Whether you are saving for retirement, a dream home, your child’s college education or other life changing event, it’s important that you plan for it accordingly. This means saving money so that you will have the things that you need, while hopefully being able to enjoy some of the things that you want. Effective financial planning is the key to a wealthy future in more ways than one.
Families who are looking for a long-term investment with competitive rates often look to the purchase of U.S. Savings Bonds. In addition to being backed by the full faith and credit of the United States, savings bonds can be purchased for as little as $25.00 meaning they do not require a large investment. Series EE Bonds, which are guaranteed to reach maturity in 20 years, are sold at half their face value, which means you can purchase a $100.00 bond for $50.00. A Series I Bond is sold at face value, but typically earns slightly higher interest than the Series EE Bonds. Investors can earn interest for up to 30 years and will not be required to pay federal income taxes on any interest earned until the bonds reach maturity, or until they are redeemed, whichever occurs first. If...