Translation: the ability to select an option to delay taxes on inheriting your parents IRA or even the ability to “disclaim” the inheritance and pass it down the line to kids and grandkids is severely in jeopardy.  If you’re forgotten exactly what the Stretch is or how it works, here is a very brief refresher:

Typically when the owner of an IRA dies, the spouse will hopefully inherit the IRA as a named beneficiary (read previous blog about the horrors of naming the estate as beneficiary of your IRA).  And as such, the spouse can either rollover the entire IRA into their own IRA and if much younger than the dead spouse, can push back paying the taxes for many more years.  It is also extremely wise to name contingent beneficiaries even if the primary beneficiary is likely to want to inherit the IRA.  Naming contingent beneficiaries is just a smart thing to do.

The stretch is so valuable an option because when the children or grandchildren are able to inherit the IRA, their age and current life expectancy will push back paying the taxes for a crazy amount of time.  But this is about to all change; unless you contact your Washington delegate and give them a piece of your mind; before they take a piece of your future net worth.

Under the new proposal (you may find the actual law here) and learn that unless the deceased IRA is converted fully to a ROTH, no more stretch, Armstrong.  Thus, if your parents or grandparents left an IRA to you, the entire amount of the IRA would have to be received within five years of the death and 100% of the income taxes will be due and payable.  This really stinks.  Currently most IRA’s are taxed when money is taken out of the IRA wrapper and at age 70 ½ the owner is forced to remove money and thus forced to pay taxes.  Pushing back the requirement to take money out of the IRA wrapper is the key to having your money explode to the upside due to the phenomenal power of compounding interest.

No good thing ever last forever and this is one that is slated to end unless the new law is struck down.  For more ideas on your IRA or 401k and rollovers, or help, advice and tips for your retirment and local financial planning, please contact My Money Track.

Hey we are all getting older and maturing.  It’s not a simple task to find a reason to get out of your routine to go out on a date.  And if your’re a Baby Boomer and the last time you were dating Cher still loved Sonny, William Shatner had a waistline, go-go boots were all the rage and you could actually hear yourself talk in a bar, you’re in for quite a ride and awakening in 2012.  You can’t fix the other person but you can be the best “You” can be by following three simple steps:

• The Uniform: don’t fool yourself; think of dating as an activity or even a “sport.”  It takes not only time but “equipment.”  Things like a nice outfit or shirt, new jeans or skirt and a new hair cut (and maybe color?).  You must be ready to present the best “you” possible.  And the mental resources must be ready to go as well.  You know, have the high energy, bubbly personality and quick wit replies off the cuff to keep it interesting.  Be willing to put the time into writing cute intriguing emails for Internet dating, etc.  You need to be the type of person “you’d” want to hang out with… and you’ll need a little extra cash to be able to pay your share of the movie tickets or dinner (guys be prepared to foot 100% of the bill and gals, if you want to impress a guy, occasionally pick up the tab but neither never blow your personal budget).  Personal financial or investment advice helps here as well.

• Be the Ball:  forget the past, it doesn’t matter what happened to you last week or last year, no one really cares.  Everyone has their story of hurt and betrayal (blah, blah, blah); you need to be the fresh start person.  Who cares that the “ex” got you mother’s china in the divorce, or Aunt Sally’s serving platter, get over it.   Make sure you are over the past relationship(s) before you set the course for another one.  Ask your friends what they think and if they believe you are ready to date.  Or seek out local professional advice, or support groups for help.
  

  Balanced Budget makes life content

• Practice makes perfect:  Okay so you have a life and don’t really “need” anyone else.  It’s hard to remember what “you” were like pre-marriage and before divorce and how much your wants/needs/must haves were blurred and modified over the years to suit your ex.  Now that you’re single, you don’t have to answer to any bell or whistle; you can lounge around all day in your underwear or spend the entire day without make up or not shaving.  And good for you if you’re digging that laid back all-about-me scene.  But that bird won’t fly and that dog won’t hunt in the dating game.  Make certain you are prepared to give back a little and throttle back on the strident attitude of been-there-done-that routine.  Cut the other person a little slack.  And while you do not want to fall in love with a walking financial mess, wait a while before prying into their investment history or finding out if they have an IRA, 401k or life insurance!

