Suze's back, and taking your questions
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Program Note: Suze Orman will talk to Anderson tonight and she'll answer your questions. AC360° 10 p.m. ET.
AC360°
Suze will be back on AC360° tonight to answer your questions. Do you have questions about the economy? The future? Suze will weigh in on what to expect for the upcoming decade. Do you have anything you'd like to ask? Send them our way!
Submit your financial questions here for Suze Orman and watch AC360° to get them answered.
Suze's book, " Women & Money," was released on January 5.
And check out the new iPhone App for Suze's book here. Download it today!
And for those of you in New York City next week, Suze will be talking at BARNES & NOBLE, Union Square at 7:00 p.m. on Thursday, January 14. (33 East 17th Street, NYC, NY). She'll be signing books and answering your questions.
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Filed under: Suze Orman |
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Anderson Cooper goes beyond the headlines to tell stories from many points of view, so you can make up your own mind about the news. Tune in weeknights at 8 and 10 ET on CNN.
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I am an independent contractor and have just formed an LLC with my wife. I know that I can either choose to be taxed as a corporation, or as a partnership, what are the benefits/drawbacks of each? We are just starting out, I make about $120K. My wife works from home (on our business) and cares for our 2 year old son. We have no assets, very little retirement, and pay very high taxes. Our New Year's resolution is to take control of our financial future.
I am 70 and my wife is 63. We own our home, worth about $450,000 with a mortgage of $205,000 and a line of credit with a balance of $35,000. We own two townhouses: one worth $160,000 with a mortgage balance of $105,000 and the other worth $210,000 with a mortgage balance of $115,000. We also have about $150,000 in Roth IRA's, and I have a small pension fund with a balance of $55,000, which I'll tap when we retire, in about four years.
Since we earn together about $130,000 a year, In addition to making our regular mortgage payments, we are able to pay an extra $4,000 per month on mortgages.
Since Iplan to retire in four years, and my wife at the same time, should be refinance our home/line of credit and pay off that new balance in about 4 years, or should we continue to pay on the mortgages on the townhouse? (If the townhouses are paid off, we would have an income of approximately $2000 per month–plus $3600 in Social Security–or should we refinance and pay off the mortgage on our primary residence–which currently also costs us about $2000 a month in payments on the mortgage and line of credit.)
Thanks!
Fred
Hi, Suze
My AA is 60/40/10. At age 62 and unemployed I should have more bonds. But I am afraid my bond funds will lose a lot of principal when rates rise, as they will. I don't want a lot of TIPS. Does interest income really make up for lost bond value? Should I stay more in stocks for a couple of years as this is an early recovery?
Hi Suze & Anderson. Happy New Year!
I'm a single parent and homeowner. After a grueling 9 years, I will finally have all my credit cards paid off in a few months and I was wondering what I should do from now on as far as credit is concerned.
Do I stop using credit cards altogether?
Do I ask for credit line increases and make small purchases periodically?
Do I just keep one card, etc.?
Thanks,
Bridgette
South Florida
Hello Suzie
My name is James, I was a Vegas Security Supervisor until 08/2008. Got it in the 3rd round of 2008 lay off, 4 days after taking charges of two security departments in the Vegas casinos. I'm 44 and just started ITT. In one of your shows you said "you may have to recreate yourself in the work field" (maybe not the exact quote) I have 3 months before I have to declare a pacific direction of study. I've lost my car, my apartment and used my life experience to get to that day. The day you believe I can do this. I can afford a house, afford a real vacation and invest in my retirement. Like I said I'm 44 with a second chance to turn it around before I'm 64. So my question? Any suggestion of what computer jobs, I should be looking for with growth potential for a 40 plus year old.
HI Suze I'm looking forward to your new book. I am 61yrs old and have just spent the last year dealing with breast cancer I'm going to be fine health wise, but I am now on disability and have only $2000 to my name no retirement money or investments left. I don't own a home or business anymore. I just don't know to move forward and I don't want to give up on myself. I'm sure your new book will give me some ideas and I really appreciate all you have done for so many woman (and men).
Love to you and yours
Bonnie
My wife and I have been retired since 2001 and have a pension that is 100% of our working salary with 2% cost-of-living increases each year. We are not covered by Social Security or Medicare. Our house and cars are paid off. We pay our credit card bills in full each month. I am 71 and my wife is 70 and we are in good health. We have cash in the amount of about one years after-tax pension, a stock portfolio currently worth about 8 times our annual pension, and IRAs with a stock portfolio worth about 2.5 times our annual pension. Is our financial allocation too risky at our age and situation?
Dear Suzy,
I am a 69 yr old woman who has two 401Ks, approximately, $160,000 and $260,000, respectively. Additionally, I have several IRAs at banks, credit unions and other sources. I will consolidate these funds within the the next 3 months. I know that I have to start withdrawing from them at 70 and 1/2, but need to do a trustee to trustee transfer. Also, my husband bought a franchise at around $250,000 2 yrs ago, using a 2nd mortgage on our home (bad move!) to finance this venture. We have rental properties and can pay the 1st and 2nd mortgages (I get a small pension from my previous job and social security) on our primary residence. Our problem is the long term lease agreement (10 yrs; we have 2 yrs left on it) that my husband signed on a business that is is not doing well at all. I feel extremely vulnerable because I was adamantly opposed to this business and it is a huge source of contention between us. Please help. What do you advise?
I am married with two young kids. My husband finished school a year ago with 60K in student loan debt. We got out of credit card debt and now are wondering what financial area to focus on next. Should we put all extra money toward our student loans? Our emergency fund? Retirement? Saving for a house?
Where do we go from here?
Thanks Anderson and Suze.
Mindy
Is real estate a failing market for investment or will it see a rebound in the near future and why are banks so unwilling to work with individuals who even offer cash on foreclosed properties in what appears to be holding out for a rebound instead of taking a current market value offer.
Suze – Last year when the recession hit you advised people to *not* pay down credit cards too much (i.e. make just minimum payments) in order to conserve cash and avoid being without access to money should a credit card company close a person's account without notice. Are you still advising this, or is there now greater reason to be confident with the credit market?
How much should I save monthly? I have no debt and my monthly expenses are less than half my income. I have govt pension. Age 55. $500k in savings/investments/457/Roth. I am concerned about the impact of inflation over the next 40 years. -Dori
Hi Suze, I contribute to my 401k up to the maximum company match. If I have extra money to save, where is the best place to put it, besides IRA’s and money market accounts?
Thanks,
Lilibeth
Edmonds, Washington
We run a small business and are fortunate to have done well over the last few years despite the down economy. We put the max amount of money away each paycheck into a 401k that we have, don't hold any running credit card balances, and have IRA and mutual fund accounts that we have saved over the last 15 years (approximately $200,000). We have received distributions from our company over the last few years that total about 250,000 and have left it in a money market account because we were unsure what to do with it. What is the best way to make this money grow and work for us in the long run? Thank you!
I have a traditional IRA with Vanguard that I haven't touched since I left my corporate job. I've been a small business owner for the past five years and now want to either convert this IRA into a Roth IRA or into something called a "small business owner IRA."
My total portfolio is pretty small, only $30,000.
Which is better and does it matter if it's a joint or single account? Husband is an almost-retired-Marine with no IRA but will get a civilian job most likely and have the pension. I'm 42 and husband is 38.
Thank you!