An Overview Of The Direct Deposit System

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Direct deposit is an excellent feature offered by many banks all around your area. Banking is supposed to be convenient and easy, it has been made that much easier and more convenient with the offering of direct deposits

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Direct deposit is an excellent feature offered by many banks all around your area. Banking is supposed to be convenient and easy, it has been made that much easier and more convenient with the offering of direct deposits. When thinking about direct deposit, consider many of the things that could apply to you. Have you found yourself hurrying off to make the cutoff point for bank deposits? Do you travel to your banking institution on a weekly basis to deposit a paycheck? Have you found yourself losing a check you intend to take to the bank to deposit or cash? If you have answered any of these questions with a yes, it may be time to consider direct deposit.

Direct deposits are the action of your employer depositing your paycheck directly into your bank account by electronic means. This is extremely safe and easy for you to do, all you simply have to do is first, ensure that your employer offers direct deposits (many employers now days ONLY offer direct deposits to their employees). The next thing you will have to do is fill out a form that supplies your employer with your bank routing number, account number, and bank information.

By choosing direct deposits, you are ensuring easy and safe transfer of your funds to your bank account. It is reliable and your paycheck is deposited into your bank account on time, you no longer have to keep track of the banking hours or hurry to meet the deposit deadline. You also decrease the risk of losing your paycheck by using direct deposits. There are other benefits to direct deposits including, when your funds are deposited directly the funds are available to you immediately upon completion of the transfer. Occasionally, some banks require you to wait a specified number of days before the funds will become available, to wait for check clearance.

Another excellent benefit, is if you are away from your home on business or on a vacation, you will not have to worry about your paycheck coming in the mail or being stolen, your money will be in your account safely. They are also extremely secure, stolen, misplaced, or lost checks will become a thing of the past. Direct deposits leave such a trail behind it that tracking these are much easier than tracking a paper check.

As you can see direct deposits can make your life much easier and reduce the number of trips you will need to make to your banking institution.

Working In Retirement

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Most experts on the subject believe that the Social Security system will be bankrupt in about 15 years. However, some new studies have offered a ray of hope. They seem to indicate that the assumption that the boomer generation will retire at 65 or 67 and sit back to collect their social security checks is incorrect.

They believe a sufficient percentage ?some estimates are as high as 80% – will continue to work in some capacity or another, relieving much of the pressure o…

retirement, working in retirement, financial planning

Most experts on the subject believe that the Social Security system will be bankrupt in about 15 years. However, some new studies have offered a ray of hope. They seem to indicate that the assumption that the boomer generation will retire at 65 or 67 and sit back to collect their social security checks is incorrect.

They believe a sufficient percentage ?some estimates are as high as 80% – will continue to work in some capacity or another, relieving much of the pressure on the system.

This is probably the only ray of hope for many who have visited financial planners or bought personal finance software to see how much they need for retirement. These usually show you need a million or more dollars to retire with your current lifestyle. But again, they don’t take continuing earnings into account.

Many in the baby boomer generation plan to retire at around 65, but then start a second career, doing something they enjoy. Most don’t want to continue on in their present jobs or move to low paying work at fast food restaurants or supermarkets.

Rather they would rather make their accumulated knowledge work and, if possible, also give something back to society at the same time.

Health experts say this trend will be beneficial in that by staying involved, those past retirement age will stay healthier and will be happier with their life.

So it seems that several trends are converging. Those in their 60’s, 70’s and early eighties are healthier than ever. Because of their increased longevity and the shortfall in their retirement savings, they need to continue to earn. And many companies who once looked on older workers with distain, now seem to realize the value they can contribute to the company and to society in general.

There is speculation that colleges and universities may allow retirees to earn fast track degrees, taking into account their prior education and work experience. Also some states are already loosening license requirements for teachers to allow those with degrees in fields other than education to become teachers with little if any further training.

Another way to continue to earn in retirement is by making wise investment choices now.

Buy rental properties, learn how to manage money effectively or start your own business now in your part time so that you have something up and running by the time you retire.

The internet has opened up new ways to earn, be it drop shipping, affiliate marketing or selling goods on Bay.

If you always wanted to be an author or if you can write software programs, it is simple to self publish and sell electronic goods through services such as Clickbank.

Or you could just do something you’ve always wanted, like baking breading or making shoes. If you’re good at whatever you choose, you should have little trouble finding a clientele.

