Retirement: Trending Over Last Month

Free tuition for seniors

David K Winslow
Where can I find the list of cooperating institutions for free tuition?Read More...
I think this is a great subject/find. Seniors are on budgets and this program offered is wonderful. Thank you for the great topic!Read More...
Great list. Thanks. Unfortunately the NY ones are not readily available to us and the Virginia ones have an income limit which is very low.Read More...
Last Reply By lori wulff · First Unread Post

free tuition for school i'm a seniors.

Christopher Gaffney
looking for schools for seniors with low or no tuition.Read More...
Ivy Tech community college (Indiana) offers free tuition to seniors 60 and up. Their website says: Indiana citizens 60 years of age and older can take credit courses at Ivy Tech tuition-free. In order to qualify for this program a person must meet the following requirements: Be an Indiana resident Be 60 years of age or older at the start of a semester Possess a high school diploma or GED Be retired from their primary vocation (does not apply to homemakers) May not be employed on a full-time...Read More...
At UBTech in Utah, their policy for Seniors is: "Senior Citizens (62 or older) will receive an 80% discount for individual classes. Enrollment will be allowed on a space-available basis. Community education and other self-funding classes are exempt from the senior discount." This is listed in their catalog on page 12: https://www.ubtech.edu/wp-cont...nd-Catalog-Nov-1.pdf I would imagine other community/technical colleges in Utah could have similar offerings, the best place to check would be...Read More...
Last Reply By Madyson Shannon · First Unread Post

This week in... The Penny Hoarder Community

Ashlee
Happy Friday! Whew! Where has this week gone? Here’s your weekly round up of announcements to get you through today and into the weekend... We’ve crowned our November Member of the Month. Join me in congratulating Lisa Acu ñ a (@lismox) for being selected this month’s winner! We all appreciate your help around here, Lisa. Each month we look to crown a new winner. We’re looking for someone who is super helpful and active in the community. Each winner receives a $25 gift...Read More...
Not a problem, @Lesley Michele .Read More...
Thanks Average Joe😁😁😁😁Read More...
Last Reply By AverageJoe · First Unread Post

Happy November!

Ashlee
We’ve made it to the end of the week and the start of a new month Penny Hoarders! Who here can’t believe it’s already November? 😳 This week I want to know if you’re a planner or a procrastinator… Do you start planning and budgeting now for holiday purchases or wait until the last minute? What about your New Year’s resolutions? And now for this week’s announcements… We just hit a HUGE milestone Penny Hoarders… 10,000 community members! Join us in a celebratory happy dance, then go check out...Read More...
@Susan L. Miller We have used Freecycle off and on for years. We got the foot and headboards for our queen-sized bed through the program. We have seen many items we no longer use go to other homes that would use them and recommend it heartily! We have also used our "Marketplace" here in our area on Facebook to buy and sell things. There are so many ways to go and programs to use! Happy selling...and as one of our mentors says "Think..and grow RICH!"Read More...
I'm not sure how many were here when I joined the Penny Hoarder Community, but I do know that it seems as if we've grown by leaps and bounds. I've met some interesting people and like having information and ideas coming in! May we continue to grow in numbers as well as in wealth.Read More...
Last Reply By AverageJoe · First Unread Post

How helpful is a financial advisor? When should I start?

crice
Clearly, saving money is #1 when it comes to being ready for retirement, and while there are differing opinions on what plan is best, I'm pretty reliable in investing a portion of every check. I started late, but (hopefully) there's still time to catch up. I don't know anything about planning for retirement beyond "just save as much money as possible," though. I don't want to end up waiting too long to consult with an adviser -- but I also worry that I'll miss opportunities to maximize my...Read More...
I would also like to add a little as this discussion is about a financial advisor and I have already worked with many of them since my graduation. A financial advisor/investment advisor is very important for anyone who is thinking to save or invest his money. Companies hire complete teams of professionals with command over investment ideas and risk management. Small firms hire freelance advisors or small firms for their consultation. So the answer to your query is simple, Yes, a financial...Read More...
How much should you expect to pay for a financial advisor?Read More...
Last Reply By sararoberts · First Unread Post

