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Pay Off Personal Debt / 5 posts found

Seniors battling student loan debt

by Admin2
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Quick Points: There is around $1.4 Trillion in student loan debt. Seniors who are 60+ owe $86 Billion of student loan debt. This is important to know because this is crippling for many seniors who are on a fixed income. The reference article is found at: Get Your Free Savings Analysis

Over half of Americans save little to nothing

by Admin2
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It was reported below that over 65% of Americans are saving little to nothing. Here is what they had to say, followed by our experiences. Among respondents, 20 percent said they aren’t saving anything or don’t have an income. Another 47 percent are saving 1 to 10 percent, and 27 percent are saving 11 percent of their income or more. Expenses are the biggest obstacle, with 39 percent of the respondents citing this as the main reason they’re not saving. Sixteen percent said their job isn’t good enough, while an equal amount said the main reason they aren’t saving more […]

Most Americans can’t cover a $1000 emergency with cash

by Admin2
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This is an example of consumer savings and debt which comes up often. When faced with an emergency, most people can’t come up with $1000 in cash. They have to rely on credit. Here’s an excerpt from a recent article on this common problem: More than one-third of households, 34 percent, endured a major unexpected expense over the past year, according to Bankrate’s latest Financial Security Index survey, with only 39 percent saying they would cover a $1,000 blow with savings. When calamity did strike, the average expense was more likely than not to cost at least $2,500, illuminating the […]

Average 401k Balances for 40-59 years old

by Admin2
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401k savings are not looking too good for 40-59 year olds. This is something you need to pay attention to as it shows far off the mark most people are in saving enough for retirement. We’re going to look at how much, or how little, is being saved and what the root cause is for many. The reference article is found at: Get Your Free Savings Analysis

Taking Social Security at 62 is causing Seniors to lose 30%

by Admin2
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Many Seniors who would get full benefits at 67, are taking their Social Security at 62 for various reasons. The problem is, its costing them up to 30% of the income they could be collecting by waiting. For each year benefits are claimed before full retirement age, they’re reduced as follows: 6.7% a year for the first three years. 5% a year for each year thereafter. That turns into a large chunk of income. So why is this happening? The reference article is found at: Get Your Free Savings Analysis