To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

As the COVID Delta variant spreads, businesses are facing new mandates and struggling to stay open. Making matters more difficult, the extended unemployment benefits for millions of workers are ending. If you’re among them, we have 5 steps you can take to weather a financial crisis.

Step 1. Establish a base point for your credit score and report. This will allow you to accurately judge the effect of any lay payments you’re forced to make. Start by getting a free credit report from each of the three credit bureaus, Experian, TransUnion and Equifax. You can do that atAnnualCreditReport.com

Step 2. Start using our MayDay budget. It has four categories: food, housing, utilities, transportation. With anything left over you can pay other bills.

Step 3. Look for other sources of help. Your unemployment benefits may have run out but other resources are probably available. Check out non-profit organizations and local government agencies that may have assistance programs.

Step 4. Contact your creditors and explain in detail what you’re facing. Do this before you’re late making credit card, car loan or mortgage payments. Many creditors still have programs in place to help you get through this.

Step 5. Seek professional, non-profit help for managing your finances.

Get all three of your credit reports free atAnnualCreditReport.com.TheMayday Budgethelps you prioritize your spending during a financial hardship. Check out non-profit organizations and local government agencies that may have assistance programs. Call 2-1-1 or go online to211.org. Connect with a MoneyWise volunteer coachhere. Get on a debt management program withChristianCreditCounselors.org. If you need a low cost alternative to health insurance, check outChristian HealthcareMinistries.

On today’s program we also answer a your questions:

I turned 67 this past May. Is there any reason I should wait any longer to sign up for Social Security? What advantage is there to waiting until age 70?

What do you think of purchasing identity theft protection?

Remember, you can call in to ask your questions 24/7 at (800) 525-7000 or email them [email protected]. Also, visit our website atMoneyWise.orgwhere you can listen to past programs, connect with a MoneyWise Coach, and even download free, helpful resources like the free MoneyWise app.

Like and Follow us on Facebook at MoneyWise Media for the very latest discussion! And remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab on our website or in our app.

Today’s the day. You’ve decided to take the bull by the horns and begin earnestly to pay off your credit cards and other debt. Good for you! Now that you’re committed to getting out of hock you’ve got two great options for doing it. We’ll talk about that first today and which might be better for you. Then it’s on to your calls at 800-525-7000.

Rob explains the snowball method and the avalanche method of paying down debt and how to choose which one is best for you and which will save you the most money.

The snowball method of debt reduction is probably the better known of the two. Here’s how it works: First, you pay the minimum monthly payment on all of your debts. Then you apply any leftover money to the debt with the smallest balance. This would be extra money put on your smallest debt, so it gets paid off first.

Then, once that debt is paid off, you take its monthly minimum payment and the extra you were sending and add that to your next smallest debt. When that’s paid off, you put all of that money on the next smallest, and so on, until all debt is gone.

Withthe avalanche method,you make the mandatory minimum payments on all your debts. But instead of taking your leftover money and applying it to your smallest balance, you put it on the debt with the highest interest rate.When that’s paid off you apply its payment and the leftover to the next highest interest rate and so on.

So, which is better? That depends on you. Do you need to see the progress you’re making? If so, you want the snowball method because the results are more immediate and tangible. But some people think more in the abstract and they’re content with watching the numbers and seeing the balances go down each month. They don’t mind if it takes longer to get a win they want to make sure they pay the least amount of interest overall. And the avalanche approach gives you that.

Whichever method you choose, let us know how it’s going. We’d love to hear from you.

On today’s program we also answer a couple of your questions:

My current job doesn’t have a 401K. Someone suggested I put my money in an annuity. I will be retiring in a few years. Should I take money out of my annuity and pay off my mortgage?

How and where do I start with investing?

I only have 100K in my 401K. I have a 99K mortgage and a credit card for 11K. Should I use my retirement to pay down my mortgage?

Remember, you can call in to ask your questions 24/7 at (800) 525-7000 or email them [email protected]. Also, visit our website atMoneyWise.orgwhere you can listen to past programs, connect with a MoneyWise Coach, and even download free, helpful resources like the free MoneyWise app.