401k vs. 401a

Hello Community! I currently work two jobs, full time for State Government and Part Time for a retail store. I am enrolled in a 401a retirement account with my full time job and a 401k account with my part time job. Could any of you explain the difference of these two? Especially with Regards to my taxable income amount.Read More...
From the research I did it appears that the two plans are similar but there are a few things that set them apart from each other. 401a plans are generally offered to government employees while 401k are offered by companies in the private sector. 401a contributions are usually mandatory while 401k are optional Investments in a 401a are generally more conservative than the ones in a 401k I read several different articles on the topic but they all pretty much summed it up the same way. Feel...Read More...
Last Reply By Moore Income · First Unread Post

education

Susan Lucas
Is there free tuition for seniors?Read More...
Check out this article on this site (Pennyhoarder): https://www.thepennyhoarder.co...for-senior-citizens/Read More...
I think Clark Howard has a list of places that offer free classes to seniors. I wish that going back to school for adults was less expensive! I have been toying around with going back as I can't find work with a criminal justice degree.Read More...
Last Reply By sthom · First Unread Post

Investing

I'm a senior citizen about to turn 69. My primary source of income is Social Security but I do seasonal work at our local golf course and side handyman jobs when available to supplement my income. I have save a bit of money and have seen info on some types of investing where a person can start for around $500 or so. My question is this, is that something a man of my age should look into or just be content with the 2-3% online savings and short term CD's provide. Thank toy.Read More...
I would invest through Worthy Bonds. 5% interest, no fees, no withdraw fees, and you can withdraw your money and any interest you accumulate at any time. Interest is calculated daily so you can earn money quickly. https://worthybonds.comRead More...
I wouldnt begin to invest at that age. The market could tumble and you could lose all your investments and not be able to wait out a recovery, especially if your income is limited. However, if you have excess cash you can survive without in the event of a market downturn, then you can .Read More...
Last Reply By seanway · First Unread Post

Retirement

I retired in 2015 from a corporate position. After a few weeks I went to elementary school to deliver lunch to my grandkids and I was asked to work by the principal. I started at the school and several years later I am still working. I have at least a few days off a month, I do not have to attend meetings or plan lessons. I have the summers off, and if I want to work full time it is available. They have a great benefit package with a 7% matching fund. It takes 5 years to be vested. This job,...Read More...
@Teachable Grandma that is awesome that you were able to find something that works well for you and that you enjoy!Read More...
No, Actually I was a Manager of Quality Assurance at a Pharmaceutical Company. I loved my job but after 43 years, I left to help take care of my grandchildren. They grew up and I wanted to do more but I wanted to continually learn and found it is better for me to be in an educational setting. Many jobs pay more but I no longer wanted to work 60-70 hours a week, attend 4-6 hours of meetings, and be on call for the job. This has worked out great for me.Read More...
Last Reply By Moore Income · First Unread Post

When did you start planning for retirement?

Deon Christie
I'm one of the people that waited a bit too long in my opinion. Which resulted in much larger payments to have retirement policies etc in place. Personally I only started planning for retirement in my 40's. And I must tell you that you will pay a lot more than when you start early. But I'm sure I'm not the only one. We lead different lives and life takes us to unexpected places sometimes. But it's never too late to start. Because even ending up having a little at retirement still beats...Read More...
@Theodora : Thank you kindly I would be happy to share my experience with you.Read More...
@Zach Filstrup That's amazing! Interested in learning about your experience with P2P lending.Read More...
Last Reply By Zach Filstrup · First Unread Post

