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In general, crafting an effective retirement plan involves identifying retirement goals and mapping out a strategy for achieving them. It requires determining how much can be contributed to retirement investing and the investment instruments that will be most effective for achieving financial goals.

President Biden insists he will stay the course in pursuing a second term as commander in chief despite growing calls for him to step down as the presumed Democratic nominee, but one expert says the president’s refusal to withdraw from the 2024 race could have economic implications.

For some, working gigs like driving for ride-share companies, doing freelance work or selling products online helps supplement their income from their primary job. Through their main employer, many people can save for retirement, such as by automatically deducting a percentage of each paycheck and investing within a 401(k). 

Considering the state of the economy and the elevated interest rates financial institutions currently offer on deposit accounts, you may consider opening a certificate of deposit (CD). Some experts expect interest rates to fall soon with recent inflation reports showing cooling price growth in the United States. And, with the next inflation report expected July 11, now may be the time to act.