GI Jane Finances

October 24, 2010

Not retiring broke

Filed under: Uncategorized — Tags: , , , , , — gijanefinances @ 7:57 pm

Interesting story on 65 year olds and older filing for bankruptcy:

Retired and broke: why retirees are filing for bankruptcy

 My parents are approaching 66 next year with no pensions.  They love their credit cards, especially for vacations.  Their balances are usually about $5-10k.  Both took withdrawals out to pay off their auto loans and credit cards against my wishes.  They were quickly acquainted with huge taxes since their earnings exceeded $100,000.

 I need to research a good fee-only financial planner.  Yesterday, my mother brought up buying an annuity to supplement their Social Security.  I do not know enough to properly advise them.  I do need to try and link them up with a planner so they can stop making rookie mistakes.

GI Jane



  1. Oh gosh. My parents are approaching retirement too, but luckily 5 years ago they were put on a strict financial diet implemented by us they will retire modestly.

    Comment by FB @ — October 25, 2010 @ 12:48 am

  2. Here is a new peppy 1-minute video giving people advice on the responsible use of debit, ATM and credit cards.

    “Card Tricks Revealed: How Not To Burn Money”

    Comment by Jeff — October 25, 2010 @ 1:09 am

  3. Cool FB! My parents usually live simply apart from the 2-3 cruises a year they love to go on!

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