more risk than you should. In fact, even if you do fit the model for a DIY investor, you still might be taking on more risk than you realise. This is why seeking advice is so important.

Safety tips for online investment

If you are interested in online investment and trading, refer the listed safety tips.
Try getting maximum information of the online broker before choosing one
Set limits for your online trading transactions
Always check on your online transaction regularly
Avoid trade online or do any online investment securities by using any public computer
Always make sure that the website you are doing online trading is secured and has "locked padlock" icon in the browser window and there should always be " https " at the beginning of the URL

"Investing done right is focused on risk management. It is a simple, mathematical truth baked into how money compounds to create wealth. A 20% loss only requires a 25% gain to get back to even, but a 50% loss requires an astounding 100% gain and a 90% loss requires an impossibly large 900% gain - just to get back to even. The math is unequivocal: It is not how much you make when you are right that determines your wealth, but how much you lose when you are wrong", said Todd, Financial Coach at FinancialMentor.com

These are the tips that will help you start investing your money online. If you still feel lost or unsure on how to progress with your finances and investment, it would be a good idea to get some coaching or consultancy.

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Online Investing: Things You Should Know

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People think that their money is safe at the bank and they don't need to do anything with their savings. Well, here's the inconvenient truth: by leaving money in the bank and not investing it, you're actually losing money every year, to the tune of around 3% in most developed nations.

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Saving for the future and planning for retirement can be extremely daunting. You might feel frozen and unable to do everything you want to improve your situation. However, taking advantage of simple financial strategies today such: automating your savings, cutting current expenses and saving raises could significantly improve your future.

While most workers are responsible for their own retirement savings these days, high schools don't have required classes on 401(k)s and Individual Retirement Accounts (I.R.A.s). And colleges usually don't teach anything about Roth I.R.A.s or 403(b)s. That's where we come in. The final 10 years before retirement is the perfect time to make saving for retirement a real priority.1 Here are several ways you can boost your savings in the final stretch, to ensure your retirement is everything you dreamt it would be.

Estimate How Much You Need in Retirement

Roughly estimate how much money you'll need to live on in retirement. Don't get bogged down by conflicting advice on how to calculate the amount. A ballpark figure is a good starting place. Consider using a retirement calculator to help you determine how much you'll need to have in place.

Knowing how much you'll need not only makes the process of saving and investing easier but also can make it more rewarding. Set benchmarks along the way, and gain satisfaction as you pursue your retirement goal. Use the Personal Retirement Calculator to help determine at what age you may be able to retire and how much you may need to invest and save to do so.

Focus on starting today
Especially if you're just beginning to put money away for retirement, start saving and investing as much as you can now, and let compound interest, the ability of your assets to generate earnings, which are reinvested to generate their own earnings, have an opportunity to work in your favor. The more you can invest when you're young, the better off you'll be.

For someone nearing 30, a retirement plan with even a slightly higher match will make a huge difference in savings over the course of a career. You still have a few decades to earn on that money, so a 1% to 2% increase in matching will add up over time. Aside from employer contributions, consider investing any potential cash windfalls into your retirement account. A common example is your tax return. But you might also receive a year-end bonus, family money, or cash from selling an asset, such as a car.
Automate your investments.
Have all your investments automate right out of your check, so you never even see them. This tip helps you from being tempted by the immediate desires that money says it can fulfill. If you're always moving your retirement investments over manually, you might hear the gratification portion of your brain whisper that this cash would be better used on furnishing a home theater or going on an exotic getaway "just because." We aren't saying you can't save up for nice things in life. We are saying you shouldn't shortchange your retirement savings to get those nice things. An auto-draft can remove that temptation altogether.

But just because you can make withdrawals doesn't mean you should, unless you absolutely need the cash. The longer you leave your retirement accounts untouched (up to age 70½, when you must begin to take required minimum distributions from some of them), the better off you are likely to be.

Pay yourself first before paying others. Save 20% of every dollar off the top of what you make and create a disciplined approach to managing cash flow. It's not what we make, it's what we do with our earnings that counts! advice from financial expert, Michael S. Schwartz, CFP®, AEP®, Magnus Financial Group LLC

Mortgage debt, a big debt for most, is a good bet to tackle next. Refinancing or paying off your mortgage before retirement could help save you much of dollars in interest and free up those funds to put towards savings instead. Making extra payments or consulting a financial advisor.

Another critical decision is to choose the right type of retirement income product, as this may determine how your retirement income will grow over time, or not Again, discuss this with a financial adviser. The best way of boosting your limited retirement funds is to work and save as long as you possibly can. However, companies have rules and it's not always possible to delay your retirement. At a certain age you'll have to leave.

Make saving a line item

Whether you budget mentally, with a budgeting app or in a spreadsheet, you likely have a rough idea of the places your money goes. You know how much, at least generally, things like your mortgage and car payment cost. The key here is to allocate a set amount to savings right alongside those other expenses. Transfer that amount to savings after your first paycheck of the month, and you'll get into the habit of treating saving money in the same nonnegotiable manner you'd treat other expenses.

How Do I Know If I'm Saving Enough?

You can't,. It's hard to know how long you'll want to work, how long you'll be physically able to work, how long an employer or customers will be willing to let you work for them, how much money you'll actually want to spend once you retire, and how long you'll live when you're done working. Plus, you can't predict your investment returns.

Given all the variables, you may be tempted to throw up your hands and put off the decision to start saving or to increase your savings. Please don't. If the possibilities feel overwhelming, just save as much as you reasonably can, as our Sketch Guy columnist, Carl Richards, puts it. Again, more savings now will mean more and better options later.

Other ways to save for retirement

While a pension is one of the most tax-efficient ways to save for your retirement, there are other tax-effective long-term savings options too. Stocks and Shares ISAs are one example and there are also tax exempt savings plans offered by friendly societies. A long-term savings plan might suit you if you're worried about putting all your retirement eggs into one basket.

It could be run alongside a pension and, whether you use this additional pot to boost your income, treat yourself to a special holiday, help your grandkids out or to simply provide an emergency fund, it could prove a useful pot of money. These plans might provide a solution if you haven't got a pension and are looking for an affordable alternative. People look beyond pensions when it comes to saving for retirement - apart from additional long-term savings, other options included property and inherited wealth.

Retirement can seem like tomorrow's problem. But that kind of thinking will leave you working hard for your money-for the rest of your life. Properly saving for retirement now gets you on the path to golden years of glory. You can boost your investments and make retirement savings the priority it deserves to be. Just follow these nine tips.

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Saving for the future and planning for retirement can be extremely daunting. You might feel frozen and unable to do everything you want to improve your situation. However, taking advantage of simple financial strategies today such: automating your savings, cutting current expenses and saving raises could significantly improve your future.