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Apathy and Ignorance Killed Your Happiness and Retirement. You’re Welcome.

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 …

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You Might Be in Denial But Retirement is Going to Really, Really Suck for Many

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 …

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Confused About Retirement Accounts? Read This

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 …

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I’m Retired and Running Out of Money Quickly. I’m Scared, Alone and Afraid.

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 …

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Should I Borrow From my 401(k) or Home Equity to Eliminate My Debt?

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 …

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Proposed Trump Regulation Rollback Should Scare Even Supporters

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 …

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Medical Debt, Credit Card Debt and No Retirement Saved – Lisa

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 …

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