You’re single, you’re a parent and most of all, you’re busy.  And if you’re even a tad bit sociable, then you’ve got a full plate.   But you’ll have to make time for the new person in your world.  Again, be sure you’re ready for this.  After all when you’re single and decide to treat yourself to a new golf club, shoes or purse, there’s no partner throwing a wet towel on your idea or to wag a disapproving finger. If you want to stay up all night watching TV and eating snacks, no one is there to nag.  There’s a lot to be said for the single life, and if that’s how you’re feeling, then this may not be the right time to start dating again.  Eventually you want to build for yourself a romance “annuity,” one that pays you emotional dividends for the rest of your life.

But since it’s Valentines time again, having a partner in your life can be enriching, motivating, thrilling, rewarding and downright fun. Eventually you’ll weigh the benefits of being someone’s “significant other” against those of being solo. Factor in also the benefits of a partner when it comes time for the annuity of social security and other financial aspects benefiting a “couple.”  An local advisor can help you and provide best advice on this issue.  When you’re not really looking is when your mate will appear; and you’ll know in your heart that it’s time to leave your “single” comfort zone.

And just so you know, you are special….

The longer one delays filing to take their own Social security benefit, the larger it will be in the future.  At age 70 the amount of income will max out; thus no need to wait past this age.    Assuming that you and your spouse are both at least “full retirement age,” (aka FRA) and both work but one spouse earns more.  One spouse that has worked enough to earn their own social security benefit may still be allowed to choose between taking their own benefit or take instead an amount equal to half of their spouses benefit. For simplicity let’s assume that both spouses are the same age (high school sweethearts perhaps) and each of their monthly social security income benefit today at age 66 is $2,000 but by waiting until age 70, their individual benefit increases to $2,700 monthly.

The extra $700 per month by delaying is an extra $8,400 per year for them!  That’s a lot of extra money but one must consider the “lost monthly” income from social security for the past four years while waiting.  The Secret is you can have you cake and eat it too!

One spouse will file for social security benefits and then immediately the other spouse files for the spousal benefit.  Waiting for one month, the first filer will then “suspend” their social security payments and the clock for increasing the benefit later until age 70 begins again.

Even though both spouses are still working (full or part time) an “extra” free check is now coming monthly from social security.  If you spouse earns much more than the other, the higher earning spouse should be the one to file and then suspend. This is a no brainer.  Even better, if for some reason this strategy doesn’t suit you, you are allowed up to 12 months to re-pay the money received and get a completely free “100% DO OVER!” 

Few times in life are we given a “Free Look” or opportunity to use the systems and its rules to our advantage and have a guaranteed out to reverse our decision if our circumstances change.  The key to turbo charging or catching up in your retirement plan by continuing to work into what was once the “classic” rocking chair years, and taking full advantage of the “double dip” combined with the file and suspend strategy.   To figure out what your full retirement age is, go to this link at social security: http://socialsecurity.gov/pubs/ageincrease.htm and be sure to check back her on our blogs for more ways to save money, plan your investments and learn more about annuities, index annuities and life insurance.

Contact us to help you determine the most approriate time for you to begin receiving your social security retirement income benefit.

When you need the best local financial advice or budget help available, contact My Money Track to help you get your life back on track.  Your IRA or rollover is just too important of an investment to ignore.  Local professional advisors are willing and able to help.

Pac Man was instantly and insanely popular with people of all ages (people even played the video game in Disco’s).  Those who could get to level five or six before being consumed by the villains were impressive.  As crazy popular as Pac Man was, it took nineteen years for it to be mastered and all 255 levels completed by a 33 year old male (go figure) in a game that took six hours of continuous play!

Simultaneously in 1980, Gold was (as in precious metal) was mania style popular as well.  History repeats itself and last year Gold touched an all time high price on 8/22/11, hitting $1,889 per ounce. However, compared to its lofty price in 1980 of $850, that’s “cheap.”  Factoring in “inflation,” prices back in 1980 would make Gold’s’ price then equivalent in today’s dollars of $2,472.  So while Gold may be gaining more popularity in these nerve racking economic times, it still hasn’t kept up with the basic level of inflation.  Think about the cost of the “basics” in 1980; Gallon of Milk = $1.60, Postage Stamp = $.15, gallon of gasoline = $1.30, movie ticket = $3.00, Disneyland Park Pass = $7.50.

Today in 2012, a One Day Pass to Disneyland is $90.53, gallon of milk or gasoline cost nearly $4 bucks, and a ticket to see a 3D Movie in Dallas, Tx will set you back $15.  And we needn’t get too depressed over price increases; ergo I’ll avoid mentioning the cost comparisons of education (tuition) healthcare and prescriptions.  So while Gold has increased from its price in 1980, its really only doubled compared to its price today.  Yet, the cost of food, energy, education, healthcare and entertainment have all increased thrice fold or more since “Valley Girls,” Michael J. Fox and shoulder pads were popular.