But if you are depressed because you have to continue to work after 65, don’t. You’ll have a lot of company and you’ll will also be healthier and happier for it.

For more advice on retirement planning and personal finance, visit http://www.credit-yourself.com/financial-planning.html

I’m Too Young, I’m Too Old, I’m Almost Old Enough, Should I Have A Retirement Plan?

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Provides tips and information on how you can go about planning for your retirement at almost any age.

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Yes retirement planning is important for all of us. This is not an easy subject for any of us to talk about, but, we must discuss it sooner rather later!

We want to be able to enjoy our golden years comfortably without having to worry about our finances. Planning your retirement is a crucial key to making this happen.

So, what do I need to do to plan for my retirement? You can start by asking and answering some or all of these questions: How long will it be before I retire? Do I have money already saved for retirement and if so, will it be enough for me to retire on? How much money should I put away for my retirement? How should I invest my money in order to achieve the amount of money I want to retire on? How much money will I need to live on to maintain my present and future lifestyle?

All of these retirement planning questions are important for you to think about in order to have solid retirement planning. Once you have answers to these questions, then proceed to start your retirement savings now!

What are some of the areas I can invest my money in for retirement? Stocks, bonds, certificate of deposits, mutual funds, 401K, IRA, Roth IRA, annuities and many other miscellaneous investment vehicles.

Where can I expect to withdraw money for my retirement? Social Security, savings, pension plans, and your investments from 401K plans, certificate of deposits and other investments.

How much money will I need for retirement? It is estimated that you will need approximately 60-80% of your current income at the time of your retirement. This will allow you to live the lifestyle you are accustomed to having by the time you retire.

When should I start saving for retirement? Now! It’s never too early or late to start saving for your retirement. The sooner you start the more money you will have for your golden years to live on.

Making the Most of Your Donations

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Wouldn’t you like to multiply the impact your donations have on helping to make the world a better place? You can.

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When you give your money to help make a difference in the world, you want it to have the greatest impact. An immediate way to multiply the power of your donated funds is to give where your funds are matched.

Check if your employer matches funds donated by employees. Several companies do this. Follow their process and you will multiply the influence of your charitable giving right away.

There are also organizations that have partners committed to matching funds received. Two of these organizations are:

  • Giving Globally – Every $100 gift donated to Giving Globally sends over $850 in supplies, services, and healing to people in need around the world. This is due to the commitment of generous partners. You can learn more about the mission of Giving Globally at http://www.givingglobally.org.
  • Modest Needs – An anonymous donor, throughout 2006, will match your monthly pledge of any size. Your donated funds will be leveraged and help twice as many families! You can discover the influence Modest Needs has had at http://www.modestneeds.org.
  • Consider giving in a way that will multiply your contribution and maximize the impact of your goodwill. It doesn’t matter whether you can give large or small amounts. It does matter that you take action and give from your heart.

    10 Quick Tips To Save Money

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    Money, according to a classical definition, is what money does. And truth, as they say, is like a rubber band. Stretch it and it can do wonders. So if we can really make money in order to do whatever we want, there is nothing like that.

    save money

    Money, according to a classical definition, is what money does. And truth, as they say, is like a rubber band. Stretch it and it can do wonders. So if we can really make money in order to do whatever we want, there is nothing like that.

    To provide 10 quick tips to save money is almost like a first-aid approach to a very intricate problem perhaps faced by almost each of us. It is important to know how to manage money efficiently to ensure bulky savings. Whether to save some part of what we have to spend or whether to spend at all on a service or commodity should be the first question to be answered.

    Firstly in case of large investments, the first step for a prospective buyer is to identify and correlate the valuable item or service with need or desire. It is better to test its utility first, for example, by borrowing it for a fixed time period. If you are satisfied and convinced about its necessity and think that you really need that, you may buy it. But to save money, you as a wise consumer must find the best seller in terms of comparative pricing, quality & market reputation.

    For lower priced items, one has to shop for the lowest prices, also keeping an eye on the quality aspect. For example, if you take the instance of buying clothes, the best purchase is off-season discount sale, wherein you can get good clothes at cheap rates.

    For financial investments, like the stock market, follow the golden rule of buying volatile stocks when the price of an item is down & sell it when it is at a high. The profit thus earned can be invested in the equity market for steady items.

