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January 9th, 2009
10:23 AM ET

Suze’s back, and taking your questions

Program Note: Suze Orman will be on AC360° tonight at 10pm ET to discuss how to keep your money safe.

Have questions about how the continued economic trouble and Obama's economic plan will change the market; affect your stocks, mutual funds, 401(k)… your job?

Submit your financial questions here for Suze Orman and watch AC360° tonight 10p ET to get them answered.


Filed under: Economy • Suze Orman • T1 • Unemployment
soundoff (125 Responses)
  1. Barbara

    Suzy,
    Please help us!
    My husband retired in July 08. I am retired, too.
    Our investments from Jan 08 were 400,000. We have since lost 30% of it. (like everyone else.)
    We own the house we live in, an investment house both worth about 200,000 each.
    We have no debt.
    We are really tempted to roll our IRAs (~!80) into safe bank IRA CDs.
    Also, my husband has an ESOP distribution that will be disbursed over the nex t 5 years equally..

    Please advise and thank you very much.
    Barbara
    PS love you Anderson-

    January 9, 2009 at 10:35 pm |
  2. JUDY

    Suzi

    I was laid off yesterday and told I have till the end of the month to use $600 in my personal health account. Can they do that? How am I suppose to spend that much up front when I have no money to spare and such a short time left?

    January 9, 2009 at 10:34 pm |
  3. Catherine from NY

    I Suze, my husband and I are trying to buy a house. It is a good time to buy now? Our credit scores are in the 700’s. I have a school loan of over $16,000 and a car loan of $5000. No credit card debt. Our annual salary combined is about $100,000. Please can you give us some advice.

    Thank you
    Catherine from NY

    January 9, 2009 at 10:33 pm |
  4. jan nelson

    Suze,

    You always give advice to never take out of your 40lK to get out of debt, however, what if I am 68 years old and need some extra cash. I can't take it with me, so how about letting me pay some bills?

    January 9, 2009 at 10:33 pm |
  5. Jennifer

    Suzie,

    My husband and I own 2 pcs. of property worth 2.5 million. We owe 700K at 6.25% divided up among 2 mortgages. We have no other debt. We have 250k in cd's, and 150k in savings. We have our own business and pay ourselves about 500k a year. Our question is should we pay off our mortgages or should we re-finance them into a jumbo loan on our primary residence at the new lower rate of 5%.

    January 9, 2009 at 10:33 pm |
  6. locklair,roberta

    I'm on a medical leave at present so I am not contributing to my 401k
    and I have enough in my 401k to pay off my mortgage. I'm 56 years old
    and my husband is still working and has enough for our retirement.
    Should we pay off the mortgage 10years early since we our planning
    to stay in our house? Thanks, Roberta

    January 9, 2009 at 10:33 pm |
  7. Catherine

    I Suze, my husband and I are trying to buy a house. It is a good time to buy now? Our credit scores are in the 700's. I have a school loan of over $16,000 and a car loan of $5000. No credit card debt. Our annual salary combined is about $100,000. Please can you give us some advice.

    Thank you
    Catherine from NY

    January 9, 2009 at 10:32 pm |
  8. Chantal/montreal

    Hi Suze: What advice do U give to Cr. card abusers–those who can't afford to save but use all wages to cover minimum payments andnthe use the cr. card again for every day necessities? Is b.ruptcy their only solution?

    January 9, 2009 at 10:32 pm |
  9. Ernie Avergonzado Appleton

    Hi Suze,
    Our company announced they will not be matching contributions to our 401K for 2009. Can I move my 401k to a IRA?

    January 9, 2009 at 10:32 pm |
  10. Lucy

    I have a Charitable Giving Program through a mutual fund. It lost more than half the value. Should I distribute the funds now or wait for the value to go up?

    January 9, 2009 at 10:31 pm |
  11. Carol

    Called my mortgage bank today and they have offered 4.375% 30 year fixed. Charges to be rolled into loan for this rate $5500. (2.6... points) and an up front charge of $395. The other offer was 4.75% 30 year fixed with $3500. rolled into loan. I chose the 4.375, but do you think paying so much in points and title/atty fees for that rate is the going price? My interest rate at the moment is 6.5%. This will bring my mortgage down $169. a month. We do not plan on moving, so this should be the last time we refinance. I do have one chance, if the rates go down before we close, to reduce the rate once.

    January 9, 2009 at 10:31 pm |
  12. willie

    I am retiring in 5 months, and all my 401k is in stable value fund at this time, is this the safest and are there any chance of losing it in this fund?
    Please, reply
    Thanks,
    Willie

    January 9, 2009 at 10:30 pm |
  13. Diane-Atlanta

    Hi Suzie, I have 5 credit cards that I pay thru Consumer Credit, my questions is should I pay these off which I can do now or should I continue to pay the monthly charge to pay them off, which will be in 4 years, thank you diane

    January 9, 2009 at 10:30 pm |
  14. Pat Jones

    Hello Suze

    I have a 401k with an old job that I just never got around to rolling over with my new company, is it now a good time to remove it and roll over on my current job ? I am truly scared !!!

