Financial Planning Blog
Mortgage rates are at a 3-year low. Is now a good time to refinance your home?
Refinancing a mortgage is a big deal. You can potentially save hundreds of dollars a month, and tens of thousands over the life of your loan. After several years of rising rates, we’ve seen a reversal. Rates have come down substantially in a short period of time, and...
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Should I buy an annuity if I have no pension?
Q. Since many millenials are working for companies offering no pensions, would it be wise to get an annuity that could act like a pension? — Wish I had one A. There are very few pensions to find these days. You’ll still see them for public sector employees, but fewer...
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Can I take money from my Roth IRA without penalty?
Q. I have a question regarding the Roth IRA five-year rule. If I contributed $1,000 for five consecutive years, from 2010 to 2015, can I withdraw the full $5,000 plus gains in 2015 without penalty or do I need to wait until 2019 to withdraw the 2014 contribution? —...
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How will paying off my mortgage affect my credit score?
Q. My mortgage is almost paid off, I have a $10,000 car loan and a small amount of debt on a credit card. My credit score is 830. How will the mortgage payoff affect my score? I’m also thinking of taking a home equity line of credit (HELOC). Should I do that before or...
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How do I get collections accounts off my credit report?
Q. I lost my job a few years ago and could not keep up with all my bills. I defaulted on some credit cards, but paid the mortgage, car loan, utilities and so forth on a regular basis when I got my disability approved. Some bills went into collections. The original...
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Is it better to use one credit card or several?
Q. I have a credit score of 800 and my four credit cards have close to zero balances. Is it better to charge something small on each credit card during the month and then pay it off when the bill comes? Or is it better to just use one credit card so I can keep a zero...
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I can’t get my credit score over 560 and my finances are a mess. Help!
Q. I can't get my credit score over 560 to save my neck. I had a stroke and was forced to retire and my finances are a mess. I try to pay a little to everybody. I try to pay on time but I have problems with medical bills and other loans. I also think I have a problem...
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Is An Expensive College Worth The Cost vs. A State School?
It’s almost time to make the decision. Students across New Jersey have received most of their college acceptances by now - Thursday was “Ivy Decision Day” - and students have until May 1 to commit to the college where they will spend the next four years. Choosing a...
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My Son’s Student Loans Are Killing My Retirement. What Can I Do?
Q. To assist our son in fulling his dream of becoming an Air Force pilot, we took out a Parent Plus loan to cover his tuition. We borrowed $90,000 over four years. Is there any write-off we can take? It's tough paying $1,200 per month and almost $1,100 goes to...
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Stock Market Worries for a New IRA? Consider This Investing Strategy
Q. I know I have until April 15 to invest in an IRA for tax year 2018. The stock market's volatility is making me nervous because I don't want to lose the money, and I plan to retire in five years. What should I do? -- Still working A. You're smart to pay attention to...
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