Monday’s need-to-know money news

Today’s top story: How to size up your property tax assessment. Also in the news: How to never miss a credit card payment again, what it takes to retire early, and how to save money by embracing the ‘pain of paying.’

How to Size Up Your Property Tax Assessment
Don’t be caught offguard.

How to Never Miss a Credit Card Payment Again
Automate your credit life.

Dreaming of an Early Retirement? Here’s What It Takes
Never too early to get started.

Save Money by Embracing the ‘Pain of Paying’
Cash can hurt.

Friday’s need-to-know money news

Today’s top story: 5 people who are crushing student debt. Also in the news: Skipping student loan forbearance, what it takes for early retirement, and 5 things to avoid buying during Labor Day sales.

Meet 5 People Who Are Crushing Student Debt
How you can follow their lead.

Skip Student Loan Forbearance — Do This Instead
Forbearance should be a last resort.

Dreaming of an Early Retirement? Here’s What It Takes
Better start saving.

5 things to avoid buying during Labor Day sales this year
Skip these “sales.”

Monday’s need-to-know money news

Today’s top story: Keeping your money safe while you see the world. Also in the news: How one couple retired early, why Millennials should care about Medicare right now, and using liability insurance when driving abroad.

Keep Your Money Safe While You See the World
Enjoy your trip without money stresses.

If You Retire Early, Life Can Be a Beach
How one couple pulled it off.

Why Millennials Should Care About Medicare Right Now
Before it’s too late.

Do You Need Special Car Rental Insurance When Driving Abroad?
Looking at liability insurance.

Wednesday’s need-to-know money news

Today’s top story: How to max out your Roth IRA in 2018. Also in the news: Why smarter cars aren’t saving us money on car insurance, 4 tax breaks that could help those caring for elderly parents, and 5 money moves that will help you retire early.

How to Max Out Your Roth IRA in 2018
Tips to keep you on track.

Why Smarter Cars Aren’t Saving Us Money on Car Insurance
Need a little more time.

If You’re Caring for Elderly Parents, 4 Tax Breaks May Help
See what’s available to you.

5 Money Moves That Will Help You Retire Early
Strategic planning.

Q&A: Don’t jump into early retirement without considering these things

Dear Liz: I am almost 59½. Can I retire at 60½?

I have $570,000 in a 401(k) and $180,000 in an IRA. I owe $253,000 on a condo that would sell for $600,000. I plan to buy a home next year for $400,000 and pay off the mortgage with the proceeds of the condo. Then I would be left with no bills. I will start collecting Social Security at 62 for approximately $1,850 a month.

I had a wonderful job for 23 years but something changed at work and now just going to work is hard on me. Let me know if you think this is doable.

Answer: That depends. How much do you need and want to spend?

Financial planners typically consider a 3% to 5% withdrawal rate as “sustainable.” The rate depends on how long you’re expected to live and your asset allocation, among other factors, but you should err on the conservative side if you expect to retire early.

A 3% initial withdrawal rate would give you $1,875 a month. A higher withdrawal rate could dramatically increase your chances of running short of money later in retirement.

While you might not have a mortgage, you would certainly have other bills, including the cost of healthcare insurance. If your employer is subsidizing your coverage, as many do, you could end up paying a lot more.

And if Congress dismantles or alters the Affordable Care Act, your health insurance could get even more expensive or perhaps hard to find. Your healthcare costs may go down once you qualify for Medicare at age 65, but they certainly won’t go away.

Also consider that taking Social Security retirement early means a smaller check for the rest of your life. If you do run short of money, that check may be your only source of income, and you may curse yourself for locking in the smaller amount.

You certainly shouldn’t bail on your job before you’ve had a fee-only financial planner look at your situation and see if your plans are realistic.

Thursday’s need-to-know money news

Today’s top story: 5 back-to-college lessons on building credit. Also in the news: Focus on just one thing in order to retire early, 4 salary negotiation tactics that actually work, and what you need to know before switching to a cheaper phone plan.

5 Back-to-College Lessons on Building Credit
Preparing for a solid future.

To Retire Early, Focus on Just One Thing
Save like mad.

4 Salary Negotiation Tactics That Really Worked
How to get what you’re worth.

What You Need to Know Before Switching to a Cheaper Phone Plan
There will be changes.

Wednesday’s need-to-know money news

Today’s top story: How to read the fine print on credit card offers. Also in the news: Mistakes to avoid if you want your student loans forgiven, how to switch brokers and move your investments, and three retirement savings strategiess to use if you plan to retire early.

How to Read the Fine Print of Credit Card Offers
Paying close attention.

Want Your Student Loans Forgiven? Avoid These 4 Mistakes
Forgiveness is possible.

How to Switch Brokers and Move Your Investments
Big banking moves.

Three retirement savings strategies to use if you plan to retire early
Getting out as soon as you can.

Tuesday’s need-to-know money news

Zemanta Related Posts ThumbnailToday’s top story: How your house payments can unexpectedly increase. Also in the news: Why grandparents should be careful with 529 plans, why right now could be the right time to refinance your student loans, and six reasons why early retirement could be a mistake.

4 Ways Your House Payment Could Unexpectedly Go Up
Don’t get caught off guard.

Grandparents: Don’t Make a 529 Plan Mistake
529 disbursements come with some risks.

Now Could Be the Right Time to Refinance Your Student Loans
Taking stock of your student loan situation.

6 reasons early retirement might be wrong for you
What sounds like a good idea might not be.

Monday’s need-to-know money news

download (1)Today’s top story: The right card to get when you’re looking to build or rebuild your credit. Also in the news: How to cut your monthly expenses, what you need to know about renter’s insurance, and the habits of successful early retirees.

5 Credit Cards to Help You Build Credit
Cards that can help you establish or rebuild credit.

Ways to slash your monthly expenses
How to make your monthly expenses more manageable.

8 Facts You Didn’t Know About Renter’s Insurance
Protecting your belongings.

The 9 Habits of Highly Successful Early Retirees
Could you follow in their footsteps?

The 20 Worst (and 20 Best) Cities For Saving Money
Did yours make the list?

Friday’s need-to-know money news

Zemanta Related Posts ThumbnailToday’s top story: How the habits of early retirees could lead you to retirement. Also in the news: Things to consider when saving for a mortgage, easing financial worries with smartphone apps, and what to do when your friends are big spenders.

5 Essential Habits of Early Retirees
Retire early by picking up these habits.

Saving for a House: It’s More Than a Down Payment
What to consider when you’re saving for a mortgage.

Face Your Retirement Fears With These Free Financial Tools
Reassurance is just a smartphone app away.

How to Keep but Not Go Broke with Expensive Friends
Balancing your friends and your budget.

5 Ways to Pick the Perfect Time to Sell Your House
As they say, timing is everything.