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.
Chris Farrell: Does a partner's home foreclosure affect a couple's credit?
Does marrying someone who went through a foreclosure affect your credit? If so, in what ways?
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Peering through the economic fog to look at the recession
Q I'm retired, divorced with no debt and living on investments, IRAs and Social Security. This is what I need to know. What did you mean by "the recession will last a long time"? Can you give retired people an idea of how long long could be? And what is your definition of a bad downturn? Those of us who are retired need to know the worst-case scenario. We don't have jobs and our investments have really taken a tumble. If we know the worst that can happen, we can prepare for it. And if the worst doesn't happen ... wonderful. --NANCY
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Chris Farrell: Now more than ever, check into adviser's credentials
Q Is there a place to check the reputation of a financial advising company that offers annuities and other investment possibilities? There are many I have never heard of (not surprising) and very little on the Internet.
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Keep your investments simple; forget about an EIA
Q I recently attended two "free lunch" seminars designed to help senior citizens and retirees preserve their assets. In both events they were promoting equity index annuities (EIAs).
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Private REITs can have many drawbacks
Q A new financial adviser is recommending a private real estate investment trust (REIT) for retirement investment purposes, citing that the money won't be tied to the stock market. It seems that private REITs have done well. What are the predictions?
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Chris Farrell: Rolling 401(k) into an IRA would give you control
Now that you are no longer working for a company, you should get to choose the investment company and options.
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CDs provide safe haven for investor
Other, more creative options exist, but in these unsettled times, safety and access are paramount concerns.
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Chris Farrell: A rare bit of good news in housing markets
Will the drop in interest rates suggest that when an adjustable-rate mortgage resets it will be lower that it would have been without falling interest rates?
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Keep extra cash to leap at opportunities
Q We bought a house in August with a down payment of 20 percent and a 30-year, $300,000 mortgage fixed at 6.125 percent. We are making an extra monthly payment per year (we are paying half the monthly amount every two weeks), so the payoff would be in 24.5 years. We just paid off an auto loan and have no other debts. We still have some extra cash available ($10,000 to $15,000) besides bank reserves for three to four months of mortgage payments. We wonder if it makes sense to use this cash to lower the mortgage principal. We are totally risk-averse, so the other option would be to put this money into a CD or buy bonds. Too conservative?
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Chris Farrell: For investing pension cash, get a pro's help
Now that it's time to roll over a 401(k) cash-balance pension plan, what's the best way to guarantee a streak of income?
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