Money Talk: Growth Requires Accepting Some Risk

Question: What is the best way to protect my 401(k) now and in the future when I draw from it for retirement? What is the least risky place to “bank it”? I have a fear of a crashing stock market in the middle of my retirement years. Answer: The bigger risk is that the stock market will crash early in your retirement years. Starting withdrawals from a shrunken pool can dramatically increase the odds of running short of money in your...

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The 5 Biggest Financial Lies We Tell Ourselves

When it comes to your finances, it’s much easier to lie to yourself than admit your shortcomings. But whether you have a bad habit of putting off retirement savings or ignoring your debts, little everyday lies can have long-term consequences. If you want to climb out of debt and save for the future, you’ll need to stop lying to yourself and start honestly assessing your financial situation. Start today by owning up to these five...

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Social Security Q&A: Can I Apply for Benefits Online?

Question: My neighbor said he applied for Social Security retirement benefits online. Can you really apply for retirement without traveling to an office? Answer: Yes, you can. It’s the easiest, fastest, and most convenient way to apply for retirement benefits. Social Security’s secure website makes it simple, allowing you to apply for retirement benefits in as little as 15 minutes. You can get started now at...

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Money Talk: Don’t Help Teen Buy Luxury Car

Question: My son is almost 16 and has his heart set on a used luxury convertible. We have found a few that are priced at about $23,000 with about 50,000 miles. We are debating whether this is the right choice for him. The type he wants is not overpowered (it has a six-cylinder engine), has many safety features and gets decent gas mileage. He has worked hard since he was 8 in our business and has saved about half the money needed. (He...

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Money Talk:

Question: I have savings bonds that have achieved full face value. What should I do? Keep them indefinitely or cash them in to fund my Roth account or what? Am I correct that once they have matured, there’s no more money to be made off them? Answer: You are correct. Once savings bonds have matured and stopped earning interest, they should be redeemed and the money put to work elsewhere. EE, H and I bonds mature in 30 years, while HH...

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