Q&A Thursday for May 17th

Q&A Thursday for May 17th! Happy dies y siete de Mayo!

Q1. What is your favorite cheap, but fancy meal to make?

A. I love scoping out deal on meat at the grocery store. I’ll pick up something like salmon or chicken and roast it with olive oil and garlic and serve it alongside roasted potatoes, onions and bell peppers. Add some rice or couscous and a side salad and that’s a cheap meal that was also super easy to make.

Q2. How much should I be saving for retirement?

A. That is a super individualized question. In my opinion, this sort of question requires a very careful accounting of your expenses and income and a projection of needed income and expected growth rate. In general, if you are expecting to retire at 67 (the Full Retirement Age according to Social Security) and are younger than 35 you should be contributing at least 10% of your income, above 35 it should be close to 15-20% especially if you are just starting to save now.

If you have questions about if you’re on track for retirement, please contact me and I’ll give you a full understanding of where you are and what you need to do for s comfortable retirement.

Q3. What sort of jobs will repay student loans?

A. One that require specialty degrees. So most jobs in health care will offer a loan repayment as well as jobs in the legal profession and finance. Sorry, artists, we have little hope of loan repayment, but we could get some tuition assistance if we’re resident artists and want to expand our education that would help out our artistic institution.

Q4. I lost one of my jobs and am having a hard time making my loan payment. What should I do?

A. Contact your loan provider. I’m assuming it’s a student loan. Most student loan providers have you pay based on income and if your income decreases, then your loan repayment should correspond. If it’s a mortgage or auto loan, your only hope is to refinance, which may cost you more in the long run if you already have a good rate or are mostly paid off in your loan amount.

Have a question? Submit it here and it will be answered next week! And make sure you add your emial address and name if you’d like to be contacted for a discount on a planning session related to your question.

And don’t forget to read yesterday’s post and comment for a chance to win a free Household Budgeting Session!

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