    Today’s Internet has provided the best opportunities to shop vigorously for the best price before you actually drop the money. Especially for insurance, loan facilities and financial management, one is spoilt for choices. Proper analysis of rates and amortization goes a long way in saving even hundreds of dollars in a year.

    Change of plan in case of services like telephone, insurance, etc. can save you costly dollars provided you simply have the knowledge about the best existing plan.

    Making a monthly budget for buying the essential items and regulating the number of luxury items can yield considerable savings.

    Expensive weekends and extravagant outings should be replaced by reasonable excursion for wholesale entertainment.

    Proper food planning and food habits result in better living, both financially and mentally. Stay healthy and you can save on medical bills. Having a proper food plan also prevents food from being wasted.

    Paying the bills within due dates provides invaluable savings, because, in this case, as you have to pay, it is better to pay in time to avoid penalty.

    If you are an employer, you should encourage flexible job responsibilities for your task force, making each one compatible with the work within a department. This will help in cutting down employees cost and help complete a task within time, even if someone is absent.

    There are obviously several other ways to save money and lead a frugal life without tension. It is always told that money saved is money earned. Just keep it in mind and stay happy.

    Finance Your Child’s Education ?Stress Free

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    In 2002, the average annual cost for a public university was $9,338. It is estimated that by 2017, the average annual cost will be $19,413. And that’s just for tuition and credit fees. Let’s not forget about room and board, books, food, clothes and extra activities.

    With those figures it mind, it would be wise to start planning for your child’s education today.

    You already know about loans and scholarships but those aren’t the only options. You don’t have to go into de…

    college money, scholarships, savings accounts

    In 2002, the average annual cost for a public university was $9,338. It is estimated that by 2017, the average annual cost will be $19,413. And that’s just for tuition and credit fees. Let’s not forget about room and board, books, food, clothes and extra activities.

    With those figures it mind, it would be wise to start planning for your child’s education today.

    You already know about loans and scholarships but those aren’t the only options. You don’t have to go into debt! There are several choices to help you prepare for your child’s future.

    529 Plans

    A 529 or qualified tuition program is a (federal) tax-free investment plan that allows families to save for their childrens college educations.

    Each state has its own 529 plan and you do not have to be a resident of a particular state to invest in that state’s plan.

    The 2 types of plans include:

    Prepaid Tuition Plans ?These plans allow you to pay for your child’s in-state tuition at today’s prices. These accounts are low-risk and they are guaranteed to match or exceed in-state inflation. However, these plans are often limited to state residents and the cost may not be covered if your child decides to attend an in-state private university.

    Education Savings Accounts- Or college savings plans are investment accounts whose value fluctuates with the market. They can be used at eligible public and private universities- there are no residency requirements. Additionally, some plans have high contribution limits per beneficiary and you can contribute up to $11,000 per year without paying a gift tax.

    Savings Accounts

    Even if your child only has a few years until it’s time to go to college, it’s never too late to begin saving. Determine where you can cut costs and put that money into a high-interest savings account.

    For example, instead of buying 2 video games as a birthday present, buy one and put the extra money into a savings account. What about Christmas and Hanukkah? Sure, it’s fun to open presents but I guarantee that the novelty of those gifts will soon be forgotten and later on your child will thank you for making sure that their education was financed in a stress-free way.

    Here is a tip: look for a FDIC insured bank that is based online. These banks offer higher interest rates because they don’t have the operating overhead of having branches. The work the same way as a regular bank except that there is no physical branch. You deposit money through your current checking account and receive monthly statements either via email or through the mail.

    Your Retirement Hopes: Filled With Holes?

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    If you’re like many Americans, you may expect to enjoy a comfortable retirement, but you probably haven’t taken the actions needed to turn those hopes into reality.

    Your Retirement Hopes: Filled With Holes?

    If you’re like many Americans, you may expect to enjoy a comfortable retirement, but you probably haven’t taken the actions needed to turn those hopes into reality.

    The latest survey showed many Americans’ retirement expectations are like a piece of Swiss cheese-full of holes. For example, many have accumulated only modest retirement savings, underestimating the share of their preretirement income they are likely to need in retirement, and have made no estimate of how much they will need to live comfortably once they retire.

    The Retirement Confidence Survey (RCS), begun in 1991, is the country’s most established and comprehensive study of the attitudes and behavior of American workers and retirees toward all aspects of saving, retirement planning and long-term financial security. The survey is sponsored by the Employee Benefit Research Institute and Matthew Greenwald & Associates.

