WalletPop Bloghttp://www.walletpop.com/blogWalletPop Bloghttp://www.walletpop.com/blog/media/feedlogo.gifWalletPop Bloghttp://www.walletpop.com/blogen-usCopyright 2009 Weblogs, Inc. The contents of this feed are available for non-commercial use only.Blogsmith http://www.blogsmith.com/The rush to convert: Why 2010 will be the year of the Roth IRAhttp://www.walletpop.com/blog/2009/12/25/the-rush-to-convert-why-2010-will-be-the-year-of-the-roth-ira/http://www.walletpop.com/blog/2009/12/25/the-rush-to-convert-why-2010-will-be-the-year-of-the-roth-ira/http://www.walletpop.com/blog/2009/12/25/the-rush-to-convert-why-2010-will-be-the-year-of-the-roth-ira/#commentsFiled under: , ,

Think of 2010 as the year of the Roth IRA. Beginning January 1, the rules governing who can invest in a Roth will be modified, allowing anyone with an existing traditional IRA to take advantage of a Roth -- and the special post-retirement tax breaks that this investment vehicle offers.

The more lenient rules are a result of the Tax Increase Prevention and Reconciliation Act of 2005 (TIPRA), which was signed into law by President Bush in May, 2006. Under the new rules, the income limits for converting a traditional IRA to a Roth IRA will no longer apply. So anyone with an existing IRA can take advantage of the Roth. Establishing and making contributions to new Roth IRAs will not change, however. For those who think that they will be paying a much heftier tax rate come retirement than they do now, this is good news. But they will have to act fast: The new rules are only in effect for one year.

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]]>2010 Roth IRA rules2010RothIraRulescontributionsconversiondistributionsinvesting for retirementInvestingForRetirementIRAretirement guideretirement planningRetirementGuideRetirementPlanningRoth IRARothIraTax Increase Prevention and Reconciliation Act of 2005TaxIncreasePreventionAndReconciliationActOf2005Taxpayer Relief Act of 1997TaxpayerReliefActOf1997Kelly Phillips ErbFri, 25 Dec 2009 09:00:00 ESTSeven top scams that target seniorshttp://www.walletpop.com/blog/2009/12/18/seven-top-scams-that-target-seniors/http://www.walletpop.com/blog/2009/12/18/seven-top-scams-that-target-seniors/http://www.walletpop.com/blog/2009/12/18/seven-top-scams-that-target-seniors/#commentsFiled under: , , ,

The dolansSeniors are one of scam artist's favorite targets. More than 25 million seniors were victims of fraud last year according to the Federal Trade Commission. Seniors become targets because they are easy to reach by phone, are often home during the day, often live along, and are often more willing to talk to strangers. Here, Ken and Daria Dolan expose seven top scams that target seniors. Even if you aren't a senior yourself, keep reading and warn the seniors in your life about these scams.

Click here to read the story!

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]]>dolansretirementretirement scamsRetirementScamsBeth PinskerFri, 18 Dec 2009 08:44:00 ESTRetiring to make more moneyhttp://www.walletpop.com/blog/2009/12/04/retiring-to-make-more-money/http://www.walletpop.com/blog/2009/12/04/retiring-to-make-more-money/http://www.walletpop.com/blog/2009/12/04/retiring-to-make-more-money/#commentsFiled under: , ,

With the economy sputtering, many employees are retiring to make more money.

Many, like my husband, worry that retirement benefits will change in the future and he wants to be "grandfathered" in for the higher benefits. He is planning to retire in June from Milwaukee Public Schools after 16 years at an inner city school. He will receive lifetime health benefits, a pension with a sweetener and severance pay.

The years of being spit and sworn at are paying off. And he is right -- these kinds of packages will become a thing of the past.




