Americans have learned a tough lesson: Your home is not your piggy bank. However, there is a reward for those who did build equity in their homes: In their senior years, their home can provide a monthly stream of tax-free income, or a lump sum of cash to spend as they wish, while remaining safely in their home. Or it can provide a source of financing for a new, smaller home.
If you couldn't bear to look at your stock market investments in January, you're getting a second chance now. The mid-year statements from your 40l(k), IRA, mutual funds and stock brokerage accounts start to arrive in the mail. And the news should be better, since the market has had a nice rally from the lows of early March.
Q. My son was accepted at his first-choice college and given an aid package based on the FAFSA form we filed earlier this year. But we have to come up with the balance -- and it's a lot of money! What should we do? (And what if we can't afford to do it?)
We're facing a moment of truth as Congress debates reshaping financial services and health care -- two huge segments of the economy that will impact all of us in a very personal way.
Being a caregiver is a role that will fall to more and more baby boomers, as we benefit from our parents' living longer and better lives. So as you celebrate the good days, and if you're fortunate enough, as I am, to celebrate Father's Day, here are a few things to remember.
To celebrate the 20th anniversary of my Chicago Sun-Times column, I'll be responding to your most frequently asked questions on a regular basis. Of course, you always can submit individual questions on my Sun-Times blog reached on the home page at www.TerrySavage.com.
