Tapping Your Retirement to Buy a Home

If you’re planning to buy a home, you may be worried if you’ll have enough money saved for a down payment. You’ve probably heard that you can use retirement funds to help, but it’s important to know the restrictions, or you could be stuck paying penalties and taxes. And even though a home can be a great investment, taking out retirement funds early could hurt your long-term security.

Here’s what you should know before you make any financial moves.

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Ask the Advisor: Should I Contribute to an IRA?

Sander+Tom

Sander Tom is a Financial Advisor and Certified Financial Planner™ with more than 30 years of experience in the financial services industry; more than 15 of those with SchoolsFirst FCU. Over this time, he has developed a deep understanding of investing and its powerful impact on a person’s life. 

Should I consider an IRA?

An Individual Retirement Account—or IRA—allows anyone with earned income to save for retirement. That’s why it’s a great option to start saving for your future, especially if you don’t have an employer-sponsored retirement plan through your job. Also, if you’re self-employed, you can use an IRA to create a retirement plan. In addition, there are special rules that may allow a stay-at-home spouse to contribute to an IRA. Continue reading

It’s a Money Thing: Boost Your Retirement Savings

Think back to your most recent savings goal. How long did you have to save in order to reach it? Was it a concert ticket or some new shoes that took a few weeks of budgeting? Was it a big-ticket item like a new computer or a summer vacation that took a year or two of planning in advance? Perhaps you’re currently saving for an even more ambitious goal: a car, a wedding, a down payment on a home? Although savings goals vary from person to person and range in size and scope, it’s likely that your longest-term savings goal will be your retirement.

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Ask the Advisor: Money Moves to Make in Your 40s

By Sander Tom, CFP® 

Sander Tom is a Certified Financial Planner with SchoolsFirst FCU.

According to a recent survey conducted by the Employee Benefit Research Institute, American workers who invested in an employer-sponsored retirement plan or individual retirement account, or IRA, said they saved more and felt less stressed. Here are some smart moves to help you save more and protect your family and assets. Continue reading

Ask the Advisor: Rules of Thumb to Save for Your Future

By Aaron Handfield

About the Advisor

Aaron Handfield has more than 14 years of insurance and financial planning experience, including four years of financial planning at JP Morgan and Edward Jones Investments. He is a registered and licensed investment and retirement planning professional and is registered to sell securities. He also holds a California Life/Health Insurance License.

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