Where to put my retirement moolah

Umleitungme
My husband and I both have retirement accounts: 401K's, Roth IRA, Gold IRA. We are in a good place financially but have a lot of questions. Where to put our retirement dollars! The Gold has lost 33% of it's value in the last 10 years. The 401K's have lost approximately $1000. per month for the last 18 months. The only one seemingly promising is the Roth IRA. What to do? Put all eggs in one basket or keep diversifying? I'm to the point of putting all my money under the mattress!Read More...
Thanks Mintjulep and Tekkiechikk for your input. We have contacted the Dave Ramsey website for advise. They have '7 Baby Steps' that might help us decide.Read More...
I would think that at your age you'd want a conservative portfolio, especially if you are already in a 'good place financially' as you state. I would avoid high risk- I'm 56 and over the last 25+ years I've modified my portfolio from one of high risk to moderate/moderate conservative. Sure, I'm not making a huge amount every time the stock market skyrockets- but I'm also not losing that, either. Currently I have 65% of my personal retirement in a 60/40 balanced stock & bond index fund...Read More...
Last Reply By Umleitungme · First Unread Post

Do You Invest In An IRA/ROTH IRA? Why or Why Not?

Moore Income
I personally opened a couple different ROTH IRA accounts with an online platform which ended up saving me from having to pay in taxes due to the credit I received from paying it. I am wondering if there are any other Penny Hoarders who also have an IRA or ROTH IRA and what are some of the benefits you have received for having it or if there is anything you dislike about it. Also, if you do not have one, what is keeping you from getting one?Read More...
@mintjulep Glad to be of help!Read More...
Moore Income, thanks for that link to Nerd Wallets comparison. There is information there about Roths I did not know. I just reached 70.5 and have been working with my financial adviser as to how best/when take my RMDs and then what I'm going to do with it. The hope is that I can tighten the belt enough to reinvest some of it!Read More...
Last Reply By Moore Income · First Unread Post

Selling moms house

I am getting some money after the house sells. I plan on hopefully retiring in 3 years. Should I put the money towards paying off my mortgage or into my 401c?Read More...
My mom is deceased. The house was left to 4 of us. She had no mortgage as it was paid off. I meet with my lawyer Wednesday. Hopefully he can help. Thank you!Read More...
I am not an accountant, and this is not tax advice: One thing of importance is who is the owner of the home. If your mother is deceased and you inherited the home recently, you will probably not owe any taxes. If your mother is still living, and it is in her name, and she owned it for a number of years, there could be capital gains taxes on a large portion. It can be worth checking with your CPA BEFORE selling the home to make sure there isn't something you can do to mitigate the tax...Read More...
Last Reply By Suzzzzzz59 · First Unread Post

Social Security/Retirement

Hello! Both my in laws are receiving social security and a retirement pension. My in laws were told in the past that they no longer needed to file income tax. They are both over the age of 65. Is this still the case? Thanks!Read More...
I am definitely not an expert on this topic but from what I can tell from doing a little research, it seems that it depends on how much money they make outside of social security. Here are a couple of articles I found that might be helpful - When Can Seniors Stop Filing Taxes - Do Seniors on Social Security Benefits Have to Pay Taxes? Hope you find this helpful!Read More...
Last Reply By Moore Income · First Unread Post

1million +to retire

From 18 to 26, save $200. A month. Then don't touch it until age 65. You should have over $1.6 million. If you didn't start until age 26, and saved $200, per month until age 65, you would only have $1.3 million, after saving all those years! This is "The Time Value of money".Read More...
Interesting but like every one else i like to know how you get to that 1.6 millionRead More...
Interesting to think about. I am curious to know what has to happen to the money you save in order for you to get to that $1.6 million by 65?Read More...
Last Reply By Bonnie Squires · First Unread Post

Si, Si Senior ((50+))

It wasn't that long ago that AARP began stalking me. At fifty years of age, I wasn't quite ready to think about aging or retirement. I figured that I had another fifteen or more years to become debt-free and save for supplemental retirement income. That's plenty of time, right??? About three years ago I became disabled from work, still not having done anything to tackle that debt nor save for retirement so it was a definite reality check as my household income plummeted by more than half,...Read More...
Not near retirement yet, but the thought scares me as I have met with financial advisors, I do not fathom how I can possibly stash away enough money for retirement....always good to start early!Read More...
Having been disabled for nearly 20 years, I started my Medicare in 2002. It was one of the best decisions I ever made. Some I knew refused to do so and now they regret it. I'm considering a medigap policy to pay what my wife's employer and medicare don't pay. Don't know how that would work, though. I've been told it would. Having a tertiary policy is not unheard of.Read More...
Last Reply By FreebiePharm · First Unread Post

