Category: General
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Special Bank Offers for Seniors
Some banks offer special bank offers for seniors such as reduced costs, increased interest rates, and favorable fee structures that may or may not be better than traditional offers. For example, the most basic “senior account” is a simple checking account that has no monthly maintenance fee. It’s a way for banks to court the…
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120th Carnival of Personal Finance
Wow… the Carnival of Personal Finance has hit its 120th edition and My Retirement Blog was tapped to celebrate its centennial and a fifth, having a carnival go this long is pretty amazing when you consider so many have come and gone. This one is a bit of a doozy, with a ton of submissions,…
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Unleash Your Retirement Asset Avalanche!
Okay, that was a bit of a sensational title but there’s a reason for that. Deep inside each and every one of us, you and you included, is the financial wherewithal to build a retirement asset base that would likely exceed your expectations. Often times, right before we take a path, we look at the…
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Think You Don’t Make Enough To Save?
Check out the latest edition of Millionaire in the Making, it features a couple with a combined income of $86,000 who managed to save $100,000 in their 401(k) and $50,000 in IRAs. So, how do they do it? Make It Automatic – Amy uses auto-deductions to put $10,000 a year away in her 401(k), taking…
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10 Retirement Pitfalls: Buying Too Much House
This is similar to the “Avoid Credit Card Debt” pitfall, don’t buy too much house. Whereas credit card debt is bad because interest is high, an expensive mortgage is bad because it’s usually going to be around for a long long time (which I suppose is much like credit card debt if you can’t pay…
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10 Retirement Pitfalls: Depending On Windfalls
Anytime you depend on someone else, you run the risk of that person not coming in for you; when it comes to retirement, you do not want to depend on anything except for your own work. You don’t want to depend on inheritances, you don’t want to depend on Social Security, and you don’t want…
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10 Retirement Pitfalls: Avoid Credit Card Debt
I like to think of retirement saving as building a house and its crucial for one to have a solid foundation onto which to build this house, having credit card debt is the antithesis of having a solid foundation. When you’re talking about retirement, it’s about growing your nest egg… which is extremely difficult if…
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10 Retirement Pitfalls: Waiting
The power of compounding means that every year you wait, you don’t lose one year’s interest… you actually lose on the tail end of the compounding equation. Let’s say you have a maximum compounding interest lifespan of thirty years, starting when you’re twenty five. If you wait until you’re 26, you don’t lose interest from…
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Tapping Home Equity In Retirement
That’s the subject of the latest headline from Yahoo Finance’s personal finance How-To section and it’s certainly one worth reading if you’ve been considering using the home equity you’ve built up in your home as a way to supplement your retirement income. They profile three basic strategies for tapping into home equity: downsizing into a…