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