Social Security Disability (SSDI) Statistics

Ray Taylor Tetreault
Did you know that one in eight American workers between the ages of 35 and 65 will have a disability lasting five years or longer? The average Social Security benefit is $1200 per month and the maximum benefit paid by Social Security is set for 2019 at $3,770 per month but that is significantly higher than the maximum benefits in the past. The maximum is regardless of a person's income even those in excess of $100,000 per year. Another two statistics are that only about 30% of Social...Read More...
From my personal experience and believe me it's been more than a little bit the nice thing about the government is that they always tell you the reason why. The reason for why they say yes and even more why they say no. They use code numbers and for the complete details you need to look them up, which is a real drag but necessary. Once you have read and understood the information all you have to do is make it happen. That's all I dare say. As others have said gather up all your proofs,...Read More...
I have been on disability for about 10 years now. I would be happy to give any info i can on my experience with ssdi. Working part time is a possibility and you can work and receive ssdi if you make 1200/mo or less.Read More...
Last Reply By Lady Kat · First Unread Post

Save early save often

Dan Olsen
Anyone looking to retire early (especially millennials) always take advantage of your 401k if available or have automatic deductions to a Roth IRA. Even if just $25 a week or month it adds up and you can retire in your fifties. As pay increases, up your contributions. I'm 56, worked a good blue collar job and just hit the $2m mark. Einstein said the 8th wonder of the world was compounding interest. Take advantage!Read More...
Good luck and sounds like you had good teachers. Best other lesson is don't panic when markets are down. Look at it as an opportunity to by quality stocks at a discount.Read More...
Congrats @Dan Olsen ! One of the biggest lessons my parents always told me was to take advantage of a 401K!Read More...
Last Reply By Dan Olsen · First Unread Post

Retired at 32

LaLa21
I was medically retired from my job due to a chronic medical condition two year ago. I was fortunate enough to have planned for this possibility by choosing an organization/entity that had phenomenal disability retirement benefits. I love not having the obligation of working anymore, but I must admit that it can get difficult because everyone else is working & thriving in their careers. Are there any other retirees in their 30’s, or am I one amongst none🤷🏽‍♀️? What have you implemented...Read More...
@Tina Flemmons a great start in your search for Work from Home jobs would be at The Penny Hoarder's portal specifically for that. They post all sorts of jobs for people with varying experience. I also found this article on The Penny Hoarder where they share 14 other websites you can find work from home jobs. Hope this helps!Read More...
Any suggestions for work at home jobs...Read More...
Last Reply By Moore Income · First Unread Post

Choosing a Financial Advisor and Investment Bank

Abostonnative
Hello Penny Horder Community: I am new as of yesterday and wanted to get info on how to choose a Financial Advisor, tax accountant and Investment Bank. We are about to inherit a large sum (high 6 figure) and need advice. I am 63 and my husband is 66. I work in Boston currently and am not sure when to retire. Any suggestions are welcome!Read More...
I honestly see it’s a doggy world! I am looking for a coach I cannot believe nothing is less than 250 per hour? I can’t afford that! I am totally unsatisfied with my accountant for a long long time, haven’t been able to find another one! Some say you need this team. I cant find a legit mortgage company my bank was my go to years ago & now they are lower than low capital one I was with Chevy chase. No cash 💰 just property I wanna change that!Read More...
Hi Kelly! Thank you for the reply!Read More...
Last Reply By All we need is love! · First Unread Post

