I got a letter in the mail today confirming that this loan was cancelled. It's a relief to have it gone, though since I knew it was being cancelled it wasn't really on my debt radar. More like a to do list item checked off, though I saved a total of over $2,000 by working at my school and getting the forms in over the last five years.
I listed seven books on Amazon on Sunday...three of them have already sold. :)
I talked with someone about retirement plans today, since I want to have something else in place other than my pension. I'm looking at an insurance type plan rather than a IRA or 403b. Anyone have any insight on that? It's not my strong suit.
Work is exhausting. I'm ready for payday so I can go to the grocery store and have an eating out budget, since I spent mine for the month. No danger in using the credit card or anything, just ready for a fresh month. We'll see if my direct deposit goes in on Friday or on Monday...
Insurance policies shouldn't be used for retirement plans. Mutual funds are an options for additional savings.
ReplyDeleteThe best insurance plans are "Term Life"
Definately do your research and don't buy anything that you don't fully understand.
My dad is financial planner and always recommends term life insurance as the best option for retirement. His reasons are many and varied, but basically it comes down to the fact that you can a) borrow against your life insurance to pay for things like a house, car, kids college, etc and b) when you start taking payments out of it, you aren't taxed like you are with IRAs and 401(k). If you want, you can get in touch with me and I'll put you in touch with him so you can get a better explanation.
ReplyDeleteI highly recommend everyone put away at least 10% of their salary for retirement. You really cannot trust pensions these days.
ReplyDeleteIf you can put money in 403(b), do it. The money you put into things like 403(b) or 401k or Traditional IRA are pre-tax. That means the money goes into those accounts before it's taxed. Doing so also decreases how much income tax you pay.