Continue reading Retiring to make more money


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]]>benefitsemploymentpensionretirementBarbara BartleinFri, 04 Dec 2009 16:00:00 ESTSeniors losing homes in continuing care communitieshttp://www.walletpop.com/blog/2009/12/01/seniors-losing-homes-in-continuing-care-communities/http://www.walletpop.com/blog/2009/12/01/seniors-losing-homes-in-continuing-care-communities/http://www.walletpop.com/blog/2009/12/01/seniors-losing-homes-in-continuing-care-communities/#commentsFiled under: ,

seniors dancingSeniors who were in good health when they signed contracts with continuing care communities -- communities that promised to care for them as they aged and needed assisted living or nursing care -- are now finding those contracts to be just empty promises. Many of these continuing care and assisted living facilities are facing bankruptcies with seniors left to find new homes at a time when they can no longer care for themselves. Some of these seniors thought they had bought into a permanent care facility they could depend upon until they died, but now if they need additional care, they must find new accommodations.

Continuing care communities were a retirement dream for those who could afford to pay. A person usually put down about $150,000 on an apartment (that number varied depending on apartment size and location) with the promise that they would have a place to live until the day they died. To qualify, seniors had to be able to live independently when they first moved in. Some would make their own meals, and some would choose to eat in a common dining room. All would pay a certain amount per month for needed services. Those who required more than basic services would pay according to the nursing or other services they needed.

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]]>assisted livingAssistedLivingcontinuing careContinuingCareretirementseniorsLita EpsteinTue, 01 Dec 2009 16:00:00 ESTPrepare now for ultimate retirement livinghttp://www.walletpop.com/blog/2009/11/22/prepare-now-for-ultimate-retirement-living/http://www.walletpop.com/blog/2009/11/22/prepare-now-for-ultimate-retirement-living/http://www.walletpop.com/blog/2009/11/22/prepare-now-for-ultimate-retirement-living/#commentsFiled under: , ,

RetiredWhen it comes to retirement living, take your cue from the Boy Scout handbook. Be prepared, and you could truly enjoy your golden years; don't prepare, and you're headed for the dark side of retirement living. It's a choice that 58 million people will be facing by next year, when 20% of the population will be in the 50- to 64-year-old range -- those crucial pre-retirement living years. How can you prepare now to secure all aspects of retirement living?

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]]>planning for retirementPlanningForRetirementretirementretirement livingRetirementLivingwillsJanean ChunSun, 22 Nov 2009 12:00:00 ESTBad actors continue to prey on seniorshttp://www.walletpop.com/blog/2009/11/04/bad-actors-continue-to-prey-on-seniors/http://www.walletpop.com/blog/2009/11/04/bad-actors-continue-to-prey-on-seniors/http://www.walletpop.com/blog/2009/11/04/bad-actors-continue-to-prey-on-seniors/#commentsFiled under: , , , , , , ,

Bad actors have solidly shifted their attention to reverse mortgages, causing a top consumer organization to warn seniors to choose such loans carefully.

A new report by the National Consumer Law Center likens the aggressive lending practices in today's reverse mortgage lending to those common in the sub-prime mortgage heyday -- featuring some of the same players.

"Well-funded marketing campaigns and perverse incentives to brokers are targeting seniors' home equity and using reverse mortgages as their tools," attorney Tara Twomey said in the NCLC news release.

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]]>reverse morgage scamsreverse mortgagereverse mortgagesReverseMorgageScamsReverseMortgageReverseMortgagesAmy PyleWed, 04 Nov 2009 17:00:00 ESTRecession tales: The price of growing old in a lousy economyhttp://www.walletpop.com/blog/2009/11/04/recession-tales-the-price-of-growing-old-in-a-lousy-economy/http://www.walletpop.com/blog/2009/11/04/recession-tales-the-price-of-growing-old-in-a-lousy-economy/http://www.walletpop.com/blog/2009/11/04/recession-tales-the-price-of-growing-old-in-a-lousy-economy/#commentsFiled under: , , , ,

I just bought my airline ticket for my friend's 100th birthday party, which she's anticipating with considerable excitement. Life has been quiet since she gave up competitive ballroom dancing at 85. Planning a party spices things up.

The oil wells that my friend's husband left her have kept her lifestyle comfortable - until the last couple of years when she developed a need for 24-hour care after the car she was riding in was broadsided.

