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Savings and investments are another
step on the path to economic security and opportunity.
They include cash in savings and checking accounts,
stocks and bonds, and ownership of a house or other
property. If large enough, they can give you extra income
now and, even more important, make your retirement years
more comfortable. They can help you deal with the expense
of a personal crisis or emergency. They can help you
to make a down payment on a home you want, pay for the
education and training you need, start a business, or
make an important purchase, such as a car or a computer.
In the first section, you learned how your knowledge
and skills could help qualify you for the job you want
or prepare you for the business you want to start. In
the second section, you learned about how to gain the
best job that is within your reach and the other supports
that can boost your income when earnings fall short.
Once you are far enough along the path, your income
may be large enough so that you can think about setting
some aside for the future.
The gains from building your savings and investments
are not just valuable to you. Communities are stronger
when residents have a financial stake through ownership
of a home or a business. Communities can thrive when
families have the economic security that a nest egg
of savings and investments can afford. Communities can
grow when households have the financial means to invest
in their future.
For these reasons and many others, it has long been
considered in the interest of the community to help
people build savings and investments. Tax policies can
provide incentives for people to accumulate them. For
example, homeowners who owe income tax can pay less
tax based on the cost of paying off their mortgage.
People who save for retirement can reduce or delay payment
of taxes on the income they earn from their savings.
People can also reduce or delay payment of taxes when
they save for the college education of their children
or other family members. This kind of help makes a real
difference in the lives of millions of Americans. But
others, including those with low income, are not able
to benefit from these tax policies.
In this section, we will look at ways you can save,
invest, and manage your money, and at policies and programs
that can help you and others advance along the path
to financial security. We discuss four topics:
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Starting simple: Saving
In the last section, you learned ways to increase
your income from a job or your own business to pay your
day-to-day expenses. Now let's talk about the money
you have left once the bills are paid. You may not have
a lot left over, but sometimes all it takes is a little
here and there to get you on the road to better financial
security and opportunity. So, budget well and commit
yourself to putting aside something on a regular basis,
and then try hard to stick to your budget. To learn
about different ways to save, visit http://www.consumerfed.org/66ways.pdf.
The first money you set aside, you may need for important
purchases or emergency expenses, so you need a secure
place where you can keep it and have it available right
away. At the same time, you want to take advantage of
the chance to earn more money from what you have saved.
The extra money is called interest. For example, if
you open a basic savings account at a financial institution,
like a bank, you can earn interest on your money. Over
time, your savings and the interest you earn can build
up.
Let's say you save $20 every week in a savings account
at your local bank. Chances are that your bank will
pay you interest on your money of 1% to 3% annually.
The table above shows what your account would be worth
over time at 3% interest compounded monthly.
| Weekly Savings |
| |
1 Year |
5 Year |
10 Years |
15 Years |
20 Years |
| $20 with 3% Interest |
$1,056 |
$5,608 |
$12,125 |
$19,686 |
$28,492 |
| $20 without Interest |
$1,040 |
$5,200 |
$10,400 |
$15,600 |
$20,800 |
As you can see, if you leave your money in the account
you earn more and more interest as the amounts you have
already earned build up. This is called compound interest.
The key here is saving regularly. This means trying
hard not to touch the money you have.
Basic Savings Account
Having a savings account at a bank or other financial
institution that is covered by the Federal Deposit Insurance
Corporation (FDIC) will allow your savings to grow and
be insured up to $100,000. To open such an account,
you might have to pay a monthly service charge - typically
$3 - if your savings account goes below a certain amount
(a "minimum balance"). You may also have to
make a minimum deposit to open an account. Having an
account may give you access to Automatic Teller Machines
(ATMs) to access your money more easily, although there
may be charges to use some ATMs. The service charges,
opening deposit, and minimum balance may depend on where
you save - at a commercial bank, credit union, savings
bank, or small community bank. To comparison shop for
savings accounts, checking accounts, and other financial
services available in your area, visit http://www.bankrate.com/brm/rate/atm_chk_home.asp.
Saving can be easier and more regular if you "direct
deposit" your wages, government payment, or other
sources of income. You can also avoid high fees for
cashing your paycheck when you use direct deposit. Ask
your employer or a financial institution that you deal
with about direct deposit.