Saving and budgeting for retirement income (especially tax free income) then must include protection from eroding purchasing power.  Why doesn’t a precious metal such as Gold make a great path to future income?  Well, Strike #1; Gold really hasn’t done a great job in this arena and Strike #2; it’s not truly very liquid.  And Strike #3; recently buying or selling Gold is on the Feds radar screen for potential money laundering abuses… which is an automatic introduction to your local IRS auditor/agent if their suspicion is triggered.

The solution for “liquid,” reliable and dependable cash flow always seem to bring us back to equities or equity index based investments.  Using annuities or other vehicles that pay a monthly stream of income (such as Social Security or a pension; both of these are types or examples of an annuity) is the key or secret to maximizes income in the future for retirement planning.

All that glitters surely is not gold.  Timeless security of one’s money is just as popular now as it was in 1980.  And be certain not to overlook the importance of tax advantaged or income tax deferred ways to save and invest in such type investments. Learn all that you can about IRA’s and ROTH IRA’s along with alternative ways to have income tax free retirement income.  Tread carefully and keep it simple for yourself and seek the help of a CPA and local investment advisor.    Waka waka waka…. GAME OVER.

For those of you who are too young to recall the Pacman craze, below is a video of exactly how the mega hit appeared in bars, restaurants and video halls in malls all across the United States…

When you need the best local financial advice or budget help available, contact My Money Track to help you get your life back on track.  Your IRA or rollover is just too important of an investment to ignore.  Local professional advisors are willing and able to help.

Geece and the problems with Greek austerity mandates may be a foreboding insight for the USA; and it illustrates how debt is a squall storm that will turn the happiest of couples into miserable, raging people instead of the happy go-lucky smooth sailing “perfect pair.” Romance may temporarily financially blind most, but once they get serious about their relationship, they will open their eyes and assess how well they are going to be able to sail their lives together. Many relationships sink prematurely just because of the financial problems of one or both of the partners. Most people are reluctant to accept the debts of their partners for many reasons. And this very knowledge makes the other person hide their actual financial situation from their loved ones for fear of being “found out” and breaking up.

The culprit in ruining relationships is not debt alone. Trust and a breach of trust is the deal breaker. The strength of your trust is more important than the money you owe creditors. Don’t lie about your financial situation or how much debt or taxes you owe. You needn’t talk about it on your first few dates either. But communication has a major role to play in a healthy relationship. Sooner rather than later, be clear and transparent to one another. Nothing should stop you from disclosing something you want your life partner to know.

Once you live together or get married, there is not much you can hide from each other. One day or the other, he or she will know the truth. So being truthful to each other will save you from an embarrassing moment later in your life. Use the following four secrets to help ensure your successful long term romance:

1. Reviewing Credit Scores and Reports: If you are living together or going steady with someone for quite some time and all of a sudden you come to know that your partner owes a huge sum of money, it could harm your relationship. Although you will not be legally responsible for debts like credit card debt or student’s loans as they are considered the responsibility of that person alone; it still distracts from the joy of romance. Get an updated credit report and a list of assets for both of you and review these together. They are totally free and easy to obtain.

2. Knowing what you owe and own: At the same time, it’s good to know how much the other person owes so that you can avoid unpleasant surprises when you try to get a joint loan for a home or a car. You should know what your partner owns. Sit down and make a simple inventory list of assets and liabilities. This will give you both a clear idea of your present financial circumstances.

3. Get A Budget and Assign Expenses: Talking about finance may not look very romantic while your relationship is in a budding stage. But if both of you have your own sources of income, it’s better to come to an understanding on how you want to spend your earnings way before you take the marriage plunge. In addition to your incomes and earnings you should also discuss sharing bills and expenses. You can either divide equally all the possible expenditure you will have to deal with in future when you start living together or decide on who is going to pay the bills and who will handle the savings for the common necessities like children’s education, down payment for a home, vacations and so on.

4. Get a CPA and Compare income tax returns: Income tax is not just a fine imposed for reckless spending. You two will be filing joint tax returns after you’re married. A CPA can analyze your previous individual tax returns and help create a strategy to minimize your future income taxes. Setting up an IRA or ROTH IRA and fully utilizing 401k or 403b plans available to you through your employer are almost always very wise choices. You never want to get behind with the IRS.  And learn about tax free income alternatives.