Even a couple of active oil wells don't gush enough money to cover all the expenses of extreme aging. My friend and her children, who are old enough to be contemplating their own retirements, can see the day when it is all going to run out. If mom's still around - and the doc says she very well could be - longevity is going to be an expensive problem.

Continue reading Recession tales: The price of growing old in a lousy economy


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]]>recessionretireRetireeretirementretirement planningRetirementPlanningJennie L. PhippsWed, 04 Nov 2009 12:00:00 ESTLending Club makes P2P diversification simple with new investor toolshttp://www.walletpop.com/blog/2009/10/30/lending-club-makes-p2p-diversification-simple-with-new-investor/http://www.walletpop.com/blog/2009/10/30/lending-club-makes-p2p-diversification-simple-with-new-investor/http://www.walletpop.com/blog/2009/10/30/lending-club-makes-p2p-diversification-simple-with-new-investor/#commentsFiled under: , , ,

Peer-to-peer lending marketplace Lending Club just announced several new features for investors who use the service which can help them earn an average return of 9.67%.

The new features, which went live this morning, make it easier than ever to find the types of loans you want to invest in and create a diversified portfolio based on how much risk you want to take.

The new investor experience provides you with more information and the ability to filter on several factors to find loans that appeal to you. For instance, if you want to avoid a specific type of loan such as home improvement projects, you can exclude them from your loan search. Another welcome filter will show only loans that have been approved for funding.

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]]>borrowersdiversificationfiltersinvestorloanloan gradesp2pPeer to peer lendingportfoliorate of returnretirement accountriskRob GarciaJosh SmithFri, 30 Oct 2009 13:30:00 ESTMajority of Americans worried about retirement - plan to work longerhttp://www.walletpop.com/blog/2009/10/22/majority-of-americans-worried-about-retirement-plan-to-work-lo/http://www.walletpop.com/blog/2009/10/22/majority-of-americans-worried-about-retirement-plan-to-work-lo/http://www.walletpop.com/blog/2009/10/22/majority-of-americans-worried-about-retirement-plan-to-work-lo/#commentsFiled under: , ,

retireThis week is National Retirement Week, which is a good thing since it is a topic weighing heavily on our minds. According to a recent survey by MoneyRates and GetRichSlowly, 52% of respondents didn't feel on track with their retirement. It's no wonder so many people are concerned about their retirement savings, since the Sun Financial Unretirement Index found that nearly two-thirds of Americans will delay retirement one year -- with 27% of those individuals delaying retirement by 5 years!

The most popular reason given for entering "unretirement" was to "to earn enough money to live well," a change from last year's top reason of, "staying mentally engaged," which is in second place this year. These changes are explained in part by the general pessimism of American workers, such as findings that:
  • 58% of workers under 60 don't believe Social Security will be available to them upon retirement.
  • 42% aren't confident about Social Security Benefits.
  • 41% don't feel confident about prescription drug benefits.
  • 38% are not confident in Medicare benefits.

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]]>GetrichslowlyJ. D. RothMoneyratesNational Retirement Weekpaying off debtRetirementsavingsaving for retirementSun Life Unretirement Indexworking longerJosh SmithThu, 22 Oct 2009 12:00:00 ESTLiving to 100: Financial planning for a longer lifespanhttp://www.walletpop.com/blog/2009/10/20/living-to-100-financial-planning-for-a-longer-lifespan/http://www.walletpop.com/blog/2009/10/20/living-to-100-financial-planning-for-a-longer-lifespan/http://www.walletpop.com/blog/2009/10/20/living-to-100-financial-planning-for-a-longer-lifespan/#commentsFiled under: , , , ,

Medical journal The Lancet reported a story that's been widely covered by major news outlets: According to The Lancet, more than half of all babies born in the U.S. (and other industrialized countries) since 2000 will live to be 100 years old.

Once a milestone only a handful of seniors reached, this new triple-digit benchmark will become downright commonplace by the time this century winds to a close. Half of all babies born in this country in 2007 will live to be 104 years old.

