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Tag Archives: retirement

Should I Drain My 401K So I Can Pay Off Debt And Retire? – Cathy

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“Dear Steve, I am 65 yrs old, still working and my husband 71, retired. Our income is $51k (me), and my husband’s SS benefit of $10k. I used to have $250k Line of Credit/ c card debt. We’ve been diligently tried our best to pay and now the it’s down to $140k of Line Of Credit Debt on a home ... Read More »

    Will Baby Boomers Have Enough to Retire?

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    It’s no secret that the housing bubble and recession of the last four years has caused financial heartache for many of us. One group that has been especially hard hit is the baby boomer generation. For years boomers have believed that they would retire in their mid-sixties and enjoy their golden years playing golf and traveling. They planned to fund ... Read More »

      Chances Are You WIll Live Long Enough to Be Broke


      Photo Credit: Rosie O’Beirne I just read that the life expectancy for people in the United States and Canada continues to rise. Seems like a real blessing, doesn’t it. We get to live a longer life. But how are we going to afford medical care and to feed ourselves if life far exceeds our ability to work and earn? Unless ... Read More »

        More People Preparing to Eat Dog Food in Retirement


        To make it through tough times more Americans have borrowed, stolen or raided their small retirement funds to make ends meet. Loans from retirement funds jumped 20 percent last year. This really can’t be a big surprise to many. Faced with difficult financial decisions people will tend to gravitate towards the oath that seems easiest and less painful immediately. It’s ... Read More »

          Planning to Buy Foreclosed Nevada Home for Retirement. – Danel

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          Husband is retiring next year. Plan to buy a foreclosed house in Nevada for retirement. My husband got meager amount of money saved at Tiaacref. He wanted to take out $80,000 from that retirement fund, give daughter $30,000 to buy her own house and use $50,000 to put down or buy a foreclosed house in Nevada. My question is: Can ... Read More »

            All Aboard The Fraud Express! $1 Billion Ticket To Ride!

            There’s not many fraud stories that cross my desk now that make me drop my jaw. I mean, really, a scam is a scam is a scam. But this doozy, oh this one has me sitting here looking like the kid from the Home Alone movies: hands flat on the sides of my face, jaw dropped and eyes wide. Charges ... Read More »

              Chapter 7 – The Attributes of Internal Prosperity in Action


              Chapter 7 – The Attributes of Internal Prosperity in Action Brian and Nancy had lived a fabulous life full of everything everyone wants. They had beautiful friends, sensational parties, the right guest list, the right address and fabulous cars. And all throughout their marriage, life had been…great. Brian had spent many years working closely with his father and played an ... Read More »

                Should I Draw On My Retirement Before or After I File Bankruptcy? – Ryan

                “Dear Lewis, Recently divorced, left financially and emotionally wiped out, decided to resign and take a year off for travel and healing. Currently have 40K in unsecured debt and about 7K in savings. Was planning on drawing on my retirement (about 50k) of it, to finance the upcoming year. Question is, can I file for chapter 7 bankruptcy, and still ... Read More »

                  I’m 69 And Lost My Job But I Want to Pay My Debts. – Chuck

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                  Chuck “Dear Steve, I am 69. lost my job of 15 years 6 months ago. Am on SS and work odd jobs when I can. Have 56,000 credit card debt, Was ok while working but now am 6 months behind on large accounts, have been struggling to keep others current. I called credit repayment plan and was told I would ... Read More »

                    Can the Creditors Force My Mother to Sell Her House? – Leigh Anne

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                    My step-father recently died and my mother is living on disability and now only a small portion of his social security and retirement. He only has 41K left in retirement. The company he worked for went bankrupt. She has no other income. They have a house payment which she can still make. She can afford her utilities and groceries with ... Read More »

                      Should We Cash Out the 401k to Pay Off the Mortgage? – Lorriell

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                      Lorriell “Dear Steve, My husband and I are Mid-30’s and have been married and investing heavily for 16 years. We are watching our investments plunge. We owe $126K of $194K mortgage. No other debt. We are locked in at 4.75% refi. but wondering if cashing in one of 401K would be better. Wondering about the tax advantages/disadvantages. We are no ... Read More »

                        Marriage and Money: How to Talk to Your New Spouse About Finances

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                        So you’re engaged. Or thinking about it. If you’re really serious about spending the rest of your life with another person, it’s time to get some of the tougher issues out in the open. Somewhere near the top of your list should be MONEY. Conflicts about money issues can stop a relationship before it has a chance to be successful. ... Read More »

                          Maria Writes In “How About Staying In The Stock Market?”

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                          Maria “Dear Steve, This is not a debt question – it’s about staying in the stock market with all the current turmoil? Will you still answer it? Maria” Maria, So much of what happens in the stock market is not based on logic or research, but innuendo, gossip and emotion. Just because the stock market is wildly gyrating at the ... Read More »

                            My Husband and I Are Just Barely Making the Minimum Payments. – Janet

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                            “Dear Steve, My husband and I have about $40,000 in credit card debt. We are just barely making the min. payments. Right now the interest averages about 7.99%. Part of this 40,000 is due to purchasing a used truck in December and charging the 12,000. on a card at 5.99% until Oct 2009. In addition to the credit card debt ... Read More »

                              I Was Wondering if it Would Make Sense to Liquidate Part of our IRA and Pay Off the Mortgage? – Ken

                              Ready to Collapse

                              “Dear Steve, I have lost my job due to a so-called “voluntary” early retirement program. I am looking, but have yet to land another job, and at 55 I dont think my chances are great of making anywhere close to what I was making in my last job. Our children are grown and on their own, and our only debt ... Read More »

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