It also greatly helps if you two can openly discuss your dreams and aspirations, financial ambitions and personal ideas and plans to achieve them. If you’re both unsure, seek out the help of professional financial planners or budget coaches. Search the internet for resources on self help books and support groups. Ask you friends and relatives who they use to help them with their financial planning. It’s usually best to get a local “fee based” professional; as they will tend to be unbiased and not pushy to sell you anything. Then schedule a reoccurring meeting with them; quarterly or even monthly in the beginning will help you get started and stay on track.

Investing is often confusing for baby boomers and seniors.  Money management was something that wasn’t taught in school or college.  Don’t feel like you’re the only “dummy.”  When you need the best local financial advice or budget help available, contact My Money Track to help you get your life back on track.  Your IRA or rollover is just too important of an investment to ignore.  Local professional advisors are willing and able to help.

Love is blind but you don’t have to be. XOXO

But hey, that was a movie for Goodness sake; this is real life with precious cargo onboard.  Just a few meters away was safe deep waters versus the treacherous rocky shallows the Captain decided to navigate; unsuccessfully.  The cruise line owners are apparently not sparring the Captain either; instead they’re perplexed at how little caution their Captain exercised and claim human/pilot error as causing the ships sinking.

Unlike the Titanic, where the crew had hours to get off the doomed shipped after it hit the iceberg, the passenger of Costa Concordia had less than an hour to make way to safety.  Still, the similarities between the two tragedies are stunning.  Both were in extremely cold water and hit an avoidable large object, each tearing long gashes in the hull below the waterline.  Both ships were thought very safe, “unsinkable” and too large to fail ocean liners.  How unlikely did the tourists on those ships think such a catastrophe could occur?

And such is life.  Two Americans are still missing after several days from the Italian cruise liner and many more deaths are confirmed.   It is events such as these that remind us to have current valid Wills and sufficient life insurance.  Insurance isn’t solely for the rich or wealthy.  It is extremely affordable.   Semi-perm automatic renewable 20 year Term insurance in the face amount of $1 million for a 44 year old healthy male cost less than a thousand dollars per year.

In addition, there are simple but sophisticated ways to employ life insurance that will potentially provide

And converting the term to permanent coverage when financial conditions improve or when a windfall such as inheritance or settlement or winning the lottery, can protect future incomefrom rising income taxes, predators and creditors.  Why wouldn’t anyone simply check into the cost and availability of life insurance; regardless of one’s perceived financial assessment?  A few dollars a day could mean the difference long term in tens of thousands or even millions of dollars tomorrow.

Investing is often confusing for baby boomers and seniors.  Money management was something that wasn’t taught in school or college.  Don’t feel like you’re the only “dummy.”  Do yourself and your family a huge favor; look into getting yourself and/or your spouse more life insurance.  It’s never been more affordable and there’s never been a time when it’s needed more than today.

When you need the best local financial advice or budget help available, contact My Money Track to help you get your life back on track.  Your IRA or rollover is just too important of an investment to ignore.  Local professional advisors are willing and able to help.

She was devastated and had the most difficult time coping with this sudden tragedy.  Luckily, they had put away some money over time but most of it was acquired through IRA’s (also called Individual Retirement Accounts) established years ago.   And their IRA’s had actually grown nicely.  One of the great things about IRA’s is that they can easily be transferred to family members without going through a timely and expensive probate process when someone dies.  Simply naming a beneficiary and contingent beneficiaries will allow the heirs in your family to legally receive the money saved when another family member passes away.

But this couple never named a beneficiary for their IRA’s.  They just assumed that each other would inherit the deceased’s money.  The reality of this costly mistake hit home.  Unless the spouse or child is named as the beneficiary, the money must go through the probate court. Thus, his IRA’s cannot simply be rolled over into hers.  The result?  Income taxes are now due on the entire amount instead of being able to defer paying them until much later.   And those taxes due now on the entire IRA, will cut dramatically into what she had hoped to receive to help provide income for her grandchildren and her own living expenses.

Investing is often confusing for baby boomers and seniors.  Money management was something that wasn’t taught in school or college.  Don’t feel like you’re the only “dummy.”

This often happens when parents forget to update their IRA beneficiaries and Wills.  Money that could now be inherited with no current taxes due is being snared in the probate process.  Parents or grandparents whose bank and IRA accounts still carrying the beneficiary designation of “per stirpes” or left to “the estate” of the deceased will cause headaches and potentially cost hundreds or thousands of dollars unnecessarily.  Big mistake!

