Don't use your retirement savings to pay off debt, especially if you don't have a lot of debt or high interest rates. Q: My wife and I are both 47 years old and we both have Roth IRAs that we are maxing out each year. We have a total balance between the two accounts of [...]
Evaluate the pros and cons of renting versus home ownership before considering withdrawing from your 401k to pay for a home down payment. Q: My husband is considering taking part of our 401k after we retire and cashing it in. He wants to use that money as a large down payment on a home. It wouldn't be [...]
John Wasik, Lynn O’Shaughnessy, Dr. Stan Humphries and Liz Weston join me to talk about hot topics in personal finance and real estate on the Ilyce Glink Show on October 7, 2012 at 12:00 Central Time on WSB Radio. My weekly show always contains various forms of personal finance advice but today I have invited [...]
The government offers a choice of withdrawing all your IRA savings or receiving smaller payments after age 70 1/2. Q: When I retired a few years ago, I moved my 401(k) into an IRA. Now that I am 70, I got a letter stating that I need to make withdrawals from the account, and giving [...]
How to transfer home ownership to a family member. Before transferring home ownership to a family member, talk with an estate planner and real estate attorney to determine the costs and savings. Q: My brother and I own a home together. We are both on the loan as well as the deed. We originally lived in [...]
Transfer property with LLC using a quitclaim deed. A property transfer with an LLC is not always the best solution for transferring inherited property. Property transfers with LLCs are better-suited for estate planning and would cause problems for most mortgage lenders. Q: My wife and I really enjoy your radio show. My mother passed away [...]
How to avoid a foreclosure on a rental property: instead of letting a rental property go into foreclosure, attempt to refinance your mortgage or try a short sale. Q: My husband and I are contemplating allowing our rental property to go into foreclosure and desperately need your advice. When we married in 2010, we had [...]
