Dowling & Yahnke
It’s much easier to spend money than to save it.
And that’s particularly true for individuals who have received a financial windfall.
Squandering large amounts of money can be easy when the money appears suddenly. And that’s true whether the windfall is $50,000 or $5 million.
Have you ever paid to receive your credit score?
It’s only natural that you’d want to see what your credit score is before you buy a house, car or another big purchase.
Studies from Consumer Reports and the federal government, however, call into question whether you should even bother.
The average life expectancy for Americans, according to the U.S. Census Bureau, is 78.5 years of age.
If you use that as a marker to determine how much you will need to save for retirement or should spend after you quit working, you could be in trouble.
We would never let a teenager drive a car without getting training, but we allow young people to borrow money for college, obtain credit cards and invest their money with little or no financial training.
Surveys have repeatedly shown that teenagers possess very little knowledge about personal finance. You can blame some of the financial illiteracy problem on high schools.
When you retire should you take a lump sum or opt for a lifetime of pension checks? In our last post, we mentioned that roughly 70% of American workers take the money even though that is frequently not optimal.
If you were offered a choice when you retired between taking a lifetime of pension checks or a hefty lump sum, which would you take?
If you are getting close to retirement, you will have to figure out how you’re going to stretch your nest egg as far as possible.
Maybe you don’t feel comfortable tackling this retirement challenge on your own, but who should help you with this complicated decision?