While the novelty factor is high ("Grandpa, tell us again how there was only one channel of the Internet when you were growing up!"), this announcement has far more serious implications for today's Americans -- both young and old -- when it comes to managing their personal finances. The Lancet study's lead author called the news good for individuals but challenging for societies.

First, a bit of history: While improvements in lifespans over the first half of this century were largely due to decreased infant mortality, longer living today comes on the back end. While the nation braces for the aging of the Baby Boomers, a process that's only just begun and has huge implications on everything from Social Security to health care, the impact of the next wave will be even greater. Fortunately, the study indicates that not only are people living longer, they're staying active longer; in other words, 70 could be the new 40 by the time your kids are adults.

What does this brave new world mean for your personal finances -- and that of your children? Walletpop spoke with John Rother, executive vice president for policy and strategy at the AARP, and asked him to weigh in on the implications for tomorrow's seniors.

Continue reading Living to 100: Financial planning for a longer lifespan


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]]>budgetingfeaturedliving longerliving to 100LivingLongerLivingTo100old ageOldAgepersonal finance and living longerPersonalFinanceAndLivingLongerretirementMartha C. WhiteTue, 20 Oct 2009 15:30:00 ESTWho needs a pension when dogfood will do?http://www.walletpop.com/blog/2009/10/13/who-needs-a-pension-when-dogfood-will-do/http://www.walletpop.com/blog/2009/10/13/who-needs-a-pension-when-dogfood-will-do/http://www.walletpop.com/blog/2009/10/13/who-needs-a-pension-when-dogfood-will-do/#commentsFiled under: ,

retireesThe reward for working 35 years at a modestly paying job in the public sector has long been security and the promise of a pension that nearly equaled and occasionally exceeded what a worker was receiving when he accepted his gold watch. And in most cases, these pension promises were indexed for inflation so they'd grow as the worker aged.

These pension liabilities don't have to be accounted for like they are in the corporate world. No putting on the balance sheet what actuaries believe the municipalities, school boards, etc., will need to meet these pension obligations so that taxpayers can understand what they've committed to and workers can judge the odds that they'll get what they're owed.

Continue reading Who needs a pension when dogfood will do?


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]]>pensionpension fundspension plansPensionFundsPensionPlansretirementJennie L. PhippsTue, 13 Oct 2009 11:00:00 ESTMedicare premiums going up, Social Security checks going downhttp://www.walletpop.com/blog/2009/10/12/medicare-premiums-going-up-social-security-checks-going-down/http://www.walletpop.com/blog/2009/10/12/medicare-premiums-going-up-social-security-checks-going-down/http://www.walletpop.com/blog/2009/10/12/medicare-premiums-going-up-social-security-checks-going-down/#commentsFiled under: , ,

Many seniors will see their Social Security check go down because their Medicare Part D (prescription plans) and their Medicare Part C (also known as Medicare Advantage) plans are expected to go up in cost. Since Social Security is not expected to provide a cost of living increase (COLA) this year for the first time in 25 years, this rise in medical premiums will actually mean many seniors will get a lower Social Security check because premiums for most seniors are taken out of this check.

Congress is considering a one time payment of $250 for singles and $500 for couples to help offset the rising costs seniors face for medical care, prescription drugs, energy and food. But whether or not that will really cover a senior's increases will depend upon where they live and who their Medicare provider is.

The Kaiser Family Foundation reports that Medicare Part D plans are expected to increase an average of 7% plus about 60% of available plans will have an annual deductible in 2010 ($310 is standard). Only 45% had an annual deductible last year.

In addition fewer Medicare Part D programs will be offering coverage in the doughnut hole. Once spending for a senior's drugs tops $2,830 (and that includes both what the senior pays and the insurer pays), the senior enters the doughnut hole and can't get out of it until spending reaches $6,440. Not many seniors escape the doughnut hole once they get into it. When in the doughnut hole, seniors get no coverage for their prescription drugs.

