TheAdvice.com | Personal Finance

Over Your Head in Credit Card Debt?

If you have gotten over your head in credit card debt you are not alone. According to the FTC, there are four basic methods you can use to assist you with this: Credit Counseling, Debt Management Programs, Debt Consolidation, or Bankruptcy. While bankruptcy should only be considered only as a last choice, let’s review the first three programs that may be of significant help to you if you are in debt. 1) Credit Counseling: By selecting a reputable credit counseling service and talking with certified counselors, you may have the opportunity to learn how to budget properly and...

Retirement Strategies

The current financial environment has many people nearing retirement age wondering if they’ll even be able to retire. They wonder if it might be best to continue working to make and save as much as they can until the economy improves. The following are strategies and advice for retiring in bad times you may want to consider. Be aware that the first five years of retirement are the most important. The first five years may very well determine how much money a retiree has available to them, especially when economic times are questionable.

Get help. If you don’t already have...

Long-term Care Insurance Considerations

Baby Boomers are reaching retirement age in record numbers but many are not aware that the government provides little, if any support to their long-term care needs. Many boomers have experienced seeing their parents or other relatives live out their final years in a nursing home or home care situation.

According to the AARP the average annual costs for long-term care in the U.S. are:
• $66,792 for a semi-private room in a nursing home
• $75,192 for a private room in a nursing home
• $35,516 for care in an assisted living unit
These expenses can quickly deplete...

Important Money Decisions

After historic volatility in 2008 the current investment environment will continue to be strewn with potential challenges. Here are some important things to consider going forward: 1) Review your risk tolerance: Hopefully you have an investment plan, but that doesn’t mean you should let it sit for years without revisiting it. You should review your risk tolerance you’re your financial advisor and be sure your portfolio is allocated properly. Many portfolios have gone out of balance due to the large drop in equity values over the last 18 months. 2) Don’t abandon the investment ship: Market downturns are always filled with...

Dealing with Financial Stress

Stress can take a toll on our lives and health. During these tumultuous economic times financial stress is particularly bothersome. While cutting corners never hurt anyone, juggling bills and doing without necessities harms both our physical and mental health. Stress contributes to health problems, including insomnia, depression and anxiety. If that isn't enough, financial problems may prevent sufferers from getting proper treatment. They may beat themselves up mentally for allowing things to spiral out of control. But that frame of mind can only make things worse. Instead, a more productive use of your energy is to develop a way to...

Paying Off Your Debt

Credit can be a wonderful thing. But when it gets out of hand, it can wreak havoc on your finances. This is especially true when it comes to credit cards. Charging up a large balance is bad enough, and by the time you add in fees and high interest rates, the debt can be overwhelming. In a perfect world, everyone would use credit wisely and pay off balances within a month or two. But in reality, cardholders often build up a mountain of debt and fail to realize it until it’s unmanageable. That’s when it’s time to put the plastic...

A Retirement Check-up

As the economy has worsened, not only have retirement funds dropped in value with the market, but also many people have been tempted to tap savings as a way to cut debt or otherwise shore up their finances after a job loss. Still more have found that employers have dropped matching contributions to shore up their own finances. Worry about retirement seems to be widespread. A January survey by the National Institute on Retirement Security noted that 83 percent of Americans are concerned about their ability to retire. Yet the worst thing you can do is tap or give...

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