Our panel of Certified Financial Planners included:
Ted Sarenski, Blue Ocean Strategic Capital
Sue Hansen, Hansen's Financial Service
Among the questions and answers:
>How do I know if I have enough saved for retirement? An easy rule of thumb: multiply what you expect to spend by 20 (for twenty years past retirement age). And, don't stop saving, even in tough financial times. 401Ks are especially important if your employer contributes, because that's like 'extra' money to your savings account.
>Is an 'inherited IRA' different? Yes---if it comes from a spouse, you can treat it as if it were your own, but if you get one from another relative you have to start withdrawing money immediately (even if you're not eligible to do so for your own!) and at a rate that's calculated on your own life expectancy.
>How do you invest safely, and well? Treasury Bills are paying very low interest, though they're safe. Another option is high-dividend stocks: you may not see gains on the stock value, but they pay 5 - 7% on dividends, which should keep you ahead of the inflation curve.
>What if I can't pay my education loans? Beware! Even declaring bankruptcy does not make them 'go away'---you must pay them back, and they'll continue to ruin your credit score, not to mention calls from debt collectors. If you're in a bind, a better strategy might be to call the lender(s) and try a loan consolidation.
Our advisors are back next Monday, but you can always email your questions now at money@cnycentral.com
Click on the widget below to see the online discussion for Monday, September 26th.
