It’s all about the Benjamins and the Babies-
I’ve been thinking more and more about our finances ever since our baby girl was born. Retirement was always in the way WAY back of my mind, I wasn’t even thinking about life insurance and savings accounts… now it’s time to really get things in order. I’m no financial advisor, but my husband and I have done our research and here are the four things we just did:
2. We are counting down the days (actually years and years) till retirement -
I put 6% of my salary (pre-tax) into my 401K which my company matches all of. My hubby puts in 10% into his retirement fund through his company. If your company matches - match it to the fullest to take the most advantage of that perk (nothing like FREE money). The word on the street is to multiply your total household salary by 12 and that is what you want to comfortably live on once you retire.
4. Move that savings account over -
Our bank offers a money market savings account that earns a little more interest than their standard savings account. There are some guidelines that have to be followed, like – you have to always keep $2,500 in your savings account at all times or there is a monetary penalty. Here are the deets from my bank on Money Market Savings.