If you receive one of certain kinds of federal government
payments, you may be able to open up an Electronic Transfer
Account (ETA), a low cost account into which the payment
will be deposited. To see if you qualify, call 1-888-382-
331 toll-free or visit the web site, http://www.eta-find.gov.
Also, under the federal government's First Accounts
program, organizations in over 25 states have received
grants to enable people to open low cost savings and
checking accounts. To learn more, visit the U.S. Treasury's
web site at http://www.ustreas.gov/firstaccounts/grantawards.html.
If you live in Illinois, Massachusetts, Minnesota, New
Jersey, New York, Rhode Island, or Vermont, you may
be able to sign up for a low-cost "lifeline account"
that banks in those states must offer.
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Improving connections with
financial institutions
Having an account at a financial institution
gives you ways to save and means to manage your
finances - such as cashing checks and paying bills
- that are less costly, so you have more to save.
There are choices about how to help people get
"connected" that are worth considering.
For example, employers could be encouraged to
get their employees to sign up for direct deposit
of their paychecks and provide financial education
at work. Financial institutions could be encouraged
to offer more reasonably priced accounts and basic
financial services. For example, the First Accounts
program that is noted above could be expanded.
Alternatively, financial institutions' obligation
to serve all in the communities where they do
business could be increased under what is called
the federal Community Reinvestment Act. Or other
states could follow the lead of the seven that
have already required banks to establish "lifeline
accounts." Two articles at the Brookings
Institution's web site, http://www.brookings.edu/metro/capitalxchange/article10.htm
andhttp://www.brookings.edu/metro/capitalxchange/article4.htm,
offer information and ideas about how more people
can get connected to financial institutions. |
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Removing "asset test"
barriers to saving
Important government programs such as Food
Stamps, Medicaid, and Supplemental Security Income,
help fill in the gap with cash or other benefits
when people don't make enough from work to meet
their basic needs. But some people who need help
from these programs can't get it because they
have built up modest amounts of financial assets
or own a car worth too much money (even though
they need it for work). As a result, they have
to "spend down" their savings to get
in or may not bother to save in the first place.
But those savings may be just what they need to
move on and move up once the program helped them
get back on their feet. Also, people who have
certain kinds of employment pension plans risk
losing some benefits, if they have too much money
in the plan. For more information about how "asset
tests" affect asset building for lower income
families, check the website of the Center on Budget
and Policy Priorities at http://www.cbpp.org/9-20-00tax.htm
and http://www.cbpp.org/4-13-01wel.htm. |
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Encouraging saving
Reports so far suggest that Individual Development
Account (IDA) programs are popular and genuinely
help participants build a financial stake for
themselves. As of 2003, there are IDA programs
in almost every state. Many are privately supported
by foundations and other organizations. In many
states, the state government also contributes
relatively small amounts of money in a variety
of ways. The federal government has created a
pot of money for IDA programs, only some of which
has been spent so far. But the need and demand
for IDA sseems much greater than current state
and federal government support for it. For more
information and ideas about IDAs visit http://gwbweb.wustl.edu/csd/
and click on "IDA" or "State Policy."
The Family Self-Sufficiency
(FSS) program has had success not only in helping
people get on and up the job path, but also in
building a financial stake that they can call
their own when they complete the program. But
many public housing authorities across the states
could do even more to help the program work. In
some areas, additional funds pay for more staff
who assist people in reaching their goals through
case management and by tapping into more resources
that exist in the community. To find out about
the FSS program, visit http://www.cbpp.org/4-12-01hous.htm. |
Certificates of Deposit and Money Market Accounts
Certificates of Deposit (CDs) generally pay higher
interest than regular basic savings accounts, usually
because you must invest a minimum amount of money (say
$500) and won't have access to it for a minimum amount
of time (for example, 6 months). Money Market Accounts
(MMAs) also pay higher interest - though not so much
as CDs - because you must also invest a minimum amount
of money and you are limited to six withdrawals per
month. Most financial institutions offer MMAs and CDs;
those offered by banks are federally insured, just like
ordinary savings accounts. Shop around for the best
interest rates and terms. You can learn about these
options at http://www.bankrate.com
or from your local bank.
