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Article
23
Jul 08

Mortgages and Retirees Don’t Mix

By Scott Burns Q. My parents are looking for a house in the Dallas-Fort Worth area. They are retired. They are trying to decide if they should pay cash for the house. They have close to $620,000 in savings (CDs, 401(k)s, IRA) and are looking for a $200,000 house. They also have about $1,300 in Social...

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Article
14
Mar 07

Retirees: Have a "Good Times" Fund

Q. My husband and I have saved for 18 years. We now have a substantial retirement. He has been the primary earner; I have worked on and off part time. I have recently been ill with a potentially fatal disease and recovered, only to sustain a broken arm and nerve damage that rendered my dominant hand...

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Article
27
Jul 06

Travel, yes. Reverse mortgage, no.

Q. My son-in-law's parents are urging me to take a reverse mortgage to increase my income so I have more freedom to travel and don't have to budget so tightly. I am 70. My house is worth around $200,000. I have about $200,000 in financial assets and no debt. My income is about $26,000 from Social Security...

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Article
19
Jan 06

Yes, You Can Have Too Much of a Good Thing

Q. My wife and I have about $320,000 of investments. About a third of that amount is invested in two royalty investment trusts. One is oil-based, and the other is in natural gas. Even after the recent dunking the energy market has taken, we are still 20 percent above water on these. Obviously, we are...

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Article
29
Dec 05

Want to Live on a Boat? Go for it!

Q. A while back you did a series of columns about unusual retirements, including living on a sailboat. My husband and I are avid sailors and have enjoyed Florida cruising vacations for many years. We would like to do more extended cruising. I am 54 and a teacher with Florida state retirement. My husband...

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Article
22
Dec 05

Don't Sell Company Stock in Your 401(k) Plan Willy Nilly

Q. I retired from ExxonMobil in 2002 and opted for the fixed annuity instead of the lump sum. That decision has turned out to be a blessing in that I have avoided the constant decision-making and risks of managing the lump sum. My current income exceeds my current living expenses. It will increase further...

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Article
21
Apr 05

Downsizing Your Home Can Be A Very Good Thing

Q. I am 80 and have an IRA worth about $59,000, a $9,000 savings account, and a four-bedroom house worth about $140,000. The house is about 21 years old and will need a new roof and some repairs soon. I also have a disabled daughter who lives with me and receives $900 a month in Social Security disability...

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Article
28
Oct 04

Should You Have A Mortgage After Retirement?

Q. I am on the threshold of retirement. I am wondering how to correctly understand the benefits of continuing with a mortgage financing versus paying off the loan. I reviewed the home ownership model on your website and it calculates a (lower taxes) benefit of approx $4,000/yr. However, AFTER retirement...

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Article
27
Jun 02

A Good Investment for Retirees: Pay Off the Mortgage

Q. We are retired 70 year olds with annual income of $70,000. We have a $140,000 mortgage (7.375 percent interest) with 9 years remaining on our $250,000 house. We recently sold some property. This diminishes our annual income by $25,000 but leaves us with $250,000 to invest after capital gains tax....

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Article
17
Jan 02

It‘s Not What Others Have That Counts

Q. I get a little disheartened when I read your article and see the large amounts of wealth some people have accumulated at my age. I'm 35 and own my own home. It is worth about $145,000 with a mortgage balance of $105,000. I make $48,000 a year and put 8 percent in my 401k. My company matches 3 percent...

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