“The joke’s an old one, but it’s been given new life after the chief economist of the Bank of England—among the most important jobs in the profession—compared economics to one of the biggest forecasting failures of weather people.” “Andy Haldane is optimistic that, like meteorology after its fiasco, applying more data and advanced computing can help…
Month: January 2017
"Utah payday lenders’ average interest rate roughly double that of 1960s Mafia loans" SLT headline
Lee Davidson reports in The Salt Lake Tribune that Utah payday lenders charged an average 459% annual interest on tens of thousands of loans issued in 2015, according to the Utah Department of Financial Institutions. Some Utah payday lenders charged annual interest as high as 1,408% — or $27 a week on a $100 loan.http://www.sltrib.com/news/4785118-155/utah-payday-lenders-average-interest-rate…
Take account of how spending varies throughout retirement
“Spending during retirement tends to vary as retirees age, rather than being a matter of steadily drawing down funds, writes Michael Kitces of Pinnacle Advisory Group. A projection of spending based on age banding can show that ‘retirees may not actually need to save as much or accumulate as large of a nest egg to…
Older Veterans Often Miss Out on Long-Term-Care Benefits
“Many older war-era veterans and surviving spouses over the age of 65 across America are missing out on a major element in securing their retirements: the Aid and Attendance benefit for long-term care.” “The Aid and Attendance benefit is available to veterans and their spouses to help offset recurring medical costs and some of the…
New Year, Fresh Start by Jonathan Clements
“WANT TO GET YOUR FINANCES headed in the right direction? Below are nine steps to take in 2017. With each step, I’ve included links to the relevant sections of HumbleDollar’s money guide.” http://www.humbledollar.com/money-guide/main-menu/Here is a summary of Jonathan Clements‘ “New Year-Fresh Start.” Read the details at: http://www.humbledollar.com/2017/01/new-year-fresh-start/1. Ask why.2. Size up your opportunities.3. Get started…
One of the best personal financial websites: Humble Dollar
Some of my former students will recall the name “Jonathan Clements” as i used his weekly Wall Street Journal articles in class for many years. Since moving one from the WSJ Mr. Clements wrote a yearly updated book: The Jonathan Clements Money Guide. Now all his content has moved to the excellent website: Clements writes…
Medicare Part D
“Delaying enrollment in Medicare Part D can be costly, even for people with negligible drug costs and incomes high enough to trigger a surcharge, writes Philip Moeller in this Medicare and Social Security advice column.” Read: My meds are cheap. Do I really need a Medicare Part D drug plan? http://www.pbs.org/newshour/making-sense/meds-cheap-really-need-medicare-part-d-drug-plan/ Source: Financial Planning for…
The wisdom of frugality: Why less is more– more or less
The book The wisdom of frugality: Why less is more– more or less by Emrys Westacott. Michelle Singletary, personal finance writer for the Washington Post writes in her review of this book: “Given the number of multimillionaires tapped for Cabinet positions under President-elect Donald Trump, I wonder if frugality will soon be considered un-American.” Singletary…