Few parents would want their children to suffer due to the unnecessary early payment of income taxes on their hard earned savings.  Even worse, there are often cases where after a divorce, beneficiary designations are forgotten about…  when death occurs; money may actually go to the “ex” and their new spouse instead of the children of the deceased!

And the worse nightmare awaits those who do not have a Will at all.  Even if you believe that you do not have much to leave to your children, the State (not your children) will be assigned control over what you do have, unless you have a Will.  The solution; talk to you parents and grandparents about who they have named as beneficiaries on their IRA’s, annuities, and bank accounts that are transferable at death (TOD).  Ask if they have a current Will and have it reviewed by an attorney.  And for divorced or single parents, check who you’ve named as beneficiaries for your money.  It’s a simple precaution that will save your heirs major headaches.

When you need the best local financial advice or budget help available, contact My Money Track to help you get your life back on track.  Your IRA or rollover is just too important of an investment to ignore.  Local professional advisors are willing and able to help.

The classic and traditional investment strategy of buy and hold, (invest in assets and then never sell them), is losing its relevance. 

For many decades it seemed that regardless of the corporation, eventually everything would always “go back” up.  For some time now, the Wall Street pros have eschewed the “buy and hold” theorem; and finally both baby boomers and their parents (seniors) are throwing in the towel on waiting for their stocks and other investments, to go back up.  And a long wait is has been thus far; almost twelve years since 2000 and the heydays of the Y2K stock market and real estate bubble.

A powerful pundit states that by being fully invested in the stock market on the Best 100 Days since 1/1/2000, an investor would’ve earned 376.4%.  That’s impressive returns, but here’s the other side of the story.  New data supports that by missing the Worst 100 Days in the stock market, you would have also not lost 376%.  In other words, the Best Days and Worst Days theory of investing are mirror images of themselves.  In either example, being fully invested for nearly twelve years has yielded nil.

And it is in Bear Markets (such as we are in currently) where substantially higher volatility occurs.  Wow, what then is one to do to save, protect and hopefully grow their money?  Maybe buy lottery tickets (please don’t, the lottery is basically a tax on those that cannot do math) or hitchhike to Las Vegas?  Assuredly not!  But in times such as these, the first priority would be to seek out advice, help and guidance from professionals who are licensed and experienced.

And push yourself to learn a little more about insuring your investments with products that are ideally structured for volatile times and topsy-turvy markets.  Learn about simple but sophisticated ways to employ life insurance that will provide tax free retirement income.  The self proclaimed investment and budget experts on national television and radio are not licensed and few have any actual real life experience handling other people’s money.  Their one-size-fits-all plans do not suit everyone.

Get your own personal budget advice and personal investment coach.  Do a Google search for local budget advice and local financial planners.  Call them and set an appointment or better yet, just drop in unannounced to their office to get a feel for how they operate.  Be polite and simply ask what the worst case scenario would be for any given investment plan in case you had to quickly liquidate it… ask about the highest amount of fees you could potentially incur and then look into the professionals eyes and ask for their lowest cost alternative.  Bring along a trusted friend or your CPA (if you have one) for moral support and to take notes with you.

Finally, ask your advisor or financial planner “how they get paid?”  It is perfectly acceptable for you to know how your investing will compensate your advisor.  The worst action in times such as these is no action.  Be proactive and get help.  The only one who stands to lose the most by delaying your quest is you.  And when you need the best local financial advice or budget help available, contact My Money Track to help you get your life back on track.  Your IRA or rollover is just too important of an investment to ignore.  Local professional advisors are willing and able to help.

The top person and head of the World’s largest single amount of bonds said this week; if you are lucky enough to make 5% on your money for the foreseeable future, then you are likely to be counted as one of the fortunate few.  Wow, this comes as quite a shock since it seems that forever we’ve been led and inclined to count on double digit long term returns on our savings money.

Even Dave Ramsey and his throng of followers still believe his website, touting 11% or better forecast for investments.  And Dave isn’t a money manager nor licensed to be such, while Bill Gross, the head and fearless leader of PIMCO investment (and the head of more bonds than any other human on the planet), has the motivation and credibility to offer a much rosier outlook.  But he doesn’t…

With Europe now hitting the banking crisis we dealt with in the USA back in 2008, it seems that many and mini more financial markets will tumble like dominoes.   

