Americans are failing when it comes to retirement. According to a new retirement IQ test from MetLife, respondents correctly answered only five of the 15 questions on retirement issues. Many underestimated how long they would live and how much they would need in retirement, while others had no idea the cost of long term care. Here?s a TV segment on the findings:
I?m going to go out on a limb to say that ?Jill on Money? listeners are far better informed on the issues and if they do have questions, they know ?Aunt Jill? has their backs!
This week, we talked to Mark,?IN about a Roth IRA conversion and what would happen if tax law were to change subsequently (a la Herman Cain?s 9-9-9 plan). Rlan and Raphael wanted to know whether they should be using a Roth, a 401 (k) or both?
We were able to cover some tips about gifts, estate and long term care, via Jalal, Bill and Susan.
Joe From PA was seeking advice on his wife?s IRA Rollover. She was kept the money in cash trying to determine when and where to place it in the market, but knows that timing the market is impossible. For Joe and for Randy, who are both seeking allocation advice, this sample portfolio might help:
Joe and Randy?s Balanced Retirement Portfolio
We had three great stories this week. The first was Steve, a 45-year old who makes $75K, has socked away about $350K and wanted to know whether he?s on the right track with his general financial plan. Then there was Sophia from NY, who is in her late 20?s and is buying her first home. She wants to know whether she should pull back on 401 (k) contributions in order to accelerate her mortgage pay-down. Finally, Mark from?WA and his wife are contemplating retirement. We were able to bang out a quick retirement plan, and determine that they are positioned perfectly!
A great big thank you to Adam Levin of credit.com, who was able to answer your questions about rebuilding credit scores. Here?s a reminder as to why student loans hurt your credit score:
Here are web sites and resources mentioned in this week?s show:
Thanks to everyone who participated and to Mark, the BEST producer in the world. If you have a financial question, there are lots of ways to contact us:
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