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Financial Forum for Senior Citizens
- Find-A-Fund, offers unbiased mutual fund information and could be a great benefit to your visitors.
 -- ( http://findafund.com ) The most complete source of mutual
fund information on the internet. Sincerely, Lauren Barbera, Associate Editor, Findafund.com -- laurenb@wimc.com
- Keeping out of Debt -- About ten years ago, I began to think about retiring, or at least
tapering off the amount of hours worked. At that time, I had five credit
cards of varying kinds, a mortgage, an old car and a lot of debt. It was
hard, very hard - but six years later I retired not just from working
full time, but from plastic debt. I began by paying off the smallest
credit card debt, really saving pennies , dimes, dollars and putting as
much disposable money to that debt. The day I cut that care up was
wonderful! I began with the second, and so on.
Today, I keep only one Visa card for emergency airline tickets or equally
drastic items. My financial advisor can't believe I don't owe for a car
or department stores or gasoline credit. I actually have extra money to
invest or play with, and have not changed my life style. It can be done,
folks, in a relatively short space of time and with very little
sacrifice. I tried it, I liked it, and I pass the advice on every chance
I get to my children. Of the four, only one has any substantial credit
card debt, and is working hard to get rid of that - so maybe, one day,
kids do realize that there are some things the old folks know and do
best. One can only hope.Doris Nusbaum dorisn@unix.ieway.com
- State of Indiana, inheritance tax versus state income tax on older hoosiers pensions; (Older Hoosiers Exodus) -- In reference to newspaper article; "Letter spurs action on inheritance taxes", by associated press writer Anthony Jewell. "For older Hoosiers, the Indiana inheritance tax acts as an incentive to move
to some other state to reside"; Senator Joe Zakas R-Granger said. The "INCENTIVE" for older Hoosiers to move their residence to some other state is the Indiana state income tax on public, private, and military pensions. As of the year 1994, fourteen states either have no state income tax or exclude public, private, and military pensions from state income tax: Alabama, Alaska, Florida, Hawaii, Illinois, Mississippi,
Nevada, New Hampshire, Pennsylvania, South Dakota, Tennessee, Texas, Washington, Wyoming.
I urge every Indiana resident to write their Indiana State Senator and their Indiana State House Representative asking them to eliminate Indiana state income tax on older Hoosiers pensions. If you can't
locate their individual address mail your comment to:
Indiana State Senator or Indiana State House Representative (their name)
200 West Washington Street
Indianapolis, IN 46204
The loss of revenue from older Hoosiers leaving Indiana will far out weigh the gain from taxing older Hoosiers pensions. Please take the time to let your Indiana State Senator and Representative know if you support this opinion; And pass this information to all your friends and ask them to send letters to their Indiana State Senator and Representative to eliminate the Indiana state income tax on older Hoosiers pensions. Sincerely,
Alan W. Blanchard
(Biographical comment), I have served ten years active duty and fourteen years National Guard in the military service for the United States of America. I will be sixty years old May 7th, 1997, and am now retired from the military. My address is: Alan W. Blanchard; P.O. Box 370; Washington, IN 47501; 812-254-4407 -- wilburgess@webtv.net
- Fighting with Social Security---can you win? -- Can anyone advise as to how to get honest answers from Social Security about their so-called "formulas" for determining benefits. I have been to Federal Court, have hired attorneys and still am not receiving what I am convinced is the correct amount of SSA old age benefits. Twenty three years ago an ex-wife (slightly insane) notified Social Security that I was not entitled to disability because I owned a "yacht". This was after the Veteran's Administration had told me I had six months to live (notice how Doctors are often incorrect?!) so I was given disability. The "yacht" was a 22-foot runabout and the payments were
being made by my disability insurance the bank insisted I have when I financed the darn thing. The point: I believe that SSA has a discriminatory "marking" system whereby they obfuscate the issues and lie about certain citizens. In
light of recent revelations about the FBI and CIA it wouldn't surprise me or perhaps you. At age 70 I still would like to fight them, just to find out some truth
for a change. Any help appreciated. E-mail Jim Cooley jumbojim@ellijay.com
- Senior women and finances -- I am posting the following since I believe this is a common problem, and as site master, I would appreciate input that might be of assistance to senior women. This is NOT an invitation to take advantage of their situation. E-mail information to Site Master
My mom and dad, after 48 years of marriage, have divorced. As is typical for this age group, my dad handled all the finances, investments, etc. My mother is now in a panic about how to do this huge new job. When she asks dad for help they just get into a huge fight. She has a severe case of math anxiety. Any ideas on inexpensive and safe ways for her to get help with this? I'd very much appreciate it! E-mail Brisham
- WHERE WILL YOU BE FINANCIALLY AT AGE 65? -- According to the June 12, 1995 issue of U.S. NEWS & WORLD REPORT, many people will need to keep earning a paycheck into their 70s! The article states that, "it's too late for baby boomers to save enought to quit working at age 65." A study by the Stanford University economics professor B. Douglas Bernheim shows that many people will need to TRIPLE their rate of savings, on average, to be able to retire without diminished standard of living. The article goes on to say that "to throw off even a modest $40,000 per year in today's dollars, a person will need _$1.9 million_ in tax-deferred retirement accounts at age 65."
If you have suggestions, comments about this forum please send us an e-mail.
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