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Wendella Ault Battey, LLC
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Hartford, CT

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January 2009 Tip

Without question, these are the toughest times in our nation's economic history. Some of us have watched our savings and retirement plummet over the last quarter of 2008. Yet, as our retirement, investments and even our children's college savings continue on the downward slide, we are comforted by the possibility of a new administration moving in the direction or renewed hope and rebuilding of not only our country's infrastructure but also our financial markets and economy.

So here's the Tip:

Do not be tempted to take what's left of your savings and retirement portfolio and move it out of the market at this time. History has taught us that when the market starts to correct itself, and it will, whatever goes down will come back up.

For those of you who are in the position to refinance your homes if your interest rate is somewhere between five and one half and six and one half percent, this is perhaps the best time to do so. You may be able to secure a rate as low as four and one half percent. This will mean potential savings on your monthly mortgage payments several hundred dollars. You can then use the savings to either re-invest to make up for the losses in your portfolio, reapply the amount monthly to pay down the new mortgage faster, or very simply store the money away into your rainy day fund. The important thing to keep in mind is that you have the opportunity to refinance at a lower rate which will save you much needed dollars.

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