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Individual Development Accounts (IDAs)
Depending upon the state and area where you live,
you can get a helping hand in saving through an Individual
Development Account (IDA) program. If you qualify for
the program, some of your savings in a special account
will be matched, often dollar for dollar and sometimes
even more, if you stay in good standing. Usually that
means you are saving at least small amounts on a fairly
regular basis over a year or two. It also means taking
classes to increase your knowledge about personal finance
and sharpen your money management skills. Generally,
you get the benefit of the match when you use the money
for a specific purpose, such as buying a home, paying
for college or vocational education, or starting a small
business. IDA programs typically give you advice and
support in making wise decisions about how to use your
savings in this way. To find out if there is an IDA
program you can join, visit http://www.idanetwork.org,
or call the Corporation for Enterprise Development at
(202) 408-9788.
Family Self-Sufficiency Program (FSS)
The public housing authorities (PHAs) that run
public housing and supply vouchers ("Section 8"
certificates) that help pay for private rentals by lower
income families also run a Family Self-Sufficiency Program
(FSS). This program helps participants with supports
and services not only to get and keep jobs with good
wages, but also to build a financial nest egg. Ordinarily,
public housing tenants and voucher users must pay more
rent as their earnings rise. But for FSS program participants,
some of their increased payment is put into a special
account. All the money in that account becomes available
to them when they successfully complete the FSS program.
In some states, PHAs run additional programs that work
like FSS. If you receive housing assistance, contact
a PHA in your area to learn about programs of this kind
in which you might participate.
Saving for the long haul: Investing
in a home
Once you have saved enough to meet your short-term
needs, you can think about putting more money aside
and investing your savings over the long term. Investing
can bring greater financial rewards, but it also may
come with greater risk. You can lose money as well as
make it. It can be the right strategy for you if you
learn about the different risks and rewards and make
wise choices about your investments.
How homeownership works
Owning a home is more than having a house to call
one's own. It's also a way to build wealth. According
to one estimate, households in America may have as much
as $8 trillion of their net wealth in homes. For many,
it's the most important part of the net wealth they
have. You will need savings of your own (a down payment)
and money you borrow (the mortgage loan) to have enough
to buy a house. You will have to pay for other fees
and expenses to cover the cost of the transaction (closing
costs).
Required minimum down payments for conventional loans
may be as high as 20% of the sales price, although government
loans typically have lower down payment requirements.
For example, the Federal Housing Administration (FHA)
and the Department of Veteran Affairs (VA) may offer
assistance in paying your up-front cash requirements.
To learn more, visit the Government National Mortgage
Association web site at http://www.ginniemae.gov/1_learn/h_i_c.asp?Section=YPTH.
Also, you can check the web site of the Department of
Housing and Urban Development (HUD), http://www.hud.gov/buying/localhomebuy.cfm,
to find out about other local down payment assistance
programs. In addition, visit the website of Fannie Mae,
the largest single private source of money for home
mortgage lending. (Go to http://www.fanniemae.com/index.html,
click on "Find a Mortgage" and click again
on "Mortgage Solutions.") There you will find
a list of mortgage products designed to meet the needs
of different kinds of borrowers and lenders who offer
those products.
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Turning savings into a home
Public policies have enabled many Americans
to become homeowners. Most importantly, they have
been given a real boost to covering their home
ownership costs from the taxes they save when
they deduct their mortgage interest and real estate
tax from the income they report on their federal
tax returns. It's worth considering whether there
are ways to give similar help to others who don't
get the benefit of such deductions. One way would
be to make the deductions "refundable"
like the Earned Income Tax Credit (EITC), described
in the section on jobs plus. That is, just as
some people get a tax saving deduction, others
who cannot benefit from it could get a credit
that gives them back money to help pay their mortgage.
Another way might be to help those for whom coming
up with the down payment is a bigger barrier to
homeownership. They could be offered a one-time
credit that they could use to cover part of the
cost. |
If the home you want costs $145,000, a down payment
between 10% and 20% will cost you between $14,500 and
$29,000. The money will primarily come from your savings
and perhaps some help from a family member. Once you
have the down payment, you will need to borrow the rest
(get a mortgage loan). The most important features of
a mortgage loan are the amount of the principal, the
term, and the interest rate. The principal is the money
you borrow from a financial institution. The term is
the number of years you have to pay back the loan. The
interest rate determines the extra amount you have to
pay to the financial institution for borrowing the principal.
