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Published on Friday, Jun 06, 2008
The temptation to shortchange your retirement to meet present financial needs could be a disastrous move in the long run.
There are other ways to deal with current economic conditions without tapping your retirement. From BusinessWeek, Ellen Hoffman provides tips:
• Control your spending. Review your spending for the last few months or even the last year.
• Consider refinancing your home. In other cases, downsizing your home — reducing both mortgage and maintenance expenses — might be the solution.
Don't fall for tricky deals — such as an interest-only mortgage or an ARM with a huge balloon payment — that have plunged so many homeowners into financial disaster in recent months.
• Create an emergency fund that, in a crunch, could pay up to six months of your expenses. Apply for a home-equity line of credit — easier to get when you are not in dire financial straits — to use if the unexpected should occur.
The temptation to shortchange your retirement to meet present financial needs could be a disastrous move in the long run.
Get the full article here.
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