Like and Follow us on Facebook at MoneyWise Media for the very latest discussion! And remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab on our website or in our app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

Today’s the day. You’ve decided to take the bull by the horns and begin earnestly to pay off your credit cards and other debt. Good for you! Now that you’re committed to getting out of hock you’ve got two great options for doing it. We’ll talk about that first today and which might be better for you. Then it’s on to your calls at 800-525-7000.

Rob explains the snowball method and the avalanche method of paying down debt and how to choose which one is best for you and which will save you the most money.

The snowball method of debt reduction is probably the better known of the two. Here’s how it works: First, you pay the minimum monthly payment on all of your debts. Then you apply any leftover money to the debt with the smallest balance. This would be extra money put on your smallest debt, so it gets paid off first.

Then, once that debt is paid off, you take its monthly minimum payment and the extra you were sending and add that to your next smallest debt. When that’s paid off, you put all of that money on the next smallest, and so on, until all debt is gone.

Withthe avalanche method,you make the mandatory minimum payments on all your debts. But instead of taking your leftover money and applying it to your smallest balance, you put it on the debt with the highest interest rate.When that’s paid off you apply its payment and the leftover to the next highest interest rate and so on.

So, which is better? That depends on you. Do you need to see the progress you’re making? If so, you want the snowball method because the results are more immediate and tangible. But some people think more in the abstract and they’re content with watching the numbers and seeing the balances go down each month. They don’t mind if it takes longer to get a win they want to make sure they pay the least amount of interest overall. And the avalanche approach gives you that.

Whichever method you choose, let us know how it’s going. We’d love to hear from you.

On today’s program we also answer a couple of your questions:

My current job doesn’t have a 401K. Someone suggested I put my money in an annuity. I will be retiring in a few years. Should I take money out of my annuity and pay off my mortgage?

How and where do I start with investing?

I only have 100K in my 401K. I have a 99K mortgage and a credit card for 11K. Should I use my retirement to pay down my mortgage?

Remember, you can call in to ask your questions 24/7 at (800) 525-7000 or email them [email protected]. Also, visit our website atMoneyWise.orgwhere you can listen to past programs, connect with a MoneyWise Coach, and even download free, helpful resources like the free MoneyWise app.

Like and Follow us on Facebook at MoneyWise Media for the very latest discussion! And remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab on our website or in our app.

Financial author Doug Kass once said,When everyone thinks central bankers, money managers, politicians or any other group are the smartest guys in the room, you’re in a bubble. That’s an interesting quote coming from a hedge fund manager. Are stocks overvalued? Maybe, maybe not. We’ll talk about that with investing expert Mark Biller and how you should plan either way.

Mark’s the executive editor of Sound Mind Investing where they’ve been teaching investors how to weather market ups and downs for decades.

By traditional measures that interpret stock prices through the lens of corporate earning, stocks are clearly expensive. However, we’re in the middle of a prolonged monetary policy experiment that started way back in 2009 after that financial crisis which has never stopped.

There’s the normal risk of being invested and seeing asset prices fall. But there’s also the new risk that currency debasement keeps pushing up asset prices. The policies driving these outcomes have terrible implications for those who don’t own assets.

The number one way to fight panic is by preparing in advance.

Second, a written investing plan can be a lifesaver in times of market panic. Staying calm is so much easier if you can read your own clear-headed thinking about what you’re going to do in the exact scenario you’re currently in.

Third, make sure your portfolio is suited to both your age and your tolerance for investing risk.

Finally, pray. Remembering what God said about His care and concern for us can help us remain calm and confident, regardless of the immediate circumstances. Isaiah 26:3 says of God, You will keep in perfect peace all who trust in you, all whose thoughts are fixed on you!

Read the article we discussed today, How to Panic-Proof Your Investing, atSoundMindInvesting.com.

On today’s program we also answer a couple of your questions:

I’d gotten a mortgage through the FHA, I’ve refinanced once, but wasn’t sure if it was a good idea to refinance again. Regardless, how do I get rid of my PMI?

I’ve purchased houses and land. Now I’m selling. How do I figure out capital gains?