Roth IRA or Traditional IRA

Which IRA is best to invest in, Roth IRA or Traditional IRA?Read More...
@Nats1488 @Robin Hartill @mintjulep Thank you very much!! I understand the difference now! Because of my current income, I believe going with a traditional IRA would be best, at this time. I no longer have dependents, so the tax break would be great!! Thank you!!Read More...
Great question, Rosalina! The main difference boils down to taxes — specifically, when you want to pay them, because we know Uncle Sam’s gonna get his cut. :-) If you want to lower your tax bill now, consider a traditional IRA because you can deduct your contributions now, but you’ll pay taxes when you withdraw the money. With a Roth IRA, you contribute money you’ve already paid taxes on, hence, no tax break now — but the money is all yours tax-free in retirement! Another advantage of a Roth...Read More...
Last Reply By Rosalina Montellano · First Unread Post

A way to earn to retire

My wife and I are retired and rent out part of our home to members of our family, it has brought extra income to add to our retirement income, This if course isn't for everybody and it does come with challenges, sometimes a lot of them, , but as we get older and our physical abilities aren't the same anymore, it's nice to have someone here that is younger to help us with things that we can't do as easily. Anyone who would think about doing this can ask me specific questions about how to...Read More...
We haven't asked our family to sign a lease, we made their rent affordable so getting into another place would require more earnings on their part, if they did move out someday it would be there call,and life would go on for us regardless.We do plan on leaving the house and property to them after all .I think how it's handled depends on how well and understanding a family is.Read More...
I think that is an excellent plan! I can envision some of the challenges, but it has to be a great source of income, especially if your home is mortgage free! I'm curious, because it's family, do you still require them to sign a lease?Read More...
Last Reply By Joel · First Unread Post

Social security opt out

My recent employer is one of the few who have opting out of social security as an option. I have the opportunity to make a one-time election to drop FICA and deposit my money into a private retirement account. I'm 41 and have more than 40 quarters in the regular system. We currently save over 15% of our income for retirement, but unfortunately, we started late. The employer will also pay for a long-term disability policy to cover the fact that I'll be losing my disability benefit. I'm having...Read More...
Dear Take Action, I would spend a little money now to check into this with an independent professional that knows Social Security inside and out. You have invested 10 years into the system. I think maybe you should look for ways to keep it. IF (heaven forbid) something happened to your company you might lose out, depending on what happened. Remember that the more solid a company is financially the more they are targeted, and with the Internet as an added danger, you really should not have...Read More...
Last Reply By Karena Andrusyshyn · First Unread Post

Medicare

David P Miller
I am 64yo, and receive 3 monthly checks. SSDI, VA Disability, and a tiny pension from my job. I will be eligible for Medicare on April 1, 2019. Social Security just sent me a letter stating they will be withholding $135.50 from each SSDI check. This is NOT supplemental insurance, like Part B or Part D or whatever it is ... $135.50 is just the basic premium. I don't need Medicare ... I have all the health care I need for free from the Veteran's Administration, and all I have to provide is...Read More...
Dave, Medicare Part A is free. The withholding you are referring to must be Medicare Part B which I believe you can elect to obtain or reject. Part D would be for medications. You can get more information at medicare.gov. Read below which was copied from the medicare website. Good luck. Ray B What if I don't want Part B? Make sure you review the situation above that applies to you so that you understand how dropping Part B would affect you. If you want to drop Part B, here's how to do it:...Read More...
I opted out of all, but Part A, which is provided at no charge to me. I receive Social Security and a pension, and pay for health care benefits through my previous employer. Not sure if the rules are different for SSDI.Read More...
Last Reply By RayB · First Unread Post

Pay off mortgage with IRA or refinance

Mortgage is in my name only. If/when I die, my housemate will be up a creek! I could pay off my mortgage using all the money in my IRA. Worth it for my peace of mind? --70+-year-oldRead More...
YOUR peace of mind is only something that you know. However.... If you intend for your housemate to inherit your house, then you need to add them to the title/deed. Call your county and inquire as to what is needed to add someone to your title/deed. You do not need to add them to your mortgage unless they intend to assume your mortgage when you pass. You should call your mortgage company and inquire as to what documents are needed to add someone to your mortgage or what would be needed in...Read More...
Last Reply By Shannon H · First Unread Post
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