    Here are some of the survey results:

    • Saving: More than two-thirds (68 percent) of current workers say they and their spouses have accumulated less than $50,000 in retirement savings.

    • Health care costs: Nearly six in 10 (58 percent) of current workers say they and their spouses do not expect to receive any health insurance from their employers when they retire. Recent EBRI research showed that individuals age 55 who live to age 90 would need to have accumulated $210,000 (by age 65) to pay for insurance to supplement Medicare and out-of-pocket medical expenses in retirement-far more than all but 10 percent of workers currently have saved for all retirement expenses.

    • Longevity: Two-thirds (66 percent) of current workers think they have some chance that they will live until age 90-or spend 25 years in retirement, assuming they retire at age 65. These findings suggest many workers may not be planning and saving enough to finance the full amount of time they expect to spend in retirement, thereby increasing the odds that they will outlive their retirement savings.

    • Income replacement: Fourteen percent of current workers said they thought they would need less then 50 percent of their preretirement income to live comfortably in retirement. Another 36 percent expected to need 50 to 70 percent. However, 62 percent of current retirees say their income is 70 percent or more of their preretirement income.

    • Planning: Nearly six in 10 current workers (59 percent) said they hope to have a retirement standard of living equal to or higher than their working years. But when current workers were asked if they or their spouse have calculated how much money they will need to retire comfortably, nearly six in 10 (58 percent) said no.

    “Recent research has found that when a ‘traditional’ pension is frozen, many workers in the pension are unlikely to get an equal benefit value contributed to their 401(k) plan,” said Jack VanDerhei, a Temple University professor, EBRI fellow, and co-author of the Retirement Confidence Survey. “Each case is different, but it’s clear that people currently working should factor into their retirement planning the long-term trend away from ‘traditional’ defined benefit pensions and toward 401(k)-type plans.”

    He added: “We find there are a lot of people who need to be saving more than they are, if they hope to be able to afford a comfortable retirement.”

    “Working ‘in retirement’ may be one partial solution,” said Michael Falcon, chief operating officer of the Retirement Group at Merrill Lynch-a sponsor of the EBRI study, as well as its own New Retirement Survey. “Seventy-seven percent of our respondents say that ideally, they would work either full-time, part-time, or cycle back and forth between work and leisure before they quit work completely,” Falcon said. “Working beyond normal retirement can obviously help financially, but Americans also say they are interested in working to stay socially and physically active.”

    Advanced Prepaid Credit Card Features

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    Technological advances have been made in prepaid credit cards which give them features not seen in traditional credit cards or ATM cards. In this article we will go over these advances, and how they make using prepaid credit cards easy and convenient.

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    Technological advances have been made in prepaid credit cards which give them features not seen in traditional credit cards or ATM cards. In this article we will go over these advances, and how they make using prepaid credit cards easy and convenient.

    Because prepaid credit cards do not come with a line of credit, customers can load money onto the card via ATMs or at online websites. From here money can be transferred to a paypal or checking account. Some services still allow people to write a check in order to have the funds loaded onto their cards.

    More recent advances in this technology have allowed people with cell phones, laptops, or other wireless devices to receive payment alerts about transactions which have been completed. You can also keep track of your credit line using these devices.

    When using a prepaid credit card you don’t have to balance it the way you would balance a checkbook. The balancing is done in real time and can be viewed via the internet or phone. This technology is allowing people to change the way they spend and manage money.

    Many people are becoming aware of this technology since many employers are starting to use prepaid credit cards as an alternative to sending out standard checks. Once employers begin using prepaid credit cards to pay their employees they will save large amounts of money on check printing costs and other expenses.

    People are beginning to see the benefits of electronically transferring and receiving funds. People will be able to avoid the high check cashing fees that for too long have been charged just to cash your own checks. Prepaid credit cards are changing the way that people conduct business.

    Our society beginning advance closer to being cashless. There are both pros and cons to this that people need to be aware of. While using prepaid credit cards to make purchases and transfer money is convenient, cyber thieves are also anxious to begin defrauding and stealing money from people.

    It is always best to use your prepaid debit card in safe locations, and keep track of all you transactions. If you see something on your account that looks strange or out of place, immediately report it. If your card is ever lost or stolen, cancel it as soon as possible.

    No one wants to become the victim of fraud. Keep track of your expenses and if something looks suspicious, it probably is.