There’s often a debate over which retirement fund you should choose: a Traditional or Roth IRA? As a millennial, there is a definite advantage to choosing one over the other. Continue reading “Why every millennial should have a Roth IRA”
Tag: taxes
Why every millennial should have a Roth IRA
I need cash – should I borrow from my 401K or my home’s equity?
If you are looking for cash to invest in real estate, pay down high-interest loans, complete a home improvement project, or pay off an emergency medical bill, you might be wondering which the better option is: borrowing from your 401k or your home equity via a loan or line of credit. The answer depends on how you plan to use the money, how much money you need, and how long it will take you to pay it back? Continue reading “I need cash – should I borrow from my 401K or my home’s equity?”
Buying vs Leasing Your Next Vehicle
Owning a vehicle is no longer a luxury but a necessity for most people. Many of us work in places where vehicles are required to get around, especially in Litchfield County were public transportation really doesn’t exist. You will most likely need to purchase a vehicle that costs more money than you have on hand in your savings account. So, the question is, “Should I buy or lease a vehicle?” Continue reading “Buying vs Leasing Your Next Vehicle”
How to Create a Personal Budget You Can Live With
Learning how to make your finances work for you should be a priority for everyone. If you’re reading this you probably care about your finances. At Litchfield Bancorp, we feel so strongly about helping you make your money work for you, that we put together some key points to assist with creating your very own budget. Use your discretion and be honest with yourself about your spending habits as you read. Continue reading “How to Create a Personal Budget You Can Live With”
Why College Isn’t Too Soon to Start Planning for Retirement
Kids think they’re going to live forever. When you’re 19 and at college, the idea of retiring seems like a distant event that will never happen. But, as anyone who is older knows, those years can go by fast, and when they do, you need to be prepared. Continue reading “Why College Isn’t Too Soon to Start Planning for Retirement”
IRAs – Why You Should Have One!
It’s not often that the government gives you a break on your taxes worth thousands of dollars over several decades, and it would be foolish indeed not to take advantage of it. But that is apparently what a surprising number of Americans are doing year after year by ignoring the tax benefits of an Individual Retirement Account, or IRA. Although there are different types of IRAs with different restrictions, they all basically allow you to put away a sizeable chunk of your income each year and avoid paying taxes on any gains you earn on it for as long as you hold the account, which is usually until you retire. Continue reading “IRAs – Why You Should Have One!”