your money
Chris Farrell
Columnist | Your Money
Phone:
Email: cfarrell@mpr.org
Chris Farrell is economics editor for American Public Media's weekly "Marketplace Money" show and author of "The New Frugality." He answers reader questions on most Sundays. Send questions to cfarrell@mpr.org and put "Your Money" in the subject line.
Your Money: Dreaming of financial strategies for early retirement
Q I'm 30 and have about $80,000 in my 401(k). If I hope to retire early, should I start putting something away in a different product? My concern is that I won't have access to those funds until retirement age, and I'd like access earlier. -- BRIAN
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There's a 'do-over' for deciding when to take Social Security
Should you take Social Security when you turn 62 or wait until you turn full retirement age?
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Term life insurance is the low-cost best bet for most people
There's really only one reason to buy life insurance: To financially protect loved ones from an untimely death.
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With savings accounts, more isn't wrong, but one's enough
Q I'm thinking about opening a third savings account. I have a savings account at a credit union where I get my car loans. I also have an online savings account that nets about 4 percent interest. I'm thinking about opening a savings account with the bank where I have my checking account to make it easier to save and transfer money. Can having multiple savings accounts be a bad thing?
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UGMA cash can transfer into a 529 plan
Q When my son was born 16 years ago, my father set up a college account for him. He subsequently...
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A 529 plan assures that money goes for college
Q I was reading an article of yours about how "UGMA cash can transfer into a 529 plan." I was wondering if you could explain a little more about this: "If a child wants to take the 529 money and start an online social networking site, he or she can." What, in detail, do you mean?
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How to keep track of prime rate? Check the paper
You can find it in the business section of the Star Tribune, or at www.bankrate.com.
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In shaky times, FDIC offers some comfort
Two CDs: one is an IRA CD and the other a regular CD. Would both be FDIC-insured even though they're at the same bank?
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Earning dividend income in retirement is never a bad idea
Q I am 63 and my wife is 62. I would like to retire no later than June 2010, when I turn 65. My wife has an annuity of around $9,000 and a Roth IRA of $33,000. I have a company pension and a 401(k) account of $316,000. I also have two annuities of $12,000 and $35,000 and a Roth IRA of $32,000. We also have a joint account of about $135,000. Our house is paid for and we have no outstanding bills. I was told to get rid of any stocks or mutual funds that are paying dividends or capital gains to save on taxes after retirement. Is this a good idea?
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Financial advice about saving and investing is timeless
It's so easy to get lost in the technical and financial complexities of managing money, when what really counts as sound personal finance is developing good habits.
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