This year, for the first time, the Social Security Administration paid out more to retirees than it received in Social Security contributions from working Americans. That’s really bad news; and, as journalist David Shribman recently observed, no one running for President is even talking about this problem. Some pundits think the Baby Boomers brought this …
Question: Dear Steve, I’m about 45,000 in debt. Were at negative cash flow and starting to pile up debt outside of just the credit cards. I pay the mortgage to my father who I have the house in an irrevocable trust for me in his passing. At the time of the purchase, I was working …
Contributing author Richard Fossey recently wrote about how badly retirement is going to treat Baby Boomers. His post The Baby Boomers are Toast: Massive Suffering is Right Around the Corner says, “And many of my contemporaries are frightened. One-third of senior Americans live entirely on Social Security, and the average payout is only $1,220 a …
That loud trudging sound in your workplace may be boomers marching into work — in numbers and for lengths unseen in the past 50 years. The long-held dream of retiring by age 65 (or earlier) is harder to achieve now than it was 30 years ago, as health-care costs have exploded and retirement savings have …
Saving for retirement is an important financial task. And while there are plenty of options available, many Americans are still confused about how best to prepare for retirement. In fact, only 34% of Americans said they were knowledgeable about independent retirement accounts, according to a recent study by the LIMRA Secure Retirement Institute. And only …
Question: Dear Steve, I am 72 years old living on S.S. $1000, and Medicare, live alone, rent $600), pay utilities-electric- car insurance-two credit cards ($7000), package deal on TV, landline, Internet $96 (thinking about going to antenna for TV since I only get limited basic now?) Had breast cancer diagnoses in 2017. Running out of …
Question: Dear Steve, I have approximately $150K in credit card debt. I have a 401k worth about $500K with the ability to take out a loan of about $103K. I call it “credit card” debt, but it’s actually two Sofi loans totaling about $83K and the rest is credit card debt. That Sofi loan is …
You may have heard great stories from friends and co-workers who have borrowed money from their 401(k) to pay for things like weddings, cars and vacations. You are not alone. According to the Employee Benefits Research Institute, about one in six people who are eligible to take out a loan from their 401(k) plan has …
The Trump administration has been vigorous in wanting to cut regulations. That’s not always a bad thing. But this suggested change really caught my eye. President Trump has signed a memorandum which clears the way to eliminate the fiduciary rule for investment brokers. The fiduciary rule may sound like something boring but every person saving …
Question: Dear Steve, Stayed home with kids for 9 years, and just went back to work. We have had medical issues and just not made enough money. We have racked up some credit card bills $50,000 and $40k in student loans and our house is 250K, and we have two cars. We have tried paying …