Dr. Don Taylor
Bankrate.com
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Past articles by Don:
Are Online Banks A Safe Bet For CDs?
A common concern is whether large sums of money are safe with an online institution. → Read More
Retirement Planning Versus College Savings
If you add to your 457 retirement plan, you might be able to help yourself and your children at the same time. → Read More
Widow Wrestles To Keep Up With Monthly Debt
Dear Senior Living Adviser, Is there any hope for this widow of 83 who has a mortgage with monthly debt of $785 and monthly income of only $1,900? I have $6,500 in an emergency fund but that is all I have. I do not sleep anymore for fear and worry about what to do. I desperately need a way to have more monthly income. I work part time to supplement my income, but I'm not sure how long I can do… → Read More
Personal Loan Versus Store Financing To Build Credit
Dear Personal Loan Adviser, I just got my first job. I have been living at home to save money. I finally have saved enough for the first month's rent and the security deposit on an apartment, with a little cash left over. My parents have given me some furniture, but I need a few more things. I don't have a credit card. What about all these options the furniture stores offer? Are they OK to use?… → Read More
Disabled widow wont get 2 Social Security checks
Dear Senior Living Adviser, I am 61 years old. I have been receiving Social Security disability for 3 years. I had worked for 39 years. I had been married 21 years when my husband died 15 years ago. But, of course, neither of us was retirement age then. Since I will be turning 62, will I be able to draw my Social Security disability and my deceased husband's Social Security retirement? I have… → Read More
3 Top Reasons To Tap A Personal Loan To Buy A Used Car
Dear Personal Loan Adviser, I'm looking to finance a used car and want to know if it makes sense to do it with a personal loan. What do you think? -- Jim Jalopy Dear Jim, There are 3 main reasons why a personal loan may make sense when buying a used car. The 1st is that you're looking at a car of a certain age, and you can't find conventional used car financing for the vehicle. The 2nd reason is… → Read More
Buying Retirement Home With A Lump-Sum Pension Benefit
Dear Senior Living Adviser, I am 61 years old and have been on Social Security disability for the past 18 months. I have a pension from my workplace, and when I am 66 I can take a lump sum of $174,000. I am unmarried and haven't owned a home since 2000, so I am going to buy a home for myself with the money. If I use all of the money for a home, will I owe taxes on the lump sum payout? -- Pamela… → Read More
Your Reason For Getting A Personal Loan Wont Affect The Interest Rate
Dear Personal Loan Adviser, When I look at the online sites for personal loan applications, I get confused by the categories the lenders offer for why I'm borrowing the money. Why would I use a personal loan versus a car loan, for example? Why wouldn't I use a home equity loan to finance home improvements instead of a personal loan? Does the category I pick for the loan influence how much I can… → Read More
Personal Loan Sites Use Proprietary Credit Scoring
Dear Personal Loan Adviser, I saw a story on the news about a personal lender called Upstart that considers your earnings potential, education and other factors in making the decision to approve the loan. I've had lenders tell me that my credit history is "too thin" to be approved for a personal loan. I'm a college graduate in a starter job, and I could really use a personal loan to get my… → Read More
Pay Debts And Taxes Before Distributing Trusts Assets
Dear Senior Living Adviser, I am an executor for a trust. The trust clearly lists all the assets it covers. One of the assets is an individual retirement account, which is held at a financial services firm. The IRA has 2 beneficiaries: Mark and Nancy. The trust explains that after all debts and taxes are paid, the remaining assets are to be distributed 50/50 to Mark and Nancy. The IRA is… → Read More
Is a Section 529 a Good Short-Term Plan?
Dear Dr. Don, Our daughter needs some financial assistance. She's 40, single, just lost her job and has returned to college for her master's degree. Can we open a Section 529 deferred tax account in her name? Thanks, -- Frank Funding Dear Frank, You need some pretty strong tax reasons to take this route. College savings plans tend to be built so that any investment gains will be tax-free when… → Read More
With 2 Exes, Former Wife Wants Best Social Security Deal
Dear Senior Living Adviser, I just learned that I will receive Social Security death benefits from my late first husband. We were married for 12 years. I'm also divorced from my second husband after 35 years. Will I be able to switch to a survivors benefit based on my second ex-husband's record when he passes? -- Clarissa Clarify Jose Luis Pelaez Inc/Blend Images/Getty Images Dear Clarissa, I'm… → Read More
Comparison Shopping For Personal Loan Wont Hurt Credit
Dear Personal