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Longtime friends Jane Brooks and Joyce Burd decided to combine their skills, Jane as a writer and Joyce as an arts administrator, to bring ballroom dancing to 5th grade classrooms in Philadelphia.
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Topic: Finances
Seven Stupid Retirement Myths
According to the Employee Benefit Research Institute's latest retirement confidence survey, half of American workers haven't tried to figure out how much they need to save for retirement. And the survey shows that nearly one-third aren't currently saving; half of those who have saved have less than $25,000. This MSN Money article goes on to explain what myths may be keeping this large number of people from thinking ahead.
Smart Ways to Raid Your Nest Egg
If you are a boomer, it's time to start thinking about how you'll convert decades of savings into a lifetime stream of income and to consider which accounts to tap first. Different sources of income have different tax consequences. Withdrawing funds in the most tax-efficient way will not only minimize your tax bill but could also make your savings last longer. To learn how to approach your nest egg with tax implications in mind, click here.
Sooner or later, adult children need to talk to their aging parents about their medical, financial and legal affairs. You are probably saying to yourself, "How about later?" While it may not be the easiest conversation, the inescapable truth is that the responsibility for parents' care, ensuring that their wishes are carried out, and the disposition of personal affairs will ultimately be yours. Before you choose to wait just a little longer, here are seven tips for successfully approaching these sensitive private matters.
If anyone thinks dealing with aging parents is easy, they haven't been doing it! It is often one of the most difficult challenges people face during their adult lives--and one for which none of us is prepared. Taking away the car keys from an aging father, asking for power of attorney, moving parents to a senior facility...the road from independence to dependence can be truly bumpy. This article provides some proactive ideas to guide you in "parenting your parents" around financial and other issues.
http://www.forbes.com/2010/05/18/elder-c...
Do you find yourself giving money to grown up children while telling them you never took a dime from your parents? Today, more of the nation’s younger generations (20s, 30s, even 40s) are dependent on their parents and grandparents. Should parents set limits, or is this transfer of wealth a social and economic necessity in the long jobless recession? How has this growing dependence changed the country? Check out what some experts are saying.
http://roomfordebate.blogs.nytimes.com/2...
Starting a business is difficult at any age. While those planning to retire soon need to be particularly careful with their finances, Boomers' accumulated expertise and experience is a real asset in being successful. When an entrepreneur knows something about the industry, they are better able to leverage that knowledge and move towards their goal.
Click here for some tips.
http://www.usnews.com/money/personal-fin...
With more people facing retirement in this unstable economy and their savings, home value, and incomes declining, there is more talk about reverse mortgages as a way around the continuing credit crunch. A growing number of homeowners who are 62 and older are exploring reverse mortgages that allow them to borrow against their equity. Coming of Age founding partner, AARP, provides a calculator to give you an idea of the cash you might get with two federally-insured reversed mortgages. Read this New York Times article to learn more about the pros and cons of this method of maintaining your equity.
http://www.nytimes.com/2009/03/15/reales...
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