Retirement Planning - Your Financial Future Is In Your Hands

Written by Kelly Gillis

Continued from page 1

Due to an increased life expectancy you will need to consider safe ways to continue to build your wealth even after you retire. Money market funds are a good way to do this and have little risk of going down in value. Most financial planners suggest having six months of normal expense money set aside (this is for any age) in case of emergency.

Some seniors opt for what is called a reverse mortgage. A reverse mortgage can be a large part of retirement planning. This is where a homeowner, 62 or over, can convert part ofrepparttar equity in their home to tax-free income without having to give up title or sell their home. The amount of a reverse mortgage is based on many factors, your age, appraised home value, current interest rate. The money can be paid torepparttar 150200 homeowner as a lump sum, in fixed monthly payments or as a line of credit. Mandatory credit counseling is required before applying for a reverse mortgage.

Some use annuities to help cushion retirement. Annuities are contracts issued by life insurance companies that guaranteed periodic payments for life. You buy deferred annuities throughout your working years. The funds accumulate tax deferred.

There are many avenues available to help you have an enjoyable retirement, one that is free of money worries and woes. Take you time, read and educate yourself on them before you chooserepparttar 150201 one, or ones, suited for you.

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Thinking Of Co-Signing For A Loan? Read This First

Written by Roy Thomsitt

Continued from page 1

3. Your Legal Responsibility

By placing your signature inrepparttar co-signatory's spot, you will be guaranteeing that if your friend does not makerepparttar 150184 payments, you will. Do you really haverepparttar 150185 spare money each month to coverrepparttar 150186 loan if it came down to that?

4. The Collection Process

If your friend defaults onrepparttar 150187 loan, and it goes intorepparttar 150188 collection process, it is possiblerepparttar 150189 lender will bypass your friend and come after you first. After all, they knew he was a risk, and you arerepparttar 150190 one withrepparttar 150191 better credit record and more likely to haverepparttar 150192 money. The law will vary between countries, but inrepparttar 150193 US this is true in most states, and it would be important to find out where your own state stands on this policy before.

In addition, you should be aware that by co-signing for a loan you may actually reducerepparttar 150194 amount of credit you will be able to get yourself. Your friend's loan will count towards your total debt owed.

5. If You Decide To Go Ahead And Co-Sign For A Loan

If you do finally decide to co-sign for a loan, here are a couple of steps that you should take in order to protect yourself as much as possible:

Firstly, it is wise to request that you will be notified in writing, should your friend miss or be late with a payment. By learning of any problems early on, it will help you keeprepparttar 150195 potential damage to your own credit report from getting out of control.

Next, make sure you also get copies of allrepparttar 150196 loan documents, plusrepparttar 150197 repayment schedules. Ask for a copy of everything that your friend gets, in case there is ever a dispute. Then you will know what legal rights you have.

Being a co-signatory for a loan is a serious responsibility, and is something that you should think long and hard about. Even if it is your best friend who is asking you, think seriously aboutrepparttar 150198 consequences. It is not justrepparttar 150199 potential financial loss to you; your friendship could be onrepparttar 150200 line. Friendship and money often do not go well together, so beware.

Roy Thomsitt is the owner and part author of

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