Real Answers for Life’s Money Challenges
Im in my late 50s.
I married a darling lovely man who ended up permanently disabled just five years into our marriage.
We later went through bankruptcy due to his medical bills.
Since his death, I have been the Queen of Frugal.
I negotiated raises to the tune of almost 20 percent in two years.
I do most of my cooking from scratch, and my grocery bills are really low.
I spend a little money on my hair, but thats about my only vice.
Next month, I will have the student loans down to under $30,000.
I would wait until I am 59 12, so I would not have to pay a penalty.
Many people seem to think this is a bad idea, but no one can really explain why.
What do you think?
-S.
Dear S.,
No, no, no, no, no.
Like all the others, I will tell you not to do this.
But you want to know why?
I can tell you that, too.
But what happens if you hit age 65 and dont have any retirement savings left?
I want you to consider a couple factors about your husbands student loans, if you havent already.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Your debt is not insurmountable.
But when its finally paid off, it’s crucial that you double-check your future is secure.
Consider meeting with adebt counselorwho can take an objective look at your situation.
Are you dealing with difficult financial choices made by someone close to you?
For more practical money tips, visitwww.thepennyhoarder.com.
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