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Many police deptartments offer a deferred compensation plan to help with retirement. These plans are usually under the section of the tax code of 457, or possibly 403B if you are working for a Universtiy Police Department. The 457 plan is similar to a 401K plan in the private sector.

If you are not in one of these plans you need to look into one. The advantage of these plans is that it allows you to contribute money to your retirement tax deferred. The money you put in usually goes into a mutual fund of your choice. The big advantage is that the money is taken out of your paycheck before taxes. This money can then hopefully grow in this tax shelter and can be taken out upon separation of service.

I found the services of ING to be very good, but Ohio Deferred Comp, Prudential and Blue Line 457 also offer the same service to most City Departments in the Columbus area. The Blue Line 457 plan also has the advantage of being able to borrow from the plan and is sponsored by the Fraternal Order of Police.

If you are interested in investing in stocks with a discount broker, i.e., one who doesn't offer advice as to which stock to pick, or just want to check the price of your company's stock, I found that Scottsdale does a good job. If you would rather buy stocks directly from the company than go to netstockdirect or the dripinvestor.

For a beginner's guide to investing check out the Motley Fool website. The Motley Fool site contains easy to read expert advice on how to get your all your financial matters in order. The financenter allows you to easily calculate loans, investments, how much you need to save to become a millionaire and many other helpful tips on investing.

Below is a calculator to determine monthly payments on a loan, including how much interest and principal is paid with each payment. It will calculate every payment on a thirty year loan, so please be patient if you enter a lengthy mortgage.

Free annual credit reports are available from Annual Credit Report.com. The site annualcreditreport.com is not the same as "FreeCreditReport.com" which can charge a fee for credit protection.

If you work a lot of special duty or have a part-time job which does not take out taxes, you can use the IRS's Withholding Calculator to determine how much you will need to adjust your W-4 so you won't owe taxes at the end of the year.

Loan Calculator

Amount of the loan ($)
Annual interest rate (%)
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Fill in the fields, then click 'Amortize'



[Dave Ramsey Radio Show and Investing Advice]