The US dollar has become the tallest midget or the cleanest dirty shirt as a perceived safe haven for those wanting to invest or park money until things improve.  And surely the banks know this and offer virtually nothing in the form of interest on money in your bank and checking accounts.  But today it’s much better to play defense and win by not losing; or staying even and not going backwards in your savings and investment accounts.

Investing is often confusing for baby boomers and seniors.  Money management was something that wasn’t taught in school or college.  Don’t feel like you’re the only “dummy.”

But until our Nation gets out from under the burgeoning humongous debt now topping $15 trillion, there isn’t much optimism on the horizon for baby boomers or generation X.  Readjust your lifestyle now before it’ too late and reevaluate what you need and buy.  And there’s no time like the present to begin educating our children to a healthy, less heavy footprint financially.  Lead them by your example financially.  Be your children’s financial hero and role model.

Burying your resources or money in a coffee can in the backyard or under your mattress is not being a good master or steward either.   You do not have to become an expert yourself.  Seek out advice and local help on places to stash your cash.  With the New Year around the corner, it’s time to get serious about setting up your personal or family budget; and sticking to it.  Whether you may need an IRA, add more to your 401K or 403B or start your own retirement plan, there’s no reason to go it all alone.

Learn all you can about simple but elegantly sophisticated ways to employ life insurance to provide a tax free retirement income stream.

Remember that everything goes in a cycle and has a season.  In this holiday season be mindful of this and also be thankful for that which you do have.  It takes the tough times in life to help make us more appreciate the easier times when they return.   Don’t fret about it but instead be relaxed, prepared and content knowing that you and your family will be okay. 

When you need the best local financial advice or budget help available, contact My Money Track to help you get your life back on track.  Your IRA or rollover is just too important of an investment to ignore.  Local professional advisors are willing and able to help.

Occupy Wall Street is being dismantled and quashed now, but It won’t be long until Pomp and Circumstance and mortarboards are in the air along with the excitement of college ahead for high school graduates.  But then reality smacks;

And for public, “in state” universities, it is going to cost about $150,000 per kid for a college education. This sum for a private college or University almost doubles!   With the rapidly disbanding Occupy Wall Street movement, taking out student loans without being able to find jobs to pay them back is ludicrous.  Is it a tuition scam being pulled on our youth and their cash strapped parents? The scam is that the cost of college and tuition has way exceeded the rate of inflation by as much as 10% per year in some areas.  Providing a college degree for our children is becoming more of a dream than a reality for many families and taking out loans in this economy is like Russian roulette.  

“Choosing a college is not about a cost differential of a designer purse or pair of sneakers over a generic product, it’s about a life charting detour if taken too lightly.”  

But parents and students continue biting off way more debt than they will ever be able to chew or hope to digest.  A college degree is of utmost importance, especially today but at what cost? We have become really good consumers when it comes to almost everything else… but not so much when we think the purchase is a necessity for our children.

Students today are graduating with literally hundreds of thousands of dollars in debt with a degree that is may not be very marketable in a vile economy and a horrendous job market. 

Parents bought into the dream that a college degree was paramount but often failed to factor in the marketing genius most universities have deployed the past 25 years.  Colleges now invest millions into stadiums, student recreational facilities and gyms that entice enrollment but drive up college cost. 

It is typical today for a university student to graduate with the equivalent amount of debt that could have easily purchased their first home!  As Occupy Wall Street has shown, college graduates cannot pay the student loan debt and the net results are horrible credit ratings, foreclosures and even bankruptcies of the student and often their parents. It is a perfect storm, or better stated, a financial disaster.

Creditor Collection calls and threatening letters make life miserable and can literally ruin and destroy ones future. Suicides have been attributed to debt overload.  And for those of you who’ve not had to face this debacle with your children, kudos.   Do not take the route of loans over prudent affordable college choice first.  

Applying for grants and free application for federal student assistance (also called FAFSA) is the ideal first step.  Secrets on tax free 529 plans and tips for filing for aid using strategies with fixed annuities, indexed annuities and even variable annuities are available.  Be smart when applying for aid, grants and low cost loans but also apply Tough love as well.  Being tough today is better than dealing with a foreclosure or bankruptcy (or worse), in the future.  Get started by getting your free Holiday Budget ePlanner from www.mymoneytrack.com and set up your plan today.  And to learn more about the Dark Side of Student Debt, click here for the report from Kiplinger.

When you need the best local financial advice or budget help available, contact My Money Track to help you get your life back on track.  Your IRA or rollover is just too important of an investment to ignore.  Local professional advisors are willing and able to help.