This blog is about financial scams that target seniors, but let me start with a few facts about this large and growing population.
The Cost of Raising Kids – what to expect
The amount you spend will vary based on several factors including:
- where you live,
- will you send them to private or public school,
- do they need daycare,
- what schooling is available and what kind are you comfortable sending them to
Many people do not realize the impact of student loans when they are going to college. Once out and faced with all of the other financial challenges, repaying student loans can be a challenge. Here are 4 tips to address student loan debt:
I wish I could give a quick and easy answer to that question – such as use the 4% rule for retirement (see podcast #3 for the limitations to this rule of thumb). The reality is that everyone’s situation is different and it requires individual evaluation. The 5 primary questions that will determine how much money you need to retire are:
An Internal Revenue Service (IRS) rule that allows for penalty-free withdrawals from an Individual Retirement Account (IRA). The rule requires that, in order for the IRA owner to take penalty-free early withdrawals, he or she must take at least five “substantially equal periodic payments” (SEPPs). The amount depends on the IRA owner’s life expectancy calculated with various IRS-approved methods.
There are three ways that you can determine the amount of the distribution from your IRA, and all three are based upon the balance of the IRA account and your age. The first method is the simplest, known as the Required Minimum Distribution method.
I spent the holiday break with my wife’s family in Caborca, Mexico. Their homes and possessions are pretty simple, but they have nice celebrations and full lives. The median annual household income in the US is about $29,000, in Mexico it is about $4,500. Costs for food, electricity, water, and clothing are very similar in both countries. As we look at spending plans and retirement planning it made me think that there is a lot of room for choices.
Early retirement can seem impossible, even retiring at 65 or 70 may not seem practial. If it is a priority, this can be a reality for diligent savers. One well-known example is the man behind MrMoneyMustache.com, who retired with his wife at age 30 after just nine years of working. They did this on two normal salaries. They are very careful with their spending and feel that they are living full lives.
Here are a few ideas for saving money.