Living on a fixed income is hard for anyone, but for senior citizens, it’s especially challenging. Rising health care costs, insufficient retirement benefits, and longer life expectancies make a fixed income even more difficult. With limited dollars stretched in too many directions, many retirees have turned to credit cards to cover the shortfall. As a result, an increasing number of seniors find themselves having to repay large balances while still needing to cover necessary living expenses. However, if this sounds like you, don’t worry. You can take steps to relieve the pressure.
Divorce can be a long and painful process – but add debt issues to an already emotionally heated experience and the fire can quickly rage. To cool the situation down and do the right thing for you both, it is important to know these 5 basic facts about debt and divorce.
Organizing the needs and finances for our loved ones, family members, or our own retirement can be overwhelming. The good news is that there are many helpful organizations specializing in senior issues.
Beating incredible odds, you’re holding a winning lottery ticket in your sweaty-hands. Your heart is racing. You’ve checked the numbers more times than you can count. What should you do? Breathe. We spoke with several investment advisors and attorneys to find out the top advice for lottery winners, and we share their advice here.
To start, they advise that you don’t make any life changes right away. In fact, keep quiet about your winnings until you have had time to think through the consequences of making the news public. Don’t go on a spending spree. Don’t post your windfall on Facebook. Do everything that you can to maintain your privacy because predators will be knocking at your door.
Next, follow these smart steps for lottery winners:
Planning a funeral is not what most people would envision as a fun way to spend an afternoon, especially if it is your own funeral that you are planning. However, it is a task that should not be neglected. A funeral costs can quickly rise to upwards of $10,000, and without proper planning, loved ones can be stuck with bills they cannot afford to pay.
Topics: Life Changes
An estate plan is not just about giving away assets and possessions. It’s an expression of your hopes and wishes for the future and the people you’re leaving behind.
You want to know not only that your belongings will be transferred successfully, but also that the family unity you spent your entire life creating and nurturing will be preserved as well. Well-drafted estate plan documents are important for achieving those goals and avoiding four common mistakes.
Topics: Life Changes
A 2019 survey from Caring.com reports that nearly 60% of adult Americans don’t have a will. It’s a basic tool for estate planning that everyone should have. A will gives instructions on how you want your assets and affairs handled after your death, which can have much greater implications than it might seem. Even if you have a trust, you should still have a will for any assets the trust does not cover.
If you are in this majority, here are five consequences of dying without a will:
We regularly offer free classes to the public, called Lunch and Learns, on a variety of money topics. One of the most popular is our seminar on credit scores. The class takes the mystery out of understanding a credit score, and people have an opportunity to get their questions answered.
Getting the best deal on automobile financing isn't as easy as accepting the first offer you receive. To make sure you get the lowest interest rate, good dealer incentives, and a monthly payment that works well for you, you'll need to do some legwork. The effort can save you thousands of dollars:
Are you tired of hearing “credit or debit” when you go to pay for something at a store? I am. I hear it so often, I just automatically say “debit” when asked. I never think about what it actually means. It just seems easier to enter my PIN right when I swipe my card than waiting to sign at the end of the transaction. Silly, I know, but that’s just me.
Topics: Credit Cards