The Financial Burden of Being a Family Caregiver

Caring for family or friends is not just a matter of love and time, it’s also a matter of dollars and cents. According to a new survey from Caring.com, nearly half of caregivers spend more than $5,000 per year — a whopping $25,000 over the average caregiving stint of five years. And many spend far more. Complicating things is the reluctance of caregivers to talk about finances: Seven out of 10 have not spoken with loved ones about how to …

Jean Chatzky: Our Relationship With Money Is a ‘Hot Mess’

Jean Chatzky has a few choice words for how most folks describe their relationship with money: Confusing. Frightening. Chaotic. Stressful. Precarious. “For two decades now, I’ve been watching how we make our money, save it, spend it, borrow it, invest it and protect it,” Chatzky told an audience today at the AARP Ideas@50+ conference underway in San Diego. “And I can tell you that, overall, our relationship with money is a hot mess.” Chatzky, AARP’s financial ambassador, is a best-selling author and …

Are ‘Lazy Portfolios’ Right for You?

If you think investing has to be complex and require constant monitoring, then think again. As it happens, the best strategy for growing one’s nest egg over the past decade may have come down to being lazy. Let me explain. About a decade ago, Paul Farrell wrote the book The Lazy Person’s Guide to Investing (Business Plus, 2004). He’s been tracking the performance of these portfolios ever since, which can be viewed live at the MarketWatch Lazy Portfolio page. Eight of the portfolios …

Your New Retirement Number: $58,000

En español | Financial experts seem to speculate endlessly about boomers’ projected lifestyle in retirement based on their savings and spending patterns. Now a new survey that polled recent retirees about their standard of living has found that, for some, you don’t need a lot of money each year to retire comfortably and live happily. According to the survey by Baltimore-based investment firm T. Rowe Price, recent retirees report living on 66 percent of their pre-retirement income on average – $58,000 …

Are Medical Credit Cards Unhealthy for Your Finances?

You need some expensive medical care yet don’t have the insurance or money to pay for it. Should you use a medical credit card that’s pitched at some doctors’ offices? A new report by the nonprofit Consumer Action warns that some of these cards can be unhealthy for your finances. They usually offer a zero percent introductory rate, though after that period, card terms can vary greatly. The problem is that these terms often are difficult to uncover. So patients …

Silence Could Be Costly in Family Financial Planning

Parents and their adult children say they want to have honest conversations about finances and retirement issues, but they just don’t agree on when to talk, according to a survey released today by Fidelity Investments. And when these discussions do eventually occur, they often don’t get down to the details needed for proper financial planning, the Boston-based investment firm found. Lauren Brouhard, senior vice president of retirement at Fidelity, urges families to bite the bullet and talk – before parents retire …