petrock85
petrock85 t1_j6og7my wrote
You could temporarily lose access to money at a particular bank. You will probably get the money back sooner or later, this could be a problem if all your money is in one place and you need to make an important payment.
Fraud is one way this could happen, but not the only one. Fraudulent withdrawals can usually be reversed but not always immediately. If you want to be very careful, you'd have one account that is only used for the most important payments and nothing else.
It is also possible that the bank will decide to close your account if they deem you suspicious. While they will usually return your money, you will be unable to access it while waiting for them to do so.
petrock85 t1_j2e0alq wrote
Sounds like you mostly understand it, but here a couple more things to know:
Pensions usually require you to work at the employer a minimum number of years to get the monthly benefit. It varies by plan but can be rather long for a government pension. If you leave before then, you should be able to get back the amount that is considered your contribution, but not any of the employer contribution.
You definitely can open your own IRA in addition to the mandatory workplace plan. The workplace might also have another retirement savings plan that you could use in addition to the mandatory one.
petrock85 t1_iyd5pgn wrote
Some are even higher, see https://www.doctorofcredit.com/high-interest-savings-to-get/ for an extensive list.
petrock85 t1_iui7984 wrote
Reply to National Bank - High Performance Savings by TheGioSerg
The higher interest rates are real. Even if the local bank only pays 0.60%, their legalese gives them the right to drop it even lower. The question you should ask is how other banks are able to get away with paying such low interest rates.
By the way, 3% is not the best you can get for a deposit account. You can get 3.5% on savings in large amounts and even higher for small amounts -- see https://www.doctorofcredit.com/high-interest-savings-to-get/ for an extensive list.
petrock85 t1_jef26pd wrote
Reply to Do I stand a chance at a decent retirement given where I currently am? by TyperMcTyperson
The retirement calculators depend heavily on the exact assumptions going in. Having more money certainly helps, but most people retire with less than you already have.
Your expenses will be less once you've paid off the house. If needed you could later sell the house and move someone cheaper, or get a reverse mortgage on it.