Remember, you can call in to ask your questions 24/7 at (800) 525-7000 or email them [email protected]. Also, visit our website atMoneyWise.orgwhere you can listen to past programs, connect with a MoneyWise Coach, and even download free, helpful resources like the free MoneyWise app.

Like and Follow us on Facebook at MoneyWise Media for the very latest discussion! And remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab on our website or in our app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

Financial author Doug Kass once said,When everyone thinks central bankers, money managers, politicians or any other group are the smartest guys in the room, you’re in a bubble. That’s an interesting quote coming from a hedge fund manager. Are stocks overvalued? Maybe, maybe not. We’ll talk about that with investing expert Mark Biller and how you should plan either way.

Mark’s the executive editor of Sound Mind Investing where they’ve been teaching investors how to weather market ups and downs for decades.

By traditional measures that interpret stock prices through the lens of corporate earning, stocks are clearly expensive. However, we’re in the middle of a prolonged monetary policy experiment that started way back in 2009 after that financial crisis which has never stopped.

There’s the normal risk of being invested and seeing asset prices fall. But there’s also the new risk that currency debasement keeps pushing up asset prices. The policies driving these outcomes have terrible implications for those who don’t own assets.

The number one way to fight panic is by preparing in advance.

Second, a written investing plan can be a lifesaver in times of market panic. Staying calm is so much easier if you can read your own clear-headed thinking about what you’re going to do in the exact scenario you’re currently in.

Third, make sure your portfolio is suited to both your age and your tolerance for investing risk.

Finally, pray. Remembering what God said about His care and concern for us can help us remain calm and confident, regardless of the immediate circumstances. Isaiah 26:3 says of God, You will keep in perfect peace all who trust in you, all whose thoughts are fixed on you!

Read the article we discussed today, How to Panic-Proof Your Investing, atSoundMindInvesting.com.

On today’s program we also answer a couple of your questions:

I’d gotten a mortgage through the FHA, I’ve refinanced once, but wasn’t sure if it was a good idea to refinance again. Regardless, how do I get rid of my PMI?

I’ve purchased houses and land. Now I’m selling. How do I figure out capital gains?

Remember, you can call in to ask your questions 24/7 at (800) 525-7000 or email them [email protected]. Also, visit our website atMoneyWise.orgwhere you can listen to past programs, connect with a MoneyWise Coach, and even download free, helpful resources like the free MoneyWise app.

Like and Follow us on Facebook at MoneyWise Media for the very latest discussion! And remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab on our website or in our app.

Insurance is a great way to protect yourself from unexpected losses. But knowing when to file a claim and when not to, well, that can protect you from unintended consequences. It’s prudent to have life, health, auto and home insurance and it’s also wise to keep the cost of your premiums low. I’ll tell you the secret for doing that today.

Insurance isn’t specifically mentioned in the Bible. But God’s Word does tell us that we should be prudent and wise. Proverbs 8:12 says,I, wisdom, dwell with prudence, and I find knowledge and discretion. And Ecclesiastes 7:12 tells us, For the protection of wisdom is like the protection of money, and the advantage of knowledge is that wisdom preserves the life of him who has it.Having insurance is wise, but knowing when to file a claim and when not to requires wisdom as well. Sometimes the payout just isn’t worth the cost down the road to you, personally, and to consumers as a whole.

So whenshouldyou file a claim? There’s a good rule of thumb for home and auto insurance: only file a claim if the damage comes to $500 or more on top of your deductible. So if you have a $1,000 deductible, file a claim only if the repair bill comes to more than $1,500. Try to think of home and auto more like catastrophic health insurance. Use it only for the big things, not to nickel and dime the insurance company whenever you dent a fender or lose a shingle in a wind storm. You’re better off paying for those things out of pocket. Filing multiple claims with an insurance company is a sure way to get your premiums raised, or worse. You could find that when your policy is up, the company declines your renewal. And if you think that you’ll just go to another insurance company you’re probably in for an unpleasant surprise. They talk to each other.

