QUESTION:
What is your opinion and experience with reverse mortgages? Do you think that is a good option for seniors? And why?

ANSWER:
Before I give my opinion on this, I would like to start with a word of caution! This decision is one which should not be made without expert advice! Because much of the decision is a planning decision, you should seek the advice of a fee based financial planner in conjunction with an accountant. These two experts will help navigate this very complex issue.

Let’s start by discussing who should NOT be thinking of doing a reverse mortgage, otherwise known as a Home Equity Conversion Mortgage. more

QUESTION:
How do I find a good financial planner? One I can trust, and will not cost me a lot.
Needs Help!

ANSWER:
The first and most important thing to remember is the old saying “You get what you pay for”. When trusting your finances to a professional, don’t go “bargain shopping”! more

QUESTION:
56 yr old married female on ss disability, husband works construction. We owe the irs 110,000 and the state of Indiana 52,000. We are making a small payment to the state but the federal is in non collectable status for now. Every year they have us fill out our current finances. Now can they garnish my ss and more

QUESTION:
I currently live & work in California. I am 57 years old, and in 3 years I will have 20 years in a government position. I would like to retire at age 62 and I realized that the "Pension Offset" or "Windfall" pertains to me so I will not receive all of my social security, but a portion of it (which, by the way I feel is totally unfair! It's MY money!) Would that law still apply when I retire & moved to a state that does not have this law? Or is it just cut and dry: I worked here so the Windfall follows me no matter where I live? Thank you. California Dreamin' more

QUESTION:
My ex husband is almost 11 years younger than I am. I had a home-based business (still do) for most of our married life. We were married for a total of 14 years. My income was low but helped. My social security benefits will not be nearly as high as his. So my question is in two parts. One, do I have to wait until HE is 62 to collect (I will be 73 then) or can I collect on his ss when I turn 62?

Second question: am I entitled to his social security even though we are divorced. My former mother in law collected from more

2 comments
QUESTION:
Should I draw my Social Security benefits at age 62 and take a smaller benefit, or wait until my maximum retirement age to get the larger benefit.
Wondering

ANSWER:
Although this may appear to be a simple question, the answer is not simple. Let me start by giving a very general answer, and follow up with specific things to consider when making the decision.

In general, you should take the benefit more

1 comment
QUESTION:
Husband is 2 yrs, 8 mos younger than I. I am not able to find a job that I can physically do at age 61+. If I begin drawing on my own account in 9 more months, I will get a very small amount and not be able to change to his when he is ready to retire. Also, since I come from a very long lived family, I would like to maximize my amount. He needs to work as long as possible due to us having a house payment for many more years. We could easily meet all our obligations drawing off his full benefit, but that means I can't draw until I am 69. I have been told that he can sign up and start his at age 62, I can sign up and start my spouse benefits, then he can immediately freeze his and more

QUESTION:
I have 14K in a deferred comp account (457) from a previous employer. I just found out that since I'm separated from service, I can't take out a loan (to pay myself back in 5 years, it was my preference for retirement.) I have been "under employed" for the last 2 years, relying on a credit card to help out now and then. I missed a payment, and the interest rate was bumped to 30% (ack)! Now that I have a better job, more

1 comment
QUESTION:
I sold my house for $380,000 and have $250,000 cash left from it. Now I am looking for another house. I am living with my boyfriend and sharing rent with him and his son. My share is $825 a month for rent. He is on disability and cannot own a house, so I will buy a house. I was going to buy one anyway. We are not going to get married. I just need to know if I should buy for something over $250,000? I am collecting social security and would like to have something with no mortgage, just taxes and utilities. He is encouraging me to buy something that costs $300,000 and I am worried about getting a $50,000 mortgage at this time in my life. I am 65. Thank you for any help or suggestions. more

QUESTION:
I need some advice, I am 51 and my hubby is 53. He was seriously hurt in a car accident and have no money saved for retirement, we have had to use it all to live on this accident happen 3 years ago.

We will very soon be getting a large sum of money or at least large to us. We need a car right now we have no transportation we were also wondering would we be better to keep renting or buy a home so we know we will always have a home if anything would happen. Our worry about buying is the up keep, in an apartment we would not have that. But then again money does not last forever and we cannot live on 1000.00 a month. PLEASE HELP! Cash Settlement Coming more