Simplify and reduce your money ‘clutter’
Professional organizers might define household clutter as a pile of unmade decisions. Money clutter is much the same. Those credit cards you no longer use but haven’t closed? That’s money clutter. So is the retirement account you left behind three jobs ago, and the financial paperwork you keep but no longer need. You can simplify your financial life by streamlining how you manage... READ MORE
You’ll probably live longer than you think
Women often don’t score as well as men in surveys of financial literacy. One area where they seem to do better is “longevity literacy,” or understanding how long they’re likely to live. Longevity literacy is essential to smart retirement planning. Overestimate your longevity, and you could retire too late or scrimp too much. Underestimate it, and you could run short of... READ MORE
Your credit score affects mortgage, more
Becoming a homeowner has become increasingly more challenging for many, with monthly housing payments recently hitting a record high of $2,563 — a 29% increase from 2022. Sky-high mortgage rates, which are expected to keep climbing, have left both homebuyers and owners feeling increasingly pessimistic about the housing market outlook. So, if you’re in the market for a mortgage or a... READ MORE
Less restrictive options to guardianships
We’ve all read stories about Britney Spears, Amanda Bynes, Brian Wilson of the Beach Boys and other famous people who lost control over their own lives. These individuals were legally stripped of their autonomy, and another person was vested with the power to manage their finances, medical choices and other life decisions. Guardianships — also referred to as conservatorships — are... READ MORE
Banks are starting to pay savers again
Americans are finally reaping some benefits from keeping their money in the bank. Banks are paying up for savers’ deposits in a much bigger way than they have in more than a decade, based on recent earnings reports from the nation’s biggest banks. After a decade of low interest rates, the Federal Reserve has unleashed a rapid series of rate hikes to combat inflation, pushing up... READ MORE
I love you, but not your ‘I Love You Will’
Are you and your spouse planning to write your wills this season? Congrats! Will-writing is one of the most loving things you can do for each other and for all the people and causes that matter most to your life. But if you’re thinking about implementing simple “I Love You Wills,” read on. While this simple will plan design can work well for many couples, for others, the practical... READ MORE
Investing in fixed income alternatives
Many who invested in bond mutual funds with long maturities in 2022 were disappointed because total returns were negative. When interest rates increase, the value of long-term bonds falls. Thus, for investors who thought that bond holdings would protect them, a fall in fund prices was disappointing, because in 2022 both bond prices and stock prices fell dramatically in value. What... READ MORE
Treasury bills good for earning interest
Savings rates have continued to go up this year, so if you’ve been looking for a place to store your savings and earn interest in the short term, you’ve probably considered a high-yield savings account or CD. And while these are both good options, there’s another short-term investment alternative you should also consider: Treasury bills. Treasury bills (T-bills) have maturity dates ... READ MORE
Comprehensive retirement planning guide
In December 2021, I wrote a favorable review of Wade Pfau’s Retirement Planning Guidebook, published by Retirement Resources. Pfau has recently produced a second edition of his book, which addresses all the major regulations passed since then. Many experts agree this book is the most comprehensive and best-written personal finance book ever written. I agree. If you are approaching... READ MORE
How working affects Social Security benefits
Dear Savvy Senior, I started drawing my Social Security retirement benefits back in 2021, when I was forced to retire early. Now I’m interested in going back to work part-time. Will this affect my benefits, and if so, how much? —Back to Work Dear Back, You can collect Social Security retirement benefits and work at the same time, but depending on how old you are and how much... READ MORE
