Ever wonder How High Is Your Retirement IQ? Our friends over at MoneyTalksNews.com did an article on a Fidelity survey. Turns out that 74% of respondents underestimated what professionals think that they should save for retirement. Take a look at the article and see how you stack up with the pros.
Here's one that should be surprising but isn't. LendEdu.com did a study of college students. In their words "The results of our study were alarming and frustrating." According to the LendEDU poll, "30.60% of college students with student debt claim that they are using money they received from student loans to help pay for their spring break trip this year." You'll need to forgive me for not being more sympathethic but when did it become alright to borrow money you don't have to pay for a vacation you don't have to take? If you use your student loans today to pay for spring break in Cancun please don't complain that you can't make the payments in a few years. Or ask that there be a government program to forgive all student loan debt.
As a boomer naturally I'm aware that we need a plan for when we die. But I was aware of that when I was in my 20s, too. That's why this blog post from Angela Dorsey is must reading for anyone who hasn't created an estate plan or has one that's more than a few years old. We've interviewed Ms. Dorsey and think highly of her work. Even though I've been working with these questions for 35 years I found 'mistake #5' to be a great reminder of something I knew but don't always keep in mind.
Keep on Stretching those Dollars!
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