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The deep recession ended four years ago, but the financial fallout remains for many older Americans. Some are so strapped that if an unexpected expense like a major car or house repair arose in the next month, more than 1 in 4 adults age 55 or older couldn’t muster $2,000 to pay for it. Tapping into their home equity for financial help isn’t an option for 1 in 12 in that age group. They owe more on their home than …
“Rules. A life without rules is exhausting and emotionally fraught.” That’s how Jean Chatzky opened her hour long session on financial security and retirement at Life@50+ today. She admitted that rules don’t seem fun – and the audience agreed. But soon she brought the crowd around to the virtues of boundaries, planning and delayed gratification. “Once you start planning, and get the numbers down on the page, things may not be as bad as you think they are,” said Chatzky, …
More than 20 years ago, Celia Nathan’s mother became very depressed. As she was flying from Maryland to Savannah, Ga. to see her mother, Celia read a book a friend had given her about depression. The book described recreation therapy and how it helped those with depression. Celia, always an active person, said she was immediately hooked. “I thought here’s a profession where you’re helping people and also involves recreation!” she told me recently. So she kept exploring the field and …
What’s a worse financial plan than taking a loan from your retirement savings? Taking a loan from your retirement savings and not paying it back. Yet a growing number of Americans are doing just that, according to a new study from financial services firm Navigant Economics. Defaults on 401(k) loans totaled $37 billion in recent years.
While most Americans with 401(k)s or individual retirement accounts embrace a “set it and forget it” philosophy, some anxious retirement savers are getting increasingly aggressive with their investments, according to the Los Angeles Times. Worried about the toll the past decade has taken on their savings, Americans nearing retirement are day trading mutual funds and stock options in a bid to make up for lost time.