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Step #2:
Be sure your bank accounts don't exceed the FDIC limits
If your accounts do exceed the FDIC limits, you are at significant risk of losing some of your hard-earned money. For any accounts that do exceed the limits ($100,000 for qualified accounts with cash and cash equivalents, and $250,000 for IRAs) move some money to a different bank. If the money is tied up in a CD and you are forced to take a penalty, we think it's worth it at this critical time. Better to take a small tax-deductible penalty now than a possible loss of the amount that exceeds coverage.
Learn how you can fully protect every penny of your bank deposits by reading the following articles:
• How to Protect Your Bank Deposits
• Is Your Bank Safe?
• 5 Warning Signs Your Bank Could Be In trouble
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Live Richly
Retirement Center
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Your Top Money Questions - Answered!
Have you ever wondered:
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Child Savings AccountsWhen opening a savings account for your child, make sure their Social Security number is used as the account's tax identification number. That way, as long as your child is under age 14, interest earned will be taxed at your child's lower tax rate, not at your tax rate. This rule holds true as long as your child earns less than $1,800 a year in interest. |
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