FINANCE

Savings

Tax benefits | NY 529 Direct Plan

Our plan allows you to save on taxes while you save for higher education. Pay no income tax on earnings The money in yourDirect Planaccount grows deferred from federal and state income taxes. Make tax-free withdrawals You won't have to pay federal or state income taxes on the money you withdraw to pay for qualified higher-education expenses. * Get a state income tax deduction If you're a new York State taxpayer and an account owner, you may be able to deduct up to $5,000 ($10,000 if you're married filing jointly) of your Direct Plan contributions when you file your state income taxes.

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Is a Biweekly Mortgage Plan a Good Idea?

While listening to the Clark Howard Show a few months back, a listener called in to ask if a biweekly mortgage plan (a program where you make half your mortgage payment every two weeks rather than once per month) was a good idea. I was shocked when Clark emphatically told the caller that no, the biweekly mortgage plan was never a good idea. I was shocked because the biweekly mortgage plan just seems to make sense. If you pay half your payment two weeks early, shouldn’t that reduce some of your principal faster which should in turn reduce the amount of interest you pay over the live of the loan? Did Clark’s advice stink? I decided I needed to figure out once and for all if the biweekly mortgage plan was a good idea.

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Personal Savings Account from American Express Bank, FSB

General. We may provide you with EFT services such as those described below. Whenever you accept or authorize EFTs to or from your account, you agree to these terms and conditions, in addition to any other applicable limitations in this agreement concerning deposits to and withdrawals from your account. Types of Available EFTs: Telephone Transfers. You may call us to request fund transfers between your account and a Linked External Account or another account of yours with us. Online Transfers. You may log in to your account online and request fund transfers between your account and a Linked External Account or another account of yours with us.

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India's savings rate in need of a boost: DBS

NEW DELHI: Decline in gross savings, estimated to have fallen to 31 per cent of GDP, needs to be contained as relying on foreign savings puts pressure on the current account, says a DBS report. Domestic savings are required to fund investment, which otherwise must be financed with foreign capital. "The fall in savings needs to be arrested given India's investment needs. Relying on foreign savings puts pressure on the current account and the returns from that investment go abroad as well," said Radhika Rao, Economist, DBS. In the near-term, she added, the authorities need to continue encouraging households to shift from physical savings to financial avenues.

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Savings Solutions at Any Stage

How much do you need to save for retirement? That depends; where you live, when you retire, and how you spend your time are all factors that affect your expenses. But unless you plan to work forever, you’ll need to savesomethingfor retirement. Unfortunately, research shows that plenty of Americans aren’t saving at all. Maybe it seems too far off. Maybe it feels less pressing than the day-to-day, on-the-job challenges. Maybe it feels like there’s just not enough time. Here are some tips to address common challenges at every career stage. New Workers Challenge: Other debt Solution: Start small New workers may have college loans, credit card debt and other financial constraints.

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