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Dave Ramsey Gives Advice To A 'Broke' Couple Who Spent $30,000 On Solar Panels — 'You Need To Lock Arms And Write Down A Pledge In Blood That Says I'm Going To Quit Buying Crap I Can't Afford'
Monday, January 29, 2024 - 12:30pm | 937In April 2022, financial expert Dave Ramsey offered vital advice to a couple grappling with serious financial challenges. Their predicament was featured in a YouTube video titled “We Are So Broke, We Don’t Know What To Do!” where Jessica from Dallas sought Ramsey’s help. The...
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Does The 4% Retirement Rule Still Apply In 2024, Or Do You Need An Updated Withdrawal Strategy?
Monday, January 22, 2024 - 3:02pm | 1014Determining how much money you can safely withdraw from retirement savings each year without running out is a critical aspect of retirement planning. For decades, the 4% rule has served as a guideline for retirees, suggesting that withdrawing 4% of the retirement portfolio in the first year and...
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I Have A $300,000 Mortgage, $100,000 In My Savings And No Life Insurance. Will My Children Be Responsible For My Debt?
Monday, January 22, 2024 - 2:35pm | 1072Many people worry about the possibility of passing their debts to their children, particularly when managing substantial debts like a $300,000 mortgage against $100,000 in savings and no life insurance. Understanding debt inheritance and effective financial planning is crucial to preventing this...
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I Earn $75,000 Per Year And Have $150,000 In My Retirement Account, But My Husband Doesn't Work — How Can I Plan For Our Retirement?
Monday, January 22, 2024 - 11:45am | 811Nearly a quarter of married-couple families in the U.S. have only one working spouse, highlighting the importance of strategic retirement planning for many households. In a hypothetical scenario where a woman earns $75,000 annually and has $150,000 in retirement savings, with her spouse not working...
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Will Your $1.5 Million Nest Egg Last If You Retire Early At 62?
Friday, January 19, 2024 - 11:04am | 851If you’ve managed to save up $1.5 million for retirement, you’re already ahead of the game. Hitting the million-dollar mark is a goal many strive for, but the big question is: Is it enough to retire comfortably at 62? Transitioning from earning regular paychecks to living off your...
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Can They Seize Our Family Home If My Spouse Goes To A Nursing Home While I Still Live There?
Thursday, January 18, 2024 - 5:00pm | 798A concern for many families when a spouse requires nursing home care is the potential impact on the family home. While legal safeguards exist to protect the rights of the spouse remaining at home, it’s crucial to understand that this protection isn’t necessarily permanent. The home may...
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I'm 65 And Have A $150K Mortgage With $250,000 In My Retirement Account. Should I Use Retirement Funds To Pay Off The Mortgage?
Thursday, January 18, 2024 - 9:36am | 1200In a common financial scenario, many people 65 and older grapple with whether to use their retirement savings to pay off their mortgage. Consider a hypothetical case where a 65-year-old person has a $150,000 mortgage and $250,000 in a retirement account. This scenario presents a financial...
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I Want To Give My Daughter $50,000 To Help Pay For Her Wedding — Will I Need To Worry About Triggering A Gift Tax?
Wednesday, January 17, 2024 - 4:57pm | 939Considering helping your daughter financially for her big wedding day? It’s a gesture that speaks volumes about your love and support. Weddings mark one of life’s most cherished milestones, and contributing to your daughter’s special day can make it even more memorable. However,...
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I'm 58 And My Husband Is 64. Can I Collect Spousal Social Security Now And Switch To My Benefits At 67? Understanding Your Options For Retirement As A Couple
Wednesday, January 17, 2024 - 4:11pm | 911As retirement approaches, many couples grapple with a crucial financial decision: when to start collecting Social Security benefits. Consider the hypothetical case of Jane and John, who are facing this dilemma. Don't Miss: Can living off interest from a $1 million investment support my retirement...
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Do I Get A Break On My Property Taxes Because I Am A Senior?
Wednesday, January 17, 2024 - 3:42pm | 1079As the golden years approach, one of the many questions seniors ponder is when they can finally catch a break from the perpetual cycle of tax payments. The prospect of retirement should bring peace and relaxation, not anxiety about property taxes and financial burdens. For seniors in certain states...
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I Plan To Convert $100K In My 401(k) To A Roth IRA. Is There A Way To Avoid Taxes?
Wednesday, January 17, 2024 - 3:11pm | 1174Many people find themselves in a situation where they want to convert their 401(k) to a Roth IRA. This can be a smart move if you’re looking to withdraw your retirement funds tax-free when you retire. However, converting your 401(k) to a Roth IRA can come with a hefty tax bill. Although...
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How Much Money Do You Need To Make To Be Among The Top 1%, 5% Or 10% Based On Income? The Answer Is Less Than You'd Expect
Wednesday, January 17, 2024 - 2:30pm | 1075Income thresholds in the U.S. for the top 10%, 5% and 1% of earners in 2023 reveal a surprising reality. Entering these high-earning brackets may be more achievable than many assume based on data from an Economic Policy Institute 2021 study. Don't Miss: The average American couple has saved this...
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Only 65.8% Of U.S. Households Feel Confident In Handling An Unexpected $2,000 Expense — Federal Reserve Reveals How Economically Fragile People Are Now
Wednesday, January 17, 2024 - 12:01pm | 979The Federal Reserve Bank of New York's recent Survey of Consumer Expectations reveals a concerning trend: Only 65.8% of U.S. households believe they can handle an unexpected $2,000 expense in the coming month. This figure, the lowest since 2013, indicates a decline from the previous year's average...
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I'm Married And We Earn $250,000 Per Year Combined — This Exceeds The Roth IRA Limit But Can We Still Contribute Using A Backdoor Roth?
Wednesday, January 17, 2024 - 11:09am | 1932Married and finding yourself in the frustrating position of earning above the Roth IRA limit? Don’t worry, you’re not alone. Many people encounter this obstacle when seeking to maximize their retirement savings. The good news is that there’s a strategy known as the backdoor Roth...
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An Increasing Number Of Americans Are Taking Early Withdrawals From Their Retirement Accounts — What You Can Do Instead
Wednesday, January 17, 2024 - 10:54am | 738Amid economic uncertainties and looming fears of a recession, American workers face a challenging financial landscape, marked by an alarming trend of early withdrawals from retirement savings. The Vanguard Investor Expectations Survey, conducted in October 2022, sheds light on this concerning...