Way to go, my fellow citizens of North Carolina! Our great state has recently been recognized as a national leader in a new category. Eating barbeque? No! Producing championship basketball teams? No! Leading the way with innovative medical research? No!
Being financially unprepared for the future with personal savings? Yes! My personal financial decisions helped us get that distinction, and I’m not very proud of it.
A recent study by a nonprofit group, the Corporation for Enterprise Development, found that half – that’s 4.8 millions residents of North Carolina – lack enough savings to weather a long-term financial emergency, such as a job loss or loss of income due to illness. They also found that 32% of households in North Carolina that earn between $48,601 and $80,100 have less than three months of savings on hand. In fact, many households live paycheck to paycheck in most income categories.
If you look at your financial situation and find that you fit one of these descriptions, what can you do to be more prepared in the event of a financial emergency? There are clear, reasonable and obtainable options available. Let me share what I have discovered to be valuable options at Truliant Federal Credit Union and you can judge for yourself.
IRA’s (Individual Retirement Accounts) – IRA’s are more than retirement income, but that’s how they began – they can help you save and build money over time for other future needs, like education or home ownership. An IRA program is a tax-free earning option and can be insured up to $250,000 separately from your other savings with Truliant.
Within the family of IRA’s there are several other tailored options that are designed to fit your individual needs:
IRA Savings – minimum deposit of $5.00 & competitive dividend rate.
IRA Money Market Performance Plus – Minimum balance of $2,500 * earn higher dividends on balances of $10,000 and $25,000.
IRA Money Market – Minimum balance of $5,000 and earn higher dividends on balances of $25,000 and $100,000.
IRA Certificates – Minimum deposit of $250, Terms from six months to 36 months, automatically deposit funds to your certificate through our free systematic saving option and the special 24 month flex certificate that provides an attractive rate along with the flexibility of a one time “bump-up” option should rates rise.
You could also consider a traditional savings account or interest bearing checking account.
See, there are clearly options that will work for you – you just have to call a Truliant representative today and they will be happy to assist you in finding the perfect option for you to start saving today! Call 800-822-0382 or visit TruliantFCU.org so you’re ready for anything that may come your way.