Money Central lists 50 ways to trim your budget.
Today we're reviewing some ways to lower your personal insurance and retirement costs:
- Consider "refinancing" your term life insurance; rates have dropped in the past decade so you might be able to qualify for a lower premium.
- If you have a long-term disability policy, investigate the savings if you opt for a longer waiting period to reduce premiums (if you have an emergency fund or other income to bridge the gap).
- Suspend contributions to annuities and other accounts that don't offer matching funds or tax breaks.
- Make sure you got proper tax credit for last year's retirement contributions if your adjusted gross income was under $25,000 (for singles) or $50,000 (for couples). The retirement tax credit of up to $1,000 for lower earners is one of the most overlooked tax breaks, said MSN tax columnist Jeff Schnepper in "10 big deductions too many people miss." If you deserved this break but didn't take it, it's worth amending your return.
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