Continue reading Medicare premiums going up, Social Security checks going down


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]]>colamedicaremedicare advantagemedicare part dMedicareAdvantageMedicarePartDsocial securitySocialSecurityLita EpsteinMon, 12 Oct 2009 11:00:00 ESTBook Review: The Complete Idiot's Guide to Personal Finance in Your 20s & 30shttp://www.walletpop.com/blog/2009/10/08/book-review-the-complete-idiots-guide-to-personal-finance-in-y/http://www.walletpop.com/blog/2009/10/08/book-review-the-complete-idiots-guide-to-personal-finance-in-y/http://www.walletpop.com/blog/2009/10/08/book-review-the-complete-idiots-guide-to-personal-finance-in-y/#commentsFiled under: , , ,

For a lot of individuals in their 20s and 30s personal finances have a lot in common with David Copperfield; money appears and disappears and sometimes it earns more in a bank account but at the end of the day it's all magic.

If you fall into this group you can either sit around and moan about the lack of a personal finance course at your high school or you can do something about it.

Good, you're still reading, so I assume you'd rather your finances are a bit more like Penn & Teller; mind blowing and quick to call "BS" on gotcha's and bad money deals. Well you're in luck, "The Complete Idiot's Guide to Personal Finance in Your 20s & 30s" does just that; offering up sound advice in an easy to access format that calls attention to important facts with sidebars throughout the book.

My favorite sidebar examples in the book are of the "Money Pit" and "Dollars and Sense" variety, which you can see throughout this post. These include cautionary notes and tips to keep you on top of your personal finances.

Continue reading Book Review: The Complete Idiot's Guide to Personal Finance in Your 20s & 30s


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]]>bank accountsbook reviewbudgetscomplete idiots guidehome buyingpersonal financepersonal finance in your 20sresourceretirement fundsSarah Young Fishersavingsworking from homeJosh SmithThu, 08 Oct 2009 15:00:00 ESTFinancial skills can erode before dementia is even suspectedhttp://www.walletpop.com/blog/2009/10/01/financial-skills-can-erode-before-dementia-is-even-suspected/http://www.walletpop.com/blog/2009/10/01/financial-skills-can-erode-before-dementia-is-even-suspected/http://www.walletpop.com/blog/2009/10/01/financial-skills-can-erode-before-dementia-is-even-suspected/#commentsFiled under: , ,

MarsonWhen Mom begins to mislay her car keys, or Dad misses bathing for a couple of days, many of us realize that it might be time to take at peek at their finances to make sure nothing has gone awry.

However, this could be much too late. According to a couple of recent studies, patients with mild memory problems may already be exhibiting signs of financial impairment, putting their assets at risk.

I had the chance to talk in a telephone interview with one the field's foremost experts on Alzheimer's and financial behavior, Dr. Daniel Marson J.D., Ph.D., professor and director of the Alzheimer's Disease Center in the Department of Neurology at the University of Alabama at Birmingham, who recently completed a new study on this topic.


Continue reading Financial skills can erode before dementia is even suspected


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]]>alzheimers diseaseAlzheimersDiseasecognitive impairmentCognitiveImpairmentdementiafinances and agingfinances and dimentiaFinancesAndAgingFinancesAndDimentiamemory lossMemoryLossTom BarlowThu, 01 Oct 2009 08:00:00 ESTWhat percent of your state's residents are in the work force?http://www.walletpop.com/blog/2009/09/28/what-percent-of-your-states-residents-are-in-the-work-force/http://www.walletpop.com/blog/2009/09/28/what-percent-of-your-states-residents-are-in-the-work-force/http://www.walletpop.com/blog/2009/09/28/what-percent-of-your-states-residents-are-in-the-work-force/#commentsFiled under: , ,



An undertow of the current health care debate has been the suspicion that working Americans will be forced to cover the cost of health care for deadbeats who decline to work and pay for their own. I thought it would be interesting to look, state by state, at just how many people 16 years of age or older are actually in the work force as defined by the census bureau, i.e., working outside of the home or actively looking.

This graphic, from the latest American Community Survey by Bureau of the Census, shows a large disparity from region to region.