    Thanks

    Pat

    January 9, 2009 at 10:30 pm |
  15. Lola

    I have really good credit and recently signed up for 2 credit cards that I shouldn't of applied for. I haven't activated them. what can I do to avoid any negative outcome with my credit?
    Thanks
    Lola

    January 9, 2009 at 10:29 pm |
  16. Charles

    Dear Suze,

    I am near retirement and will have a retirement amount that could be either rolled into a 457 retirement account which is currently losing money even in the "fixed" account. In todays economy would it be wise to pay my mortgage off and receive a tax penalty due to taking my retirement in a lump sum because the retirement is losing money. The fixed account is not based on stocks since it is fixed. Should the amount be placed in the 457 account and pay the monthly mortgage since it is tax deductible or pay the mortgage off with the money?

    January 9, 2009 at 10:29 pm |
  17. Nadia Moreno

    Hello Suze,

    I am very inspired by what you say and do for us people with financial concerns. I remember way back when I met you at Borders for the Women & Money book. You told me to tell my husband about how much debt and every since I have been paying it off. I went from 8,000 dollars to reducing it to 1, 500. It gives me relief and peace of mind that I can do that and much more. I am soon going to pay off my credit card and will be free from debt. I started to save 50 dollars a month to my savings account.

    Thank you very much for your advice. Now my husband and I have a good honest relationship with money. I made myself to nourish that relationship and save money because this economy is imbalanced. I hope it will get better with the New Administration but we cannot only count on them but ourselves and your advice.

    Thanks a million.

    Nadia.

    January 9, 2009 at 10:28 pm |
  18. Jennifer Heiler

    Hi Suze,

    We relocated to Houston, TX from Buffalo, NY for a job in August. We haven't sold our house in NY, and we already bought another house in TX. My husband may have an opportunity to move back to NY. We called an agent and the Houston market (where we live) is still good. We've lowered our contributions to our 401k account to pay both mortgages and taxes, but still have an emergency savings fund. What do we do? Do we move back? Do we put both houses on the market? We can't hold on to two mortgages for another year.

    Jennifer

    January 9, 2009 at 10:28 pm |
  19. Leila of Memphis TN

    Hi Suze,

    My company is freezing it’s matching contributions to employee 401k plans, beginning February 1. should I reduce my weekly contributions and put more my $$ in my savings account?

    January 9, 2009 at 10:28 pm |
  20. Peter

    Am I allowed to transfer my company's retirement money (other than 401-K, 457-B) into an IRA account, because I am leaving my job?

    January 9, 2009 at 10:28 pm |
  21. Michelle

    Suze, I am commited to being debt free this year. I only have 1 credit card, and I was trying out your your debt eleminator calculator.. Do you suggest to add my two car loans in the mix and treat them the same as credit card debt?

    thank you
    Michelle

    January 9, 2009 at 10:27 pm |
  22. Elaine Scott

    I worked at Sears where I fell down stairs. After Sears terminated workerscomp I was put on unpaid FMLA. I lost my place of residence, all savings and had to liquidate my IRA. I just obtained a job that pays $18,000 less than I was earning. I will be earning $28,000. I have no money in savings or checking. I have about $900 in bills which includes my car, insurance, storage of $142/mo, food, gas, etc. A settlement was reached for $15,000 if I resign. The attorney get 20%, a lean for medical for $942, $700 to my friend who is letting me stay with her, and payment to friends who helped me pay bills while unemployed.

    How do I invest the remaining to regain my loss? I am still applying for manager positions that pay more but I cant afford to even get my own apartment. Do you have any advice on how to properly invest what I have left over?

    Thank you

    January 9, 2009 at 10:27 pm |
  23. Karen

    Suze,
    I am in my 50's and still working. Part of my retirement fund has been tied up in a 403b plan which is now losing money. My husband feels I should be putting more money into the plan and I am leaning towards trying to get out of the plan. What are your thoughts?
    Karen

    January 9, 2009 at 10:27 pm |
  24. Reine

    Hi Suzie,
    I would like to ask you what should we do with our business. My husband and I are self-employed and run a high end retail jewelry store, it has been tough to keep up with this economy. Bills are piling up but receivables are shrinking down. what is your advice regarding such a situation and is there federal grants that the government has to help small businesses such as ours.
    Thank you for your time.

    January 9, 2009 at 10:26 pm |
  25. denver

    1. I am still employed, 58 years old and don't own a home. Should I buy a house and take on a 30 year mortgage at my age?

    2. At the moment, I have different stocks in different companies and not just in mutual funds. Should I consolidate and put all my 401 K from different places I have worked in one of those retirement year funds which automatically adjust the portfolio until you retire?

    January 9, 2009 at 10:26 pm |
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