In 2003, interest rates have been the lowest in decades,
well below 6%; during the last few years, they have
been has high as 8.3%. Whenever you seek a mortgage,
be an educated buyer and shop around to get the best
buy! For example, it would cost you over $23,000 more
in interest to make all the payments on a 30-year mortgage
loan for $100,000 at 7% interest, than for a loan at
6%.
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Building Equity in a Home
Over the years, the net wealth you have in a home
- the equity - can grow. This equity can be important
to even more wealth creation and economic stability
because you may be able to use the higher equity to
improve your home, start a business, or pay for your
education or that of your children. At any time, the
equity you have is represented by the following formula:
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Equity =
Down Payment + Payback of Principal + Sale Price
- Purchase Price
(The Purchase price is what
you paid for the house. The Sale price is what
you can sell it for.) |
First, you start with your down payment, the amount
of your own savings that you invest to buy your house.
Next, each month that you pay your monthly mortgage
loan, you not only pay interest to the lender for borrowing
the money, but also lower the amount you borrowed -
the principal - for the following month. The more you
pay back, the more your stake in your house grows. Also,
over time, the price of your house may increase above
what you paid for it. If it does and you sell your house,
you get more than you started with. For example, suppose
you buy a new home for $145,000, make a down payment
of $14,500 and get a 30-year, 6.5% mortgage for $130,500.
After five years the principal your mortgage payments
pay back will increase your equity by $7,338. This will
bring your total equity to $21,838 ($14,500 down payment
plus $7,338). If the price at which you can sell your
house goes up by 9%, from $145,000 to $158,050, your
equity will increase by an additional $13,050. Of course,
the price at which you can sell your home doesn't always
go up - it may even go down - so you must make your
choice for investing in a home wisely. If you join a
block or neighborhood association, you may be able to
improve the quality of life where you live and protect
or perhaps increase the value of your home. Also, other
things affect home values. If you don't take care of
your home, its sale price may actually go down. To find
out more about the advantages of buying a home, visit
the website for Ginnie Mae at http://www.ginniemae.gov/rent%5Fvs%5Fbuy/rent%5Fvs%5Fbuy.asp.
Make Sure Home Ownership is Right For You
Whether owning a home is right for you depends
on the kind of expenses you have and your ability to
manage these expenses. Homeowners must prepare for the
typical costs such as mortgage payments, taxes, and
utilities. Also, if you are allowed by your lender to
make a small down payment (generally less than 20%),
you may have the additional expense of mortgage insurance.
Managing your mortgage will be very important. You should
consult with your financial institution loan officer
and homeownership counselor to make sure that you stay
on top of your monthly payments. Remember, too, that
you will have one-time expenses when you buy - and sell
- your home. Also, if you become a homeowner, you must
be able to cover unexpected costs, such as repairs to
the furnace, or other things that can break. So having
a savings account with enough money to pay for such
expenses is important.
There are programs that assist with the down payment
you need to make and help lower the interest rate you
must pay. Whether you qualify for these programs may
depend on your income. For more information, contact
your state housing finance agency through the National
Council of State Housing Agencies. Call the Council
at (202) 624-7710 or visit the Council's web site at
http://www.ncsha.org/section.cfm/4/39.
Or to learn more about the homeownership process, visit
the web site of the U.S. Department of Housing and Urban
Development at http://www.hud.gov/buying/index.cfm.
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Watch out for predatory lending
If you want to buy a home, you need to do a careful
investigation and gather lots of information. You need
to be aware of loan scams, what some people call predatory
lending. How can you spot a predatory loan? Watch out
for high interest rates (several percentage points higher
than what your local bank might charge for a loan of
the same size and term). Be on the alert for "balloon"
payments (a payments schedule that offers low payments
for a while but then requires you to pay off a big balance
in a lump sum). Keep an eye out for monthly payments
you can't afford, loans higher than the value of your
home, and penalties for early payoff of the loan. Be
on the lookout for extra loan fees and costs, such as
credit insurance, that are very expensive.
Most important, be a smart borrower. Shop around. If
you have poor credit, be wary of those who say that's
not a problem. Don't take the first loan you are offered.
Never sign any blank forms. If you don't understand
the forms, don't be shy - ask questions and if you still
don't understand, get advice from a third person who
is in the know and whom you can trust. For more information,
visit the web site of the Mortgage Bankers Association
of America at http://www.stopmortgagefraud.com.