Why are so many people older than 15 not in the work force today? According to a 2004 study (current unemployment will change these numbers temporarily) the main reasons are:

37.9% are retired
19.1% are going to school
14.7% suffer from chronic illness or disability
13.2% are taking care of children/others at home
4.3% are unable to find work
3.6% are uninterested in working

Continue reading What percent of your state's residents are in the work force?


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]]>non-working americansU.S. work forceU.s.WorkForceworkers by stateworking americansWorkingAmericansTom BarlowMon, 28 Sep 2009 09:00:00 ESTSocial Security benefit checks could go down in 2010http://www.walletpop.com/blog/2009/09/17/social-security-benefit-checks-could-go-down-in-2010/http://www.walletpop.com/blog/2009/09/17/social-security-benefit-checks-could-go-down-in-2010/http://www.walletpop.com/blog/2009/09/17/social-security-benefit-checks-could-go-down-in-2010/#commentsFiled under: ,

While we won't have the official word on the annual cost-of-living increases (COLA) until mid-October, the Congressional Budget Office estimates that there will be no COLA increase for 2010 -- the first time without an increase in 35 years.

For most that also means there will be no increase for Part B premiums, but some will see an increase.

For all, whether or not their Social Security benefit checks go down will depend upon how private insurers price the Medicare Part D premiums (prescription benefits). If those premiums go up, as expected, the actual check Social Security recipients receive could go down.

Even if Medicare Part D premiums remain the same, about 25% of Social Security beneficiaries will net less cash thanks to expected increases in Medicare Part B benefits. Medicare Part B benefits, which cover doctor's visits and other outpatient services, must stay the same thanks to a "hold-harmless" clause of the federal law that forbids increases in Part B premiums when there is no COLA increase.

Continue reading Social Security benefit checks could go down in 2010


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]]>medicaidmedicarepart bpart dPartBPartDsocial securitySocialSecurityLita EpsteinThu, 17 Sep 2009 16:00:00 ESTLife settlement funds: good investment, ghoulish, or a death bubble?http://www.walletpop.com/blog/2009/09/16/life-settlement-funds-good-investment-ghoulish-or-a-death-bub/http://www.walletpop.com/blog/2009/09/16/life-settlement-funds-good-investment-ghoulish-or-a-death-bub/http://www.walletpop.com/blog/2009/09/16/life-settlement-funds-good-investment-ghoulish-or-a-death-bub/#commentsFiled under: , ,

grim reaperInvestors large and small are looking for a new way to return to the juicy profit level of sub-prime's heyday, and one product beginning to gain popularity is life settlement funds, AKA Grim Reaper funds.

In a life settlement, investors pay the elderly cash today in return for the money from their life insurance when they pass. Yes, it sound ghoulish, but when has that been an impediment on Wall Street? With $26 trillion of life insurance currently in effect, the prospects are enormous.

In the same way that mortgages were bundled and turned into securities, companies such as Credit Suisse are buying up quantities of policies to create funds. Investors are hoping for returns as generous as 20-40%. Last year, seniors sold life settlements with a face value of $11.8 billion. But I have some serious reservations above this investment vehicle.

You'll recall that the sub-prime mortgage fiasco was due in large part to fraud on behalf of those selling mortgages to anyone with a pulse, regardless of qualifications. Viaticals were a precursor to life settlements. In the 1980s, investors bought the right to life insurance settlements from AIDS victims who they expected would die soon, never expecting that the cocktail would kills their profits.

This seamy business attracted scam artists like flies to a dump. In a 2000 Florida court case the jury found that almost half of the viaticals offered as investments by companies in that state were fraudulent. Can the life settlement industry avoid the same fate?

Accurately projecting the life span of those from whom the policies are purchased is a key to the profitability. What happens if our medical care changes substantially? What if we cure cancer? What if the swine flu turns dramatically more deadly? These factors add risk to the investment. The industry plans to manage these risks by doing a better job of vetting those buying and selling the settlements, and creating bundles of policies that include a wide variety of diseases and maladies.

