#elderly-borrowers

#elderly-borrowers

Every time a lender pulls your credit, the report includes a list of 'reason codes' - short explanations of what factors are holding your score back. These codes are required by law, so the bureaus generate them automatically. The problem is they are ranked by relative impact, not absolute impact.

Boomers are far more likely than any other group to be aware of price increases. When prices go up, they cut back on non-essential items and avoid impulse buys, with just 53% succumbing to them.

High-yield savings accounts (HYSAs) are insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration up to $250,000, per depositor, per insured institution.

The 4% rule and most retirement calculators often just assume you are going to spend the same inflation-adjusted amount of money for the next 30 years. On the one hand, this is a simple and clean idea for managing finances, but it's also completely wrong. Real retirement spending rarely works like it's supposed to, and if you are planning on it being static, you're likely setting yourself up for a big surprise.

I bought my house in 1999 for $145,800, and there still are monthly payments on the home. Normally, within 30 years most people would have their homes paid off, but I had a little slip-up in 2008 when the market crashed. I went from a six-figure income to zero income. I depleted most of my financial resources to hang onto the home.