IRA CDs - Why Saving Early Makes Sense

 

·         In our home, we have a funky jar labeled “Spring Break Fund”. My husband and I will empty our loose change on a daily basis. It may not seem like much, but when this jar hits capacity, we dump it into a change machine and we’re pleasantly surprised with our new found income. At first, we started with a little over $25.00 and treated ourselves to a movie. We then realized the benefits our jar, and decided to treat this as our “surprise spending fund”. Before we knew it, loose change turned into dollars, and our jar started to reach capacity sooner than expected. Movies, turned into nice dinners, and we actually saved enough for one night hotel stay out of town. We started to put our loose change into a location as a commitment, and together reaped the benefits. 

Our savings jar started our conversation regarding our retirement plan for the future. We both have 401Ks through our respective places of employment, and savings accounts. We reap exactly what we put into these accounts, but the question that comes up is: “What are we getting in return?”. The fact of the matter is, we’re not receiving anything in return. With the dedication and commitment we display with our “surprise spending fund” and our respective savings accounts, we should be rewarded with our compensation. So began our research for the best long term retirement plan.

If we took half of our tax refund and opened an IRA with Tropical Financial Credit Union, our money will increase for simply being in the account. There are varieties of time frames to choose from, so please take note of that information. I strongly suggest researching and determining which option is the best for you. We’re planning on speaking to a financial advisor regarding opening an IRA for our future goal in owning a home. Now, your personal bank can offer a competitive rate, but you may receive a higher interest rate through a credit union. They will always put their members first, and often have the ability to offer slightly higher rates. 

Tropical Financial Credit Union is offering competitive rates to its members for your future lifetime saving plans. You can begin your IRA and Certificate of Deposit with as little as $500.00. Your investment earnings are tax-free and can be the jump start you need to accelerate your saving plan for the future.

Happy Savings,

^Cari