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Retirement Related

Retired Couple Takes Out Loans With Payments Twice Their Income

Modern business concept

“Dear Steve, My wife and I are retired with a fixed income of just under $3000 a month. Over the last few months, we’ve had to take out loans at several, high interest businesses. Now, our payments are twice our income. We have a small place, (mobile home and storage bldgs.) valued at about $20,000, which is free and clear. ... Read More »

My Retirement Plan Won’t Let Me Borrow Money to Settle My Debt – Quincy

Dollars and Stopwatch

“Dear Steve, I’m thinking of using some of my reitrement to help settle my debt. But my retirement says if I refund the money I will lose all benefits to it. I’m with the Arizona State Retirement System. I do not want to take it all out, just enough to cover my debts. Will I be penalized for this and ... Read More »

My Store Lost Money and Left Me With Debt. I’m Retiring. – Dave

tunnel

“Dear Steve, Lost 1165.00 income from sale of store and I was the bank…total 54,000.00 I am retired and have 1500.00 SS and 500.00 company retirement. Problem is I ran up credit card dept trying to keep the store going and have paid off all bank loans except I have around 30,000.00 credit card debt. I am not late and ... Read More »

I’m 62 Years Old and Saving Hard for Retirement. What About Our Other Debt? – Michael

retirement

“Dear Steve, I am 62 yo, wife is 61 yo. Our combined stats: -We have $27k in credit card debt (0% interest, due to finding 12-18 month 0% promotional rates), -$200k home mortgage using a 5/5 arm at 2.75% which amounts to a $1000/month P&I payment–our property tax in NJ is $1000/month, -$400k in retirement savings–401k, ira, annuities mostly in ... Read More »

I Need Someone to Help Me Get My Financial Life on Track. – Sara

"Credit rating" handwritten with white chalk on a blackboard

“Dear Steve, I am looking for a workshop or advisor to help get my finances straight. I have a poor credit history so i need advise in working through that in addition to rebuilding my credit. I have several retirement accounts from different jobs that I am not sure what to so with. Do I roll them all together or ... Read More »

Should I Stop Working for the Church and Get a Paying Job to Pay Off Our Debt? – James

church

“Dear Steve, I have a $50,000 credit card debt for which the monthly payment is $1,000 at 9%. I receive a $24,000 military retirement and my wife makes $40,000 a year. I have $230,000 from early retirement in an annuity and we refinanced our mortgage two years ago for a 5% rate and the balance is $217,000. I am 58 ... Read More »

Debt Snowball is Reducing Our Debt But What Next? – Doris

retirement

“Dear Steve, We owe 172,000.00 on our house and live in CA. We are in our late 4o’s with a net worth of 200,000.00 not including my pension. We both have another 20 or so years to retire. My husband is self employed as a painter therefore we have to put away extra retirement for him. We have life insurance, ... Read More »

We Are in Financial Overload but Getting Ready to Retire. – Tomasita

retirement

“Dear Steve, My husband and I are having financial overload. we would like to get rid of debts as soon as possible he es the only one woks and we are close to retire. What do you recomend us to do what ever is better for us. Tomasita” Don’t miss our free Get Out of Debt – “How To” Guide ... Read More »

10 Thousand People a Day are Retiring in America – Are You Ready?

justball-144x125

As a college student studying finance, I would often hear of references to the baby boomer generation. It would typically be described as a very large mouse traveling through a skinny snake. Meaning there was this extremely large mass off people traveling through various stages of life. Now the tip of that metaphorical mouse has hit a major milestone and ... Read More »

Your Primary Language Impacts Your Ability to Save for the Future

justball-144x125

In a paper by M. Keith Chen of Yale University School of Management and Cowles Foundation, a conclusion was drawn that the language you speak has an impact on your ability to save for the future. Languages differ widely in the ways they partition time. In this paper I test the hypothesis that languages which grammatically distinguish between present and ... Read More »

Cashing Out My 401(k) to Pay Off Debt. Is It a Good Idea? – Paul

justball-144x125

“Dear Paul, I work for the federal government and make about $90K. My wife makes about 45K (no benefits) after losing her corporate job in 2003. I am 47 with an MS, she is 52 with a BS, married 23 years. I have to retire from my current job at 57 so we both know we will be working at ... Read More »

My Deferred Compensation Plan Won’t Let Me Take Money Out. – Susan

justball-144x125

“Dear Paul, Last year I had an income downturn. I have credit card debt that is drowning me and I struggle to pay everything each month. I now have some medical expenses and have had some family emergencies that have created more financial stress. I have a deferred compensation fund through my job that has more than sufficient funds to ... Read More »

My Active Duty Military Husband Says We Should Not Start Investing Till He Returns From Being Deployed. – Barbara

justball-144x125

“Dear Paul, We are an active duty military couple (14 years in) with one child and gross income of about $120,000 (with pay and allowances) per year. I’m 40, he’s 34. I have a Bachelors in Business and have almost completed a Masters in Finance. We’ve had money issues in the past, but dug ourselves out back to having a ... Read More »

No Retirement, No Savings, Drowning in Debt. – Randy

justball-144x125

“Dear Steve, Self employed – earned about $80K in 2010 (up from 2009); 58 years old. $10K in savings; no retirement plan other than to work ’till the end. Home owner – mortgage etc. about $2K/mo; no equity, but not underwater either – just about even. Unsecured debt is about $50K. Not behind yet in anything, but between self-employment taxes ... Read More »

We Are Seven Years From Retiring. How About This Plan for Eliminating Our Debt? – Alan

justball-144x125

“Dear Steve, We are 7 years from retiring ( we are on target to have 5K a month in retirement annuities) Owe 110K on house Have 68K in college loans for 4 kids to pay off Have 28K in credit card Have 25K in 2 car loans The wife and I bring home 102K combined each year I would like ... Read More »

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