You’ve probably never heard of it, but the insurance industry has a secret weapon that it uses to weed out frequent filers. It’s a shared database called the Comprehensive Loss Underwriting Exchange or CLUE. Ifeverthere was an appropriate acronym!

You don’t want to file a claim unless you’re facing significant out of pocket losses. But there’s a way you can avoid even the temptation of filing. The next time your policy is up for renewal, raise your deductible to the highest amount the insurance company allows.

Next, you want to make sure you have an emergency fund, plus another $500 or $1,000. With that accomplished, you’re now insuring yourself against minor losses.

Finally, keep that amountyour deductible plus at least $500in your emergency savings. Do all that and you’ll save yourself a lot of money and grief down the road. This will not only avoid the temptation to file, but the high deductible will also help lower your premiums which will save you a lot of money over time.

On today’s program we also answer your questions:

How can we know which needy causes are legitimate?

I want to give a significant amount of money to my church. What’s the best way to do that?

Do you recommend Bitcoin?

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them [email protected]. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, andeven download free, helpful resources like the free MoneyWise app.

Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab on our website or in our app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

Insurance is a great way to protect yourself from unexpected losses. But knowing when to file a claim and when not to, well, that can protect you from unintended consequences. It’s prudent to have life, health, auto and home insurance and it’s also wise to keep the cost of your premiums low. I’ll tell you the secret for doing that today.

Insurance isn’t specifically mentioned in the Bible. But God’s Word does tell us that we should be prudent and wise. Proverbs 8:12 says,I, wisdom, dwell with prudence, and I find knowledge and discretion. And Ecclesiastes 7:12 tells us, For the protection of wisdom is like the protection of money, and the advantage of knowledge is that wisdom preserves the life of him who has it.Having insurance is wise, but knowing when to file a claim and when not to requires wisdom as well. Sometimes the payout just isn’t worth the cost down the road to you, personally, and to consumers as a whole.

So whenshouldyou file a claim? There’s a good rule of thumb for home and auto insurance: only file a claim if the damage comes to $500 or more on top of your deductible. So if you have a $1,000 deductible, file a claim only if the repair bill comes to more than $1,500. Try to think of home and auto more like catastrophic health insurance. Use it only for the big things, not to nickel and dime the insurance company whenever you dent a fender or lose a shingle in a wind storm. You’re better off paying for those things out of pocket. Filing multiple claims with an insurance company is a sure way to get your premiums raised, or worse. You could find that when your policy is up, the company declines your renewal. And if you think that you’ll just go to another insurance company you’re probably in for an unpleasant surprise. They talk to each other.

You’ve probably never heard of it, but the insurance industry has a secret weapon that it uses to weed out frequent filers. It’s a shared database called the Comprehensive Loss Underwriting Exchange or CLUE. Ifeverthere was an appropriate acronym!

You don’t want to file a claim unless you’re facing significant out of pocket losses. But there’s a way you can avoid even the temptation of filing. The next time your policy is up for renewal, raise your deductible to the highest amount the insurance company allows.

Next, you want to make sure you have an emergency fund, plus another $500 or $1,000. With that accomplished, you’re now insuring yourself against minor losses.

Finally, keep that amountyour deductible plus at least $500in your emergency savings. Do all that and you’ll save yourself a lot of money and grief down the road. This will not only avoid the temptation to file, but the high deductible will also help lower your premiums which will save you a lot of money over time.

On today’s program we also answer your questions:

How can we know which needy causes are legitimate?

I want to give a significant amount of money to my church. What’s the best way to do that?

Do you recommend Bitcoin?

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them [email protected]. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, andeven download free, helpful resources like the free MoneyWise app.

Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab on our website or in our app.

For more than 25 years having a good credit score was the only way to get a credit card. Now there’s a movement to put credit cards in the hands of folks who have no credit score at all. It’s all part of a federal government initiative to make credit available to folks whom banks didn’t consider trustworthy before. I’ll talk about that first today then it’s on to your calls and questions on any financial topic at 800-525-7000.

A FICO credit score has been the major tool that banks use to decide whether they will lend money or issue someone a credit card.That credit score, of course, is based on how individuals handled credit in the past. But if they’ve never been extended credit they won’t have a credit score at all, a condition that affects millions of Americans today.

