Search results for retirement planning
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Posted
May 06 2008, 07:06 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from partner blog Blueprint for Financial Prosperity. Having grown up on Long Island, I didn't have many opportunities to watch NASCAR on television, so I never truly understood the intricacies of the sport. Since college, I've come to appreciate the difficulty of NASCAR and the skill it requires. Last weekend I was watching a few laps of the Goody's Cool Orange 500 at Martinsville Speedway, and I finally understood why NASCAR fans love the sport.
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Posted
Feb 03 2009, 01:52 PM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This guest post comes from Mr. ToughMoneyLove at Tough Money Love.
Baby boomers have been receiving a lot of criticism in recent months for their collective contributions to our country's economic problems.
First, we are blamed for an extreme amount of debt-driven consumption that inflated highly leveraged real estate and credit bubbles. Second, we are now being blamed for an excess of saving when many so-called economic experts are calling for increased consumer spending. In general, boomers are probably guilty on both counts.
I have a suggestion.
Instead of wasting energy hurling insults at financially irresponsible baby boomers, why don't we make a list of all the money mistakes that were made by the boomer generation? The younger folks can read the list and then pledge "never again." I hereby volunteer to start the list of boomer mistakes. Here we go:
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Posted
Feb 13 2008, 09:26 AM
by
Donna Freedman
Rating:
Money Blog: Smart Spending Blog - MSN Money
Want to drop a bad habit or develop a good one? You need a plan. Specifically, you need a list. Lists make us feel confident and in charge. They make us feel we're already halfway to achieving our goals.
We love our lists. We especially love short lists. "Three easy ways to … (lose weight, stop smoking, become a millionaire)" is a guaranteed attention-getter.
Life is never really that simple, of course. If all it took were three steps, everybody would be thin and rich, with unstained fingers.
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Posted
Oct 29 2008, 03:18 PM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
Although it's a questionable decision for many, almost half of 61-year-olds surveyed recently said they'll begin collecting Social Security when they reach 62, the earliest people can apply. The new survey by Fidelity Investments shows that surprising result -- as well as a widespread lack of understanding of how Social Security works. For instance, "56% do not know when they will be eligible for full Social Security benefits (age 66 for those born 1943-54)," Fidelity said. About a third wrongly think that all benefits are exempt from taxes. Applying at age 62 locks you in at a lower benefit for life (with one exception we'll describe below.) Is it really worth settling for a lower standard of living just to increase the chances that you'll collect Social Security for a few extra years?
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Posted
Feb 18 2009, 06:32 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from partner blog The Dough Roller.
Government Web sites provide a wealth of information about money-related topics. But finding what's out there can be a chore. This resource provides links to 70 government Web sites about everything from finding a job to buying a home and paying for college.
Buying a home and mortgages
- Buying a Home -- HUD. A step-by-step guide to the home-buying process.
- FCIC: How to Buy a Home With a Low Down Payment. This brochure describes how families can get into their own homes with little cash upfront. It explains mortgage insurance and how it works, and looks at the two options -- private mortgage insurance and government mortgage insurance.
- Buying a Home: It's a Big Deal. Information on selecting a real estate agent, commissions, and choosing real estate-related services.
- Home-Equity Credit Lines. Everything you'd want to know about a home-equity line of credit, including costs, interest rates, upfront closing costs, and how much you can borrow.
- Home-Equity Loans: Borrowers Beware! According to the FTC, "Homeowners -- particularly elderly, minority and those with low incomes or poor credit -- should be careful when borrowing money based on their home equity. Why? Certain abusive or exploitative lenders target these borrowers, who unwittingly may be putting their home on the line. Abusive lending practices range from equity stripping and loan flipping to hiding loan terms and packing a loan with extra charges."
- HUD -- 100 Q&As for Homebuyers. Covers just about any question a homebuyer could have.
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Posted
Dec 05 2008, 08:19 AM
by
Donna Freedman
Rating:
Money Blog: Smart Spending Blog - MSN Money
Today is my 51st birthday and it's already looking a lot better than my 50th because this year my building isn't flooded.
At 51, some people are looking forward to retirement. Personally, I expect to have to work for a long time, for several reasons. Having spent 13 years of my adult life either part time or freelance means my Social Security isn't huge. A fair amount of my retirement is based on a 401(k) from my newspapering days, and we all know what's happened to 401(k)s recently.
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Posted
Sep 15 2009, 07:26 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from Jim Wang at partner blog Bargaineering.com.
One of the biggest challenges in almost anything you do is knowing where your blind spots are. In simpler terms, you don't know what you don't know.
So, today I'll point out four money mistakes you might be making that you don't even realize you're making. Hopefully, you're making none of them. If you are making one of these, don't beat yourself up over it. Now you know you're making it and you can take steps to fix it.
Paying too much tax too early. Would you give the government several hundred dollars a month, for no reason, just for the government to write you a check in April? Would you give the government a zero interest loan? Probably not (if you would, feel free to send me money). However, that's exactly what you're doing when you get a tax refund in April.
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Posted
Mar 16 2009, 07:15 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from J.D. Roth at partner blog Get Rich Slowly.
Lately I've found myself using more and more financial rules of thumb. A rule of thumb is a general guideline, an easy way to approximate a value quickly. It's not meant to be completely accurate.
On a whim, I gathered together many of the general rules I've been using, as well as several others I found online. Thanks to those who follow me on Twitter, who also contributed suggestions.
For example, "FourPillars" wrote, "I hate rules of thumb -- they are a poor substitute for proper analysis." He's right, of course. Careful analysis always yields the best results. (And there are times when you need the advice of a financial professional.) All the same, it's often convenient to get a quick estimate of financial numbers. For those situations, it's helpful to know guidelines like the ones I've listed below.
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Posted
Mar 24 2008, 11:29 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
Grace's post at GRACEful Retirement will sound familiar to many aging boomers watching the effect of Wall Street gyrations on their retirement accounts. Grace is 58 and playing catch-up after getting a late start on socking away money for her hopefully golden years. "I started this blog last July with $176,000 in retirement savings. Now I'm down to $146,000, notwithstanding the money I keep putting in," writes Grace, who plans to retire in 10 years. That drop, "when I allow myself to think about it, scares me to death." Yet she continues to invest $1,025 a month in index and growth funds. She tells herself she's right to keep buying when the market is down because it inevitably will come back up. She asks, "When do I find out if I passed the test?"
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Posted
Apr 09 2009, 04:12 PM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
Many personal-finance questions seem too tough to tackle. For instance, would it make financial sense if your spouse joined the work force? Would the cost of day care cancel any gains?
Others seem unknowable or downright nosy: Am I making as much as others in similar situations? How does my spending compare with that of other people?
Actually, getting answers to these questions isn't so difficult. Jen, aka "Millionaire Mommy Next Door," provides resources to answer them and many more in her post "110 financial calculators: Fast answers to your money questions" (which includes several from MSN Money). And they're free.
This is fascinating stuff. If we didn't have work to do, we know how we'd be spending the rest of our day.
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