Saving for the long haul: Investing
in other ways
Investing in a Microenterprise
You can use your savings to start a small business,
even a very small one (what some people call a microenterprise).
The hot dog stand, the corner book cart, the small ice
cream shop, and the single landscaping truck are all
examples of microenterprises.
You may be able to start a very small business with
several hundred or a few thousand dollars. Generally
speaking, microenterprises require $35,000 or less.
Financial institutions typically will not provide business
loans worth less than $50,000, although there are some
that have special programs that do. Shop around! Many
microenterprises are started with people's own savings,
loans from family and friends, and, often, money borrowed
on a credit card (although that is expensive and can
be risky).
Many people who own a microenterprise have a job as
well. They start the microenterprise to gain extra income
to pay bills, save for a home or for retirement, or
purchase a computer or car. But a microenterprise can
grow. Your business may employ one or more individuals.
If so, you may need technical assistance on how to run
your business and spend more time managing it. For more
information and resources to help you set up and run
a microenterprise, see the human capital section. For
additional information, including facts about business
start-up costs and start-up loans, visit the web site
of the Small Business Administration at http://www.sba.gov/starting/;
for micro-loans see http://www.sba.gov/financing/frmicro.html.
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Stocks, Bonds, and Other Kinds of Investments
You can invest your savings in many other ways.
You can buy individual stocks (that represent a share
in the ownership in a corporation) and bonds (that represent
a loan you make to a corporation, a state or local government,
or the federal government). You can also invest in mutual
funds. A mutual fund is a company that pools together
money from many people and invests it in stocks, bonds,
and other investments. The company typically will have
a manager who directs all the investing. Before you
invest in anything, you should educate yourself about
these and other choices for investments that you might
have. You should learn what the risks are and the rewards
you might gain by investing in any one of them. For
example, government bonds are no or low risk, while
corporate bonds can be medium or higher risk, depending
upon who issues them. When you make your choices, take
into account the amount of safe and secure savings you
need to meet critical needs when emergencies occur or
if your income from a job drops unexpectedly. Even if
you don't make such investments directly, if you have
one of the retirement accounts described below, you
will likely have a chance to choose your investments,
so the knowledge you acquire is still important. You
can test yourself on your investment savvy at http://www.sec.gov/investor/tools/quiz.htm.
Learn more about what it takes to invest for success
at http://www.icief.org.
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Saving for the next generation's
future
State-promoted 529 plans help some families
set aside money for their children's education.
Families that save in this way do not have to
pay federal taxes on income they earn on contributions
to the plan. In some states, families can also
deduct what they set aside from their taxable
income in the year the contribution is made. Other
families could get similar help, if the government
directly matched their contributions to such plans.
Or people in IDA programs could be allowed to
put their savings and the match money in a 529
plan. More generally, it might be important to
make sure that all children have a "stake"
that can put them on the path to real opportunity
when they become adults. This money could be used
to pay for their college education or start-up
of a business when they become adults. To learn
more about ideas of this kind, visit the websites
http://csd.wustl.edu/Publications/Pages/default.aspx
or http://www.cfed.org/focus.m?parentid=2&siteid=288&id=2220
for the Center for Social Development and the
Corporation for Enterprise Development. |
Retirement Accounts
Planning for retirement is important. When people
retire from work, they no longer have a steady stream
of earnings they can use for expenses and saving. Even
though retirement seems far off in the future, you have
to start building now the assets you will need to live
comfortably in retirement. There are three key components.
Social Security: Social Security provides you with
very basic government guaranteed benefits when you reach
retirement age. (It also assures you, your spouse, and
your non-adult children of income in the event of your
death or disability before retirement.) Whether you
qualify for Social Security depends upon the number
of years you work. What benefits you and your family
members receive depend upon how much you earn during
those years. So having a longer work and better earnings
history can give you basic economic security in your
later years. The money to pay these benefits comes from
deductions from workers' pay and matching contributions
from employers. To learn more about Social Security,
visit the Social Security Administration's Web site
at http://www.ssa.gov.
Work-Related Pension: Some work-related pensions are
provided directly and in some cases entirely by an employer.
But these days the most common kind of work-related
pension is what is called a 401(k) plan. Not all employers
offer them, but many do. Usually, you qualify to start
one after working for a certain number of months or
several years. If you do qualify, you will usually be
expected to make a contribution (through a deduction
from your pay) that will be matched in some way by your
employer. The money and the match go into your own special
pension account that can, over the years, build up (through
the contributions and from investment earnings on those
contributions). The money set aside in this way is tax-deferred.
