Image for post
Image for post

Millions of seniors failed to save enough to stop working, and now younger Americans are making their same mistakes

By Joe Pye for Debt.com

My grandmother used to beg my grandfather to save money so they could one day stop working. She would say to him, “please, Fred, I don’t want to eat cat food when we retire.” He never did save his money, but luckily she never had to eat cat food.

The two divorced in their 50s because she grew sick of his selfish behavior with money. It was a smart choice for her, but it was just the beginning of a difficult journey rebuilding her credit and financial life late in the game. My grandfather’s choices left her bitter and angry. Rightfully so. …


Image for post
Image for post

By Debt.com

When you think about buying a home, some expenses that come to mind are the down payment and closing costs. The latter is broad and often entails expenses like title search, attorney fees, and insurance. Like most people, you probably want to reduce costs as much as you can, but you can only do that when you know your options.

When calculating costs, there are two common types of insurance to keep in mind; homeowner’s insurance and private mortgage insurance. …


From small things (utility bills) to big things (banking), Americans will earn and spend differently long after the pandemic ends

Image for post
Image for post

By Howard Dvorkin, CPA

During traumatic times in our history, pollsters scramble to ask Americans not only how they feel in the moment, but how the current crisis will affect them later. This pandemic is no different.

For example, the 2020 Healthy Handwashing Survey shows 9 in 10 Americans are washing their hands these days — more than double what the pre-pandemic number.[1] When the danger passes, many say they’ll keep washing their hands.

As a parent, I care about those handwashing numbers (Wouldn’t it be nice to never have to ask your kids again, “Did you wash your hands?”). …


By Debt.com

Image for post
Image for post

As of 2018, there were around 18 million Veterans in the United States. These millions of brave men and women committed themselves to serving the nation, and that doesn’t go unnoticed.

One advantage of being a Veteran is getting certain benefits when it’s time to purchase a home. VA loans make homeownership an attainable goal for Veterans, Service Members, and surviving spouses.

There are many programs available, but you have to meet certain requirements before you can qualify for a VA loan. …


Don’t make retirement planning decisions based on faulty assumptions about what Medicaid will pay.

By Deb Hipp for Debt.com

Image for post
Image for post

Did you know that 7 in 10 people turning age 65 today will need some form of long-term care at some point in their lifetime? [1] Around 48% will receive some type of paid care over their lifetime, according to the U.S. Department of Health & Human Services. Even if you saved a substantial amount for retirement, a move into a nursing home could wipe out retirement savings faster than you think.

The national annual median cost for an assisted living facility is about $51,000 a year, according to the 2020 Genworth Cost of Care Survey.[2] According to the same survey, the national annual median cost for a private room in a nursing home is $105,000, and the median cost for home health aide services is around $55,000. …


Make sure you understand how Social Security works before you start drawing benefits.

By Deb Hipp for Debt.com

Image for post
Image for post

Art_Photo / shutterstock.com

In an ideal world, we could all use our Social Security retirement benefits to supplement the retirement savings we’ve amassed over decades of sweating away at demanding jobs and investing wisely. That’s true for many, but sadly, most Americans aren’t in that situation when they retire.

In fact, among those old enough to draw social security retirement benefits, around 21% of married couples and about 45% of single people rely on their monthly social security check for 90% or more of their income, according to the Social Security Administration (SSA).[1] …


Image for post
Image for post

Use these tips to overcome debt and achieve homeownership.

By Ben Mizes

Just because you have debt in your life, doesn’t mean you can’t also save for your dream home. And if you’re feeling a bit overwhelmed by your mountain of debt, you’re not alone. In fact, Americans are even more in debt in 2020 than in 2019 and have an average of $41,559 in non-mortgage debt — $7,512 more since 2019.

However, your debt shouldn’t stop you from saving for a home. With some planning, you can continue paying off your debt while also making progress toward a future purchase of your dream home. …


By Deb Hipp

More than 80% of baby boomers are looking forward to retirement, but at the same time, many fear outliving their savings, according to a survey from Transamerica Center for Retirement Studies.[1] Around 39% worry they won’t be able to meet their basic financial needs in retirement. That’s where smart retirement planning comes in.

If you’re nearing retirement — or even 10 to 15 years out from your target date — it’s time to start paying close attention to several important retirement planning dates and steps you can take towards enjoying a comfortable retirement.

Image for post
Image for post

Fernando Sanchez Cortes / Shutterstock.com …


Image for post
Image for post

By Deb Hipp for Debt.com

Is moving to a new city or town a potential piece of your retirement plan? Plenty of retirees relocate to downsize, enjoy warmer winters or a lower cost of living or to live closer to relatives. Others just want a new adventure.

Around 24% of respondents to a United Van Lines survey cited relocating for retirement as their reason for moving in 2019.[1] Most (40%) moved to Florida but many instead moved to Southeastern states with moderate climates such as North Carolina or South Carolina. …


Image for post
Image for post

By Laura Adams, Quick and Dirty Tips for Debt.com

Have you ever wondered, “How many credit cards should I have? Is it wise to have a wallet full of them? Does having multiple credit cards hurt my credit score?”

If you’ve been following this blog or the Money Girl podcast, you know the fantastic benefits of having excellent credit. The higher your credit scores, the more money you save on various products and services such as credit cards, lines of credit, car loans, mortgages, and insurance (in most states).

Even if you never borrow money, your credit affects other areas of your financial life. …

About

Debt.com

Debt.com helps people with credit card debt, tax debt, student loans debt, credit report errors, ID theft issues, bankruptcy & more!

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store