When we were young, we took for granted by the time we hit 50 that our lives would be in order, along with our finances. The rude awakening for all of us is the recession we didn't expect. No one has been spared financially. Some have been hit much harder then others. Job losses are mounting and bankruptcy by businesss are at an all time high. Being able to survive the economic melt down takes hands on management of your finances.
General belief (check with a financial adviser and use your own discretion) is if you have credit card debt, let it go. Credit card debt is unsecured. If it means saving your home, the trade off is worth it. You will take a heavy ding on your credit record (the debt write off will remain on your credit record for 7 years), but loosing your home would be far worse. We are in a financial time period where weighing "which is the worse case
scenario" comes in to play. There are no easy or simple solutions to the problems at hands and with every decision you make, another set of problems presents it's self.
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Budgeting Tips For Seniors
Budgeting and Savings Tips for Ages 55+: Check out this list of tools and guides for saving on everything from health insurance to everyday costs.
Emergency Fund: Find out how large your emergency fund should be so that you can stock up in case you lose your job or have unexpected medical costs.
Debt Management Tips for Seniors: Get rid of your debt so that you can start saving. This article can show you how.
Tips For Financial Success
How to Spend Your Retirement Savings: Learn about "the three risks of retirement" and how to budget for your lifestyle by reading this article.
Fiscal Fitness for Older Americans: Stretching Your Savings and Shaping Up Your Financial Strategies: This government resource is from 2005 but still has lots of great tips, including how to avoid fraud, a to-do list for retirement and stretching your last paycheck.
25 Rules to Grow Rich By: This article has some rules that are ideal for younger folks, as well as many senior-friendly ideas.
Should You Annuitize Your Retirement Savings?: Consider this option to make your retirement savings last longer.
Women and Retirement Savings: Find out why fewer women participate in retirement plans and what you can do to protect yourself.
Common Questions About Retirement Saving: This guide aims to answer questions about saving for retirement.
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