That means you will not have to pay taxes now on the
money you and your employer contribute or on what the
contributions earn over the years until you withdraw
the money. Typically, you will be able to withdraw funds
without penalty after age 59 1/2. Check with your employer
to see if you can start a 401(k) plan. Think seriously
about starting one!
Special Savings Accounts for Retirement: Whether or
not you are offered and choose to have a 401(k) or other
work-related pension, you can start one of your own,
namely, an Individual Retirement Account (IRA). To start
and build such an account, you must make contributions
of a percentage of your income, usually no more than
20%. If your income is not too high, the amount of earnings
you contribute will not be taxed now. In fact, in some
cases, what is called the Small Savers' Credit treats
your contribution as a payment against other federal
taxes you might owe. In any case, what income your contributions
earn over the years is tax-deferred until you withdraw
the money. Typically, you will be able to withdraw funds
without penalty after age 59 1/2. There are several
kinds of IRAs. Roth IRAs can offer you a better deal
on taxes than regular IRAs. Education IRAs allow you
to use what you build up in the account for college
or other higher education for you or your family members.
You can open IRA accounts at banks, credit unions, insurance
companies, mutual fund companies, and other financial
institutions. As mentioned in the human capital section,
another way you can save for your children's college
education is by participating in a federally authorized,
state-promoted 529 plan.
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Saving for retirement
Work-related pensions and special accounts
for retirement, when combined with Social Security,
are important to enjoying a secure and comfortable
retirement. Many people build this kind of wealth
in several ways. They make their own and often
get the benefit of contributions from their employers
who offer them a chance to join a retirement plan
at work. Many also get a boost because of the
taxes they save when they use pension and retirement
contribution deductions on their tax returns.
It is important to think about how others, especially
workers in lower paying jobs, with jobs at small
businesses, or who change jobs often, might get
a similar chance and boost. For example, the government
could help with a jump-starting contribution when
they open up an account and, perhaps, match small
contributions by those workers to their plans.
Employers could be encouraged and supported in
offering plans that their businesses can afford
and from which their workers can really benefit.
To learn about a wide range of ideas on increasing
saving for retirement, visit the web site of the
Pension Rights Center, http://www.pensioncoverage.net.
To find out more about specific ideas about jump-starting
contributions and making it easier for small employers
to offer pensions, see the Brookings Institution's
and the Economic Opportunity Institute's web-sites,
http://www.brook.edu/views/testimony/iwry/20030630.pdf,
and http://www.eoionline.org/washington_voluntary_accounts/reports/WAVoluntaryAccountsUniversalPensionAccess-Jun02.pdf. |
Even if you are self-employed, you can benefit in the
same ways. Self-employed persons are entitled to Social
Security benefits because they, like employees, are
required to make contributions to the Social Security
system. You may be able to set up a Self-Employment
Retirement Plan (SERP) (which can either be called a
Simplified Employee Plan or a Keogh Plan), somewhat
like a 401(k) plan.
To find out about your pension rights and protections,
visit http://www.dol.gov/ebsa/publications/wyskapr.html.
For more information on IRAs and SERPs, visit http://www.bankrate.com
and search under "retirement," or talk with
a representative of your local financial institution.
To learn more about 529 plans, you can call the College
Savings Plans Network tollfree at 1-877-277-6496 or
visit http://www.collegesavings.org/.
Managing savings and investments
wisely
Once you start on the path to financial security
and opportunity, you have to manage what you save and
invest. Keep track of your savings and investments,
the interest rate or other income they earn or how they
have performed during the time you have owned them.
Read your monthly bank or other financial statements.
If you do not receive a monthly or other statement or
find errors in it, contact your financial institution
immediately. Even if you have someone you trust who
advises you on your savings and investments, you should
ask as many questions as you need to understand the
advice your receive. Even then, the choices you make
should be the ones that you think are right for you.
For information about how to make a financial plan,
set goals, evaluate your financial resources, and come
up with financial strategies, visit the web site of
the AARP at http://www.aarp.org/money/personal/
or of the Federal Reserve Bank of Dallas at http://www.dallasfed.org/educate/pfe.html.
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