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1) When Does a software engineer start financial planning for retirement since the our Career span is only 15-20 years on average.
2) How much and which schemes to invest to mitigate the risk?
3) How much do we need for retirement?
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I'm not going to lie, I have always felt the same way about bigger banks. My family all use credit unions and have frequently told me I should switch. But I am with you, I don't see the benefits.
Chief
Credit Unions typically have more flexibility in their lending practices versus the rigidity of a major bank… but I bank at all of the big 3, have a couple of smaller banks, that are strictly for savings accounts, and we have a joint regional bank…
We were going to open an account with a credit union… it had great reviews, plenty of locations where we live… but they charged a $7 or $15 service fee, regardless of balance or transactions.., it just wasn’t something that I was willing to do… I have a checking account with Chase & Wells Fargo, I never touch them, because they’re not my primary bank, and need to maintain $1,500 in it to waive the $15/mo fee… I’ll do that no problem…
If you ever need a medallion signature guarantee, it’s good to have an account at Chase.
I've heard that some credit unions are willing to take a risk on people with worse credit and potentially give better loan rates. But I have not found that to be true at all. I've been with Chase for 15 years and I'm not switching up anytime soon, no matter how many people try to convince me that credit unions are the best.
All the Credit Unions I have used in the past would eimburse ATM fees, so finding an ATM was never an issue.
Rising Star
As someone who has never used a credit card, I have to agree with you.