Consumer Education Resources

Name

10/29/11

Bus254: Macroeconomics

2c. Question2c: Consumer Education Resources (5 points).

            You have the power to stop identity theft. By using this link you can read information on how to avoid being taken advantage of. It gives you advice such as not being intimidated by emails or callers that suggest severe consequences of not giving them your information. It also suggests never clicking on a link in an email you believe to be fraudulent. The link also provides the contact information of the three major credit bureaus. The links are provided just in case you become a victim of identity theft. This link is important to people in today’s modern world because identity theft is the fastest growing crime in the world.

            Home Mortgages: Understanding the Process and Your Right to Fair Lending. What this link does is explain the process of looking for a mortgage provider. It then goes on to explain the application process. The third section explains the consumer protections and rights as a borrower to fair lending. The fourth section has a list of government agencies that could assist in certain aspects of home purchasing. The link will help people understand new laws and their rights when starting on a search for a home.

            Savings resources for consumers: Top 10 ways to prepare for retirement. What this link shows is a simplified top 10 list of major issues a person should consider when planning retirement. The first thing is to start saving or keep saving and make saving for retirement a priority. Second on the list is all about knowing what you will need for retirement. Such as most people will need 70% of pre-retirement income but some low income earners may need 90%. Number three on the top ten lists is contribute to your company’s retirement savings plan. The article says it will reduce your tax bill as well as possible additional contribution from your company. Number four say if your employer has a pension plan learn about it. Number five suggests learning basic investment principals. Number six is a very important part of retirement saving do not touch the retirement savings. Number seven suggests that if your employer does not offer a plan ask them to start one. Number eight suggests putting money into an IRA. Number nine talks about learning about Social Security benefits. Number ten says ask questions regarding your retirement to learn more then what this list advises. This list is needed to give people direction and to explain the importance of starting a retirement account early. Everyone wants to retire and to do that today requires planning ahead to make your goals come true.