Finance FAQs #2
Provided here are all currently available questions with answers. You may return to your select point of entry or continue here, reading along for general information gathering. The following is not intended as a substitute for qualified legal, financial, psychological, or tax counseling. Please consult your attorney, financial consultant, or tax advisor as applicable.
Q1. Will I have enough income? I am afraid I will run out of money before I die.
A1. Donna Burrill, Burrill Financial Services :
- Your first step towards security is knowing how much it costs to live: a budget.
- Review all sources and potential sources of income to identify current excess income over current expenses.
- Investigate ways to increase rates of income from current sources.
- Save and invest (take some risk) any excess for the future. Inflation and income taxes will wipe out the rate of return on most CD's, so it is critically important to do some long term investing
- Never make quick financial decisions. Read all materials. Ask any question and do not agree to anything on which you do not get understandable information and answers to your questions.
- Have the best long-term care policy you can afford. Medicare and medigap policies cover a small amount of the expenses you will have with a serious illness or injury (e.g. stroke, Parkinson's, Alzheimer's, broken hip).
- Have Medicare Part B and a medigap policy or Medicare HMO policy.
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