This is the ninth day in our 31-Day Money Challenge. Over 31 days we’ll publish 31 podcasts, each designed to help you move closer to financial freedom. Yesterday we looked at my 10 favorite money management tools. In today’s podcast, I answer some questions sent in by readers.
Before we get to the questions, remember that you can send in your questions or comments. You can email me at dr [at] doughroller [dot] net. Eve better, you can leave a voice mail message for me at Speakpipe.
Below are the questions I addressed on today’s podcast. I also include the tools and resources mentioned in the podcast below each question. For my answers, just listen to the podcast.
Q (Nancy): “I will be 67 next week and am thinking of retiring in April. Would it be better to use my 401(k) until I reach 68 to take my Social Security or take my Social Security immediately when I retire? Or, would it be better to use personal savings and not touch either until I turn 68?
I would receive around $30,000 a year if I wait until 68 before taking Social Security. If I wait until 70 would receive approximately $34,000 a year, but after almost 50 years of working, I’m tired of working”
- AARP Social Security Calculator
- Social Security Estimator from SSA
- When to Collect Social Security? A New Calculator (NY Times)
Q (Julie): “How do debit cards figure into the utilization rate? Or do they?”
- Prepaid and Debit Cards
- 3 Lessor Known Ways to Improve Your Credit
- Interview with FICO’s Credit Expert, Tom Quinn
Q (Shelby): “I am 18 and I have zero credit. My mom told me that I could get a pre paid credit card to build my credit since I hate credit cards because they are a disaster waiting to happen. I want to know how I can build up my credit without getting a real credit card. Is there a way? If itsre paid card holder then please give me all the details of it and the name. Thank you.”
Q: I own a timeshare I can no longer make payments on it and I need to know how to release it without losing money.
Q (Brian): “One other thing that I would find very helpful, if it exists, would be a list of credit cards that offer 0% interest and 0 balance transfer fee for any period of time…even just 6 to 9 months would be helpful.”
Q (David): “My 401k is maxed out for the year at 17,500 + 5,500. Can I also contribute a total of 6,500 to a conventional IRA with after-tax money? I’m over 50.”
- 401k and IRA Contribution and Deduction Limits for 2014
- Roth IRA Contribution and Income Limits for 2014
Day 10: Credit Scores 101