Banks, however, are now viewing this group as a vast, untapped market for credit cards and other loan products. The plan is banks will start to share their data on customers' deposit accounts with other banks. The government is pushing this as a way to extend credit to people who’ve been denied opportunities to borrow.

So, 10 of the nation’s biggest banks will now consider credit card applications based on a person’s checking or savings account history. And not just for their customers, but also for folks banking with their competitors.

The credit score, of course, is a single number that reflects a person’s borrowing history and whether they make their payments on time. So, it leaves out people who use only cash or debit cards.

Fair Isaac says 53 million adults in the U.S fall into that category. And to a great extent these are folks who resort to dreaded payday loans and other high interest forms of credit.

The main government agency behind the push is the Office of the Comptroller of the Currency. It’s mission is, to remove barriers for minorities and underserved people to fully and fairly participate in the nation's economy.

No doubt it will help responsible people who’ve made a decision to go cash only. By doing so, they’ve been locked out of various forms of credit.

A new study by WalletHub shows that Americans lowered their credit card balances by a record $83 billion last year. That means they also paid a lot less interest to issuers who might now be looking to make back those losses by extending credit cards to folks who’ve never had them before.

There’s no question that credit cards are a doubled-edged sword. They can be a huge convenience and most pay rewards.But they can also be a pathway to debt and huge interest payments. The only safe way to handle a credit card is by paying off the balance in full every month. Not doing that is a recipe for financial bondage.

Proverbs 22:7 warns,The rich rules over the poor, and the borrower is the slave of the lender.

Here are a couple of questions we answered from our callers on today’s program:

We have been having a hard time doing estate planning. My husband does not want to talk about it. What is your advice?

What is your opinion on funeral trusts?

Should we invest in Bitcoin?

I have a long term care policy. I have been presented with some alternatives to my current plan. Can you help me work through what is the best option for me?

Ask your questions at (800) 525-7000 or email them [email protected]. Visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, anddownload free, helpful resources like the MoneyWise app.

Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

For more than 25 years having a good credit score was the only way to get a credit card. Now there’s a movement to put credit cards in the hands of folks who have no credit score at all. It’s all part of a federal government initiative to make credit available to folks whom banks didn’t consider trustworthy before. I’ll talk about that first today then it’s on to your calls and questions on any financial topic at 800-525-7000.

A FICO credit score has been the major tool that banks use to decide whether they will lend money or issue someone a credit card.That credit score, of course, is based on how individuals handled credit in the past. But if they’ve never been extended credit they won’t have a credit score at all, a condition that affects millions of Americans today.

Banks, however, are now viewing this group as a vast, untapped market for credit cards and other loan products. The plan is banks will start to share their data on customers' deposit accounts with other banks. The government is pushing this as a way to extend credit to people who’ve been denied opportunities to borrow.

So, 10 of the nation’s biggest banks will now consider credit card applications based on a person’s checking or savings account history. And not just for their customers, but also for folks banking with their competitors.

The credit score, of course, is a single number that reflects a person’s borrowing history and whether they make their payments on time. So, it leaves out people who use only cash or debit cards.

Fair Isaac says 53 million adults in the U.S fall into that category. And to a great extent these are folks who resort to dreaded payday loans and other high interest forms of credit.

The main government agency behind the push is the Office of the Comptroller of the Currency. It’s mission is, to remove barriers for minorities and underserved people to fully and fairly participate in the nation's economy.

No doubt it will help responsible people who’ve made a decision to go cash only. By doing so, they’ve been locked out of various forms of credit.

A new study by WalletHub shows that Americans lowered their credit card balances by a record $83 billion last year. That means they also paid a lot less interest to issuers who might now be looking to make back those losses by extending credit cards to folks who’ve never had them before.

There’s no question that credit cards are a doubled-edged sword. They can be a huge convenience and most pay rewards.But they can also be a pathway to debt and huge interest payments. The only safe way to handle a credit card is by paying off the balance in full every month. Not doing that is a recipe for financial bondage.

