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Planning for your future is not only a daunting task, but it’s also labor intensive. With all the financial services marketing to you constantly, it can be difficult to sift through and find out what works and what doesn’t. Our financial experts bring you in-depth research explaining retirement plans, investing strategies and answering questions on investment methodologies (heard of a robo advisor?).
The biggest perk of choosing an online bank vs a brick-and-mortar bank is the interest rate can be higher than 2.0%. Standard banks offer an interest rate of 0.1% and lower typically. You can make more money by letting your funds sit in the bank and still make deposits and withdrawals. You may have to deposit and withdraw money differently, but once you learn how to do so, you’ll be set. Find out if you should switch to an online bank.
Having long-term financial goals is essential. Most important is saving for retirement. Don’t rely on your 401k to survive. You also need to contribute to other savings accounts. We dive into the various types of employer-sponsored retirement accounts, IRAs and more in our best retirement plans article.
A new option for investing is a robo advisor, which serves as a sophisticated robotic online financial advisor. Instead of humans managing the ups and downs of the market, these investing tools are algorithm-driven make calculations and decisions much faster than the human mind is capable of. It’s a relatively new industry, but we’re on top of it — check out our comparison of the best robo advisors.
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