Scott Burns' Articles -- Recent and Archived
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Q. I have considered re-allocating my monthly 401(k) contributions and buying a small condo in Florida. My 401(k) account is down to breakeven (at best) and we are not getting any enjoyment from it. However, if we invested in a condo we would at least...
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By Scott Burns Q. My wife and I are 43 and have a young child. I make $140,000 a year. We are fortunate to have $1.3 million in an investment account. Of that amount, about $160,000 is earning very little in money markets. Our home is worth $400,000 and...
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By Scott Burns Q. My husband and I are both 70 and retired. We live in a $280,000 debt-free home. We have a monthly income from our pensions and Social Security to pay all our monthly bills. As a result of the stock market dive, our savings have been...
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By Scott Burns Q. I’d like some advice for a young retiree. I’m retiring from federal law enforcement at age 50, with 30 years of government service. I have $325,000 in the Thrift Savings Plan. I also have $45,000 in savings and no credit...
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By Scott Burns Q. I am 62 and will likely retire at age 65. I have $336,000 in a 401(k) account and a house that is worth around $450,000. We owe about $217,000 on the mortgage. We have no other debt. I am also one of the fortunate workers who will have...
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By Scott Burns Q. My husband and I moved to Austin about 5 years ago. Tom is 65 and I am 63. Tom is a marketing research executive who was laid off in February of 2009. He has been unable to find work. In January of this year he and a colleague started...
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By Scott Burns Q. We own a home in a suburb of Seattle. We paid $475,000 for it in the summer of 2006. We still owe $350,000. It has 2,300 square feet, was built in 2000, and needs updating. My husband took a transfer to Texas in 2008. I stayed with our...
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By Scott Burns Q. I have 10 years left on a 15-year mortgage at 5.75 percent. The payment is $909 a month. The pay-off is $84,000. So I could save about $25,000 in interest by paying it off. I also have a CD coming due for the same amount. If I could...
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By Scott Burns Q. In several columns you have advocated renting rather than owning a house. I would like to ask you: Under what circumstances is renting more feasible? I am single, female and 69 years old. I own a house with no mortgage. It’s worth...
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By Scott Burns Q. I've tried to get opinions from different people on this question and all the opinions differ. I have a home and 80 acres in the country. Recently, I inherited another 240 acres adjoining my property. Everything I have is paid for...
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By Scott Burns Q. Our home is appraised at $851,000. I think we could sell it for much more than that. In 2008, for instance, it was appraised at $1,077,000. As an 18-year-old house, it will soon be in need of significant repairs— roof, windows...
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By Scott Burns Q. My monthly mortgage payment is slightly over $500 a month. It varies yearly with cost of taxes and insurance. I pay an extra $100 each month on the principal. Is this a good idea? ---P.M., by email A. Yes, it is a very good idea. It...
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By Scott Burns Q. I have a new mortgage loan of $328,000 at 5.25 percent. Recently a direct mail offer said that if I pay the mortgage biweekly, I can save about $100,000 during the loan repayment period. Can I pay one additional installment every year...
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By Scott Burns Q. My wife and I are 52 years old. We’re slogging through a lot of expenses, and we’re nervous about the market. Here are the basics: Our two children in private school cost $19,000 a year. College starts for one in 2 years. Both will be...
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Q . A couple of years ago, I purchased an investment property in Sacramento California. For a period of time all went well. But in 2006 I was without a tenant for the first half of the year. Making the mortgage payments ate through all of my cash reserves...
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