For those of you who aren't 62... The recent federal reserve rate cut offers you some other advantages to save.
The interest rate drops will help consumers who want to reduce their debt because credit card companies will lower interest rates. Also home-equity loan rates and student-loan interest rates will decrease, which will allow more of the payment to go towards the principal balance or lower monthly payments.
"It allows you to refinance your house and have a lower mortgage payment if you have a conventional mortgage you might want to now contact your mortgage broker and find out if the current mortgage rate would be attractive to refinance." said Certified Financial Planner Dale Buckner.