In the April print edition of the AARP Bulletin, financial advice columnist Jane Bryant Quinn cites the Alliance of Cambridge Advisors as one of the go-to sources for unbiased financial advice. I don't always agree with much of what Quinn writes, but this article is spot-on on most fronts, especially regarding saving more and avoiding annuities and reverse mortgages.
A couple of her points are less wise, such as pre-paying your mortgage (why would you give up the best leverage you have against inflation, especially in these times?) and taking Social Security as late as possible (you don't get healthier and better able to enjoy your money as you get older, and you can always re-set your benefits once you reach full retirement age if you have enough savings to do so).
But those misses are minor compared to the on-target points - especially, of course, using a fee-only financial planner such as one from ACA.
A couple of her points are less wise, such as pre-paying your mortgage (why would you give up the best leverage you have against inflation, especially in these times?) and taking Social Security as late as possible (you don't get healthier and better able to enjoy your money as you get older, and you can always re-set your benefits once you reach full retirement age if you have enough savings to do so).
But those misses are minor compared to the on-target points - especially, of course, using a fee-only financial planner such as one from ACA.
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John,
ReplyDeleteNice blog that you have. Good job!
Michael Zhuang
That’s great to hear! Please let us know what you think of it. I am greatly enjoying it, myself. Thanks for the update.
ReplyDeletefinancial trouble
I'm curious to know what your group advises about buying LTC insurance.
ReplyDeleteEspecially since there is no protection against raised premiums and the conditions necessary to trigger a benefit--many elders are creaky and frail
and need help but do not meet the criteria for a claim.