6 Crucial Steps to Take If You’re Over 60 and Don’t Have Enough to Retire

Lower your debts

Many older Americans continue to accumulate debt at an alarming rate. Increased debt loads work against the goal of increasing the amount of income available once you do retire.

Even though interest rates are at historically unprecedented low levels, credit card rates haven’t followed suit. Credit card rates can range from between 17 % to close to 30% for consumers with low credit ratings.

The current levels of outstanding debt carried by those individuals over 60 and nearing retirement is astounding

Recently, the Federal Reserve Bank of New York reported that as of June 30, 2019, individuals in their 60s held $2.16 trillion in debt — an increase of 62% just since 2007 (the beginning of the 2008 financial crisis) — and almost five times the amount of debt ($440 billion) held at the end of 2000.

The financial benefits of reducing credit card debt is a matter of simple arithmetic. Examine your latest monthly statements and calculate the amount of interest that is accruing on current balances.

Paying off the total outstanding balances would save current accrued interest charges that could be added instead, to your total retirement savings accounts.

3 / 6
Next ❯

Warren Buffett’s Favorite Indicator Suggests a Stock Crash Is Coming

Anyone in the realm of finance or the stock market knows Warren Buffett. He is the billionaire CEO of Berkshire Hathaway and has been one of the world’s best investors

Some Expected a Junk Bond Explosion. The Data Says Different.

It has been well documented that much corporate debt has been downgraded by the rating services over the course of this pandemic slowdown. However, the actual data shows it not

Iaccino: Some Quick Stock Ideas for an Unsettled Market

RealDaily's Bob Iaccino recently appeared on the Alpha Trader podcast (available here). Co-founder of PureXposure Growth Series and Chief Strategist at Path Trading Partners, Bob writes The Stock Think Tank

biden wins

What I’m Telling Investors to Do If Biden Wins the White House

The value of our Bulletproof Wealth Report model portfolio declined modestly over the past several trading days ending Sept. 27, while the Dow Jones Industrial Average fell by 822 points

Options: Meandering Market Tamed by Using a Straddle or a Strangle

When you hear talk of markets trending, people think of uptrends or downtrends. However, markets often get stuck in a trading range. This is the condition where there is no

Warning! Market ‘Death Cross’ Appears

A death cross! According to Investopedia: The death cross is a technical chart pattern indicating the potential for a major selloff. The death cross appears on a chart when a

5 Best Stocks to Buy If Trump Wins the Election

If President Donald Trump wins the election on November 3, 2020, you might want to consider adding these five equities positions to your portfolio: LMT, BAC, AMZN, XLE, TWTR. Why?

5 Best Stocks to Buy If Biden Wins the Election

If Vice President Joe Biden wins the election on November 3, 2020, you might want to consider adding these five equities positions to your portfolio: XLU, TSLA, XLV, MLM, and

TGIF — Ending the Week with a Whimper

Everything is proceeding as I have foreseen. In Monday's "The Week Ahead — 200,000 Deaths Weigh Heavily on the Market," we knew the 200,000th American death would put Covid back

Even If the Overall Market Continues Lower, This Staple Could Maintain Its Upward Trend

Since peaking in early September, the main indices have all three stumbled for the last few weeks with the S&P and Nasdaq falling over 10% from their highs already. Three

tesla stock

TSLA Too Volatile? Two Option Strategies for Tesla Stock

Tesla Inc. (TSLA) is one of the most popular stocks amongst investors. Led by CEO Elon Musk the electric vehicle manufacturer has disrupted the transportation industry, bringing hype to a

pot stock

Pot Stock ‘Blood in the Streets’ Buy Signal Is Here

The cannabis market has been a volatile space in recent years. A wave in legalization, particularly in Canada but also through parts of the United States, led to significant growth