Twelve Days of Christmas - Quick Tips Part 3

Day Seven

Yes or No Decision-Making Tip

Just a quick tip I picked up from a book. I use this often when it comes to decision making. If it isn’t 100% Yes, then it is a No. That’s it.

Day Eight

CD Rates and Automatic Rollovers

If you have some CDs coming due and they are set to automatically renew into a new CD, please verify the rate on the new CDs. There was a report recently of how banks are automatically renewing CDs that mature but with rates that are substantially lower than not only the old CD but also others available. Please remember that a bank is not your friend and if they can get away with a lower rate they will do it.

Day Nine

50-Year-Old Catch-Up

The catch-up for turning 50 happens in the year in which you turn 50. You do NOT have to wait until you actually turn 50 to participate. For example, your birthday is on December 31st and you are turning 50 in 2025. You can start doing the catch-up on January 1, 2025. $7,000 in a 401k and $1,000 in an IRA/Roth.