Checking Account, Savings Account, or Both?
In simple terms, a checking account is used to pay for expenses, while a savings account is intended to store money for later use. Checking accounts are designed for everyday transactions — your morning cup of coffee or a tank of gas. Savings account funds, however,...
Building Your Savings Account: How Much Should You Have Saved Up?
There’s a heavy focus on the importance of building your savings account. An increasing number of people are realizing how necessary it is to have a “rainy day fund” to fall back on. Businesses, for example, know that they need a 10% “rainy day” or contingency fund...
Moving into a Roth IRA: Should You Stay or Should You Go?
Moving into a Roth IRA from a Traditional IRA or SIMPLE IRA may be a great way to maximize your IRA savings. Converting is easy to do, and may have positive effects on your financial future. The Basic Facts A conversion is the taxable movement of Traditional or SIMPLE...
Roth vs Traditional IRA: A Closer Look at Eligibility
Before you decide whether to contribute to a Traditional IRA or a Roth IRA, you’ll first need to determine if you are eligible for either. Although the contribution eligibility requirements differ for each, often the decision between Roth vs Traditional IRA depends on...