The return on investment also depends on the dependability of the insurance companies to pay claims. As we've seen, the fortunes of these companies are deeply intertwined with the general economy, and if some were to go bust, so would the life settlement funds that depend on their payments.

Finally, there's the question of ethics. Some people (including yours truly) would be very uncomfortable knowing that widespread, unexpectedly early death would result in a windfall for them.

Ironically, one of the biggest customers for such a product? Public and private retirement funds, which already stand to benefit most from early death.

Don't be surprised if, in a few years, pundits begin to talk about a death bubble. I just don't want to be on one. Or in one.

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]]>llife insurance investment fundlife insurance payofflife settlementLifeInsuranceInvestmentFundLifeInsurancePayoffLifeSettlementviaticalTom BarlowWed, 16 Sep 2009 15:00:00 ESTGrandma's tips for a long and prosperous retirementhttp://www.walletpop.com/blog/2009/09/16/grandmas-tips-for-a-long-and-prosperous-retirement/http://www.walletpop.com/blog/2009/09/16/grandmas-tips-for-a-long-and-prosperous-retirement/http://www.walletpop.com/blog/2009/09/16/grandmas-tips-for-a-long-and-prosperous-retirement/#commentsFiled under: , , ,

Money magazine in its September issue, lists four steps to "Worry-Free Retirement":
  1. Know the risks of stocks and bonds
  2. Crunch the numbers
  3. Worry less by downsizing your plans
  4. Control what you can including spending

The advice is laced with what are probably savvy suggestions for making the decision between stocks and bonds, calculating risk and evaluating the value of a pension, no matter how small.

As I read it, I couldn't help thinking about my 85-year-old mother-in-law, a recent widow. She and her late husband, a former draftsman, lived in retirement for 20 years - on his pension, banking most of their combined Social Security.

Continue reading Grandma's tips for a long and prosperous retirement


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]]>grandmaretireretirementretirement savingsretirementplanningRetirementSavingsJennie L. PhippsWed, 16 Sep 2009 14:00:00 ESTAsk the Dolans: How much money do I need to retire?http://www.walletpop.com/blog/2009/09/04/ask-the-dolans-how-much-money-do-i-need-to-retire/http://www.walletpop.com/blog/2009/09/04/ask-the-dolans-how-much-money-do-i-need-to-retire/http://www.walletpop.com/blog/2009/09/04/ask-the-dolans-how-much-money-do-i-need-to-retire/#commentsFiled under: , , , , , ,

Ken and Daria Dolan, America's first family of personal finance, answer your questions every Friday.

Click here to ask Ken and Daria your question.

Americans have lost trillions -- with a "T" -- of dollars in the stock and housing market collapses. The average person with a 401(k) plan has lost five years worth of their savings! No wonder people are nervous about whether they have enough money saved for retirement. Today, Ken and Daria Dolan of Dolans.com have a surprising answer to the question "How much money do I need in retirement." The conventional wisdom is dead wrong, they say -- listen to it and your retirement dream could become a nightmare.

Dear Ken and Daria,

How can i figure out if I have enough money to retire?

--Mary

Use our retirement planning worksheet to figure out how much you need for retirement. It's not too late to rebuild your retirement savings!


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]]>dolansKen and Daria DolanFri, 04 Sep 2009 10:00:00 EST Retiree Tax Heavens (and Hells)http://www.walletpop.com/blog/2009/09/03/the-tax-friendly-and-unfriendly/http://www.walletpop.com/blog/2009/09/03/the-tax-friendly-and-unfriendly/http://www.walletpop.com/blog/2009/09/03/the-tax-friendly-and-unfriendly/#commentsFiled under: , , , , , ,

Maybe you're thinking about relocating in retirement, in hopes of enjoying milder weather and lower expenses. Before you make a move, it pays to assess the overall tax burden of your future home. Some states are a lot more tax friendly then others.
Click through our photo gallery and see which cities are the most tax-friendly & unfriendly for retirees.

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]]>Andrea ChalupaThu, 03 Sep 2009 12:33:00 EST