The Stanly News and Press (Albemarle, NC)

Opinion & Letters to the Editor

January 1, 2014

10 easy-to-do steps to lower economic stress in 2014

(Continued)

If your job offers a 401(k) (or a 403(b) for nonprofits), max it out. And if your firm does not, ask why. Get it to take advantage of this huge tax savings.

You should also max out your IRA — $5,500 per year for those under 50, and $6,500 for those over 50.

5. Refinance your debt. The Fed has announced the beginning of the end of quantitative easement, and the end of ZIRP (zero interest rate policy) is coming. In plain English, this means rates should "normalize" sooner rather than later. That means higher — and, in some cases, appreciably higher — credit costs.

Start with your home. Lock in a low rate, refinancing in a fixed (not variable) mortgage. If you can afford to make the higher payments, go for the 15-year note vs. the standard 30-year note, and your rates will be even lower.

You should also carry as little credit card debt as possible; you might negotiate a lower rate with your bank just by asking. Usually the threat of transferring the balance to a zero-rate "teaser" card gets the job done.

6. Review your insurance. Whatever you carry, you probably bought it years ago, and it could be outdated. Review what you have: homeowners, life, even auto may be insufficient relative to your present financial situation.

If your house has appreciated, you may need to update your homeowner's insurance. Look into adding a separate rider for valuables such as jewelry or art. Is your auto insurance sufficient to protect all your assets in the event of a tragic accident? Last, consider a general liability umbrella policy to ensure that your assets are protected in case of a litigation.

7. Save for college. Set up a 529 plan. College, like raising the kids you plan on sending, is not cheap: Open up an account, fund it — and get a deduction off state taxes, which is never a bad thing. And pay for college expenses with tax-free funds.

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Opinion & Letters to the Editor
  • Doug Creamer Friends and contentment

    Last week I made my annual trip up the mountain to Sparta. My friends have a secluded home near a babbling brook. Their home and property are a haven for peace. It’s a two-plus hour ride to their home that doesn’t feel that long because I look so forward to my time with this great couple. When I arrive, the conversation seems to pick up right where we left it the last time we saw each other.

    July 29, 2014 1 Photo

  • Thanks for the honest deed

    I would like to thank the person that found my wallet in the parking lot of Harris Teeter on July 23 and turned it in to the Albemarle Police.

    July 29, 2014

  • cleaning supplies Don't judge mothers with messy homes

    I was building shelves in my garage when a neighbor girl, one of my 4-year-old daughter's friends, approached me and said, "I just saw in your house. It's pretty dirty. Norah's mommy needs to clean more."

    July 28, 2014 1 Photo

  • We need your help

    Hurray for the Albemarle City Council. Council plans to battle N.C. Department of Transportation’s ranking of all 13 projects in Stanly County to the bottom of their priority list. Council is setting up petitions in various city buildings for citizens to sign.

    July 28, 2014

  • Council asks veterans to seek office

    The terms of office for the leaders of the Stanly County Veterans Council ended June 30. A call is being sent to veterans council members requesting candidates for the four elective offices of the council. A meeting has been set for 6:30 p.m. Aug. 12 at the DAV building. All council members are urged to attend.

    July 28, 2014

  • Mike Walden The gains and gaps in our economy

    Twice a year, I pull out my cloudy crystal ball and attempt to make some predictions about the direction and pace of the North Carolina economy. I just finished my latest effort and, as usual, the results are a combination of pluses and minuses.

    July 28, 2014 1 Photo

  • Jason O. Boyd Yellow journalism takes on new form, people are dumber for it

    Time to get on the soapbox for a few minutes.
    Let me clear my throat. Eh ... hem!
    People are dumb.

    July 28, 2014 1 Photo

  • Brent Laurenz Special election adds to the mix

    RALEIGH – A busy slate of judicial elections this November got even busier recently when Judge John Martin of the N.C. Court of Appeals announced his retirement.
    A special statewide election to fill Martin’s seat will be added to the general election ballot, joining the four N.C. Supreme Court seats and three N.C. Court of Appeals races already slated for this fall.

    July 25, 2014 1 Photo

  • Patrick Gannon Fake news or sign of some more trouble?

    RALEIGH – Of the three situations I can recall where agencies receiving large sums of taxpayer dollars wouldn’t divulge employees’ salaries, two of them ended badly. The third – involving a group of charter schools in Southeastern North Carolina – is playing out right now.

    July 25, 2014 1 Photo

  • Almost half of America's obese youth don't know they're obese

    WASHINGTON - The good news is that after decades of furious growth, obesity rates finally seem to be leveling off in the U.S.. The bad news is that America's youth still appear to be dangerously unaware of the problem.

    July 23, 2014

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