Proverbs 22:7 warns,The rich rules over the poor, and the borrower is the slave of the lender.

Here are a couple of questions we answered from our callers on today’s program:

We have been having a hard time doing estate planning. My husband does not want to talk about it. What is your advice?

What is your opinion on funeral trusts?

Should we invest in Bitcoin?

I have a long term care policy. I have been presented with some alternatives to my current plan. Can you help me work through what is the best option for me?

Ask your questions at (800) 525-7000 or email them [email protected]. Visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, anddownload free, helpful resources like the MoneyWise app.

Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

Founding Father John Adams once wrote,Facts are stubborn things and whatever may be our wishes, they cannot alter, facts and evidence. Facts are especially handy for dispelling myths that could affect your retirement savings. First up today we’ll arm ourselves with those facts and do away with 5 retirement myths.

The first myth we want to get rid of is the idea that the withdrawal rate you anticipate for your savings in retirement is a set it and forget it kind of thing. In reality, so much can happen between now and the day you quit working. It’s prudent to revisit your calculation periodically. If you’ve already retired (or are about to), you’ll want to get with your advisors regularly to review your anticipated withdrawal rate. You’ll take into account how stock prices and inflation may impact your returns. You may have to make adjustments to your retirement income. Younger folks might want to go with a safer withdrawal rate of 3% to 4%; but it could be higher if you faithfully contribute 10 to 15% of your income to your retirement plan. Again, meeting with your advisor will help you set up a strategy that meets your goals and needs.

The second retirement myth is that Medicare will cover all of your health care costs. It’s a very helpful program for many retirees but was never intended to cover 100% of health care costs. Deductibles and copayments can be high and Medicare doesn’t cover dental, vision and hearing conditions. So you need to factor in the cost of a Medigap policy or a Medicare Advantage Plan from a private company to supplement Medicare. That will cover the cost for Medicare Parts A, B, and C, but you also want to add Part D coverage for prescriptions.

Our next retirement myth is that the Social Security program will collapse and not be there for you when you retire. While the program definitely has solvency issues that need to be faced, if you’re in or nearing retirement, they’re not likely to affect you.It’s now estimated that, without changes, Social Security’s financial reserves will be able to pay full benefits until 2034. At that point, benefits would have to be decreased by about 25%; but will that actually happen?

The next retirement myth is that you can simply keep working as long as you need to. The facts don’t support this and the COVID pandemic is a case in point. A recent survey showed that 7% of those responding retired earlier than expected due to the pandemic. Another 11% said they now plan to retire sooner than expected. And here are two more surprising statistics: nearly 25% of people in their 20s will become disabled before reaching full retirement age at 67 and nearly 70% of people over 65 will need long term care at some point during retirement. The point is, you have to plan onnotbeing able to work as long as you’d like.

The last retirement myth is that you’ll simply alter your lifestyle in retirement so that you don’t run out of money. Not that it’s wrong to do that; it’s actually quite wise. But you may not find it as easy as you think, for several reasons. You’ll have more time on your hands to socialize, which can lead to overspending. There’s a temptation to take more trips, especially if the grandchildren live out of town. You might want to pursue a hobby that leads to unplanned spending. Then there’s inflation, which Ronald Reagan once called, the cruelest tax of all. Right now, the Fed is predicting a 2% annual inflation several years into the future. That might not seem like much, but remember, that’s acompoundingrate, so it really does add up over time.

On today’s program we also answer your questions:

My husband and I have no will. Is it really necessary to visit an estate planner when everything that we have is in both of our names? I’m also listed as the sole beneficiary on his retirement plan. So, are we going to run into some problems under those circumstances?

I have a mortgage and had to have it modified. I was behind on some of the payments because I was laid off.But they had me do a second mortgage, which is like a lien on the property.They said I couldn’t pay the second mortgage off until I paid off the first one. So what if I wanted to refinance? Is there any way to get around that?

I just received an offer to have our mortgage rate lowered to 3.125%. Can I get a better deal?

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them [email protected]. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coachanddownload free, helpful resources like the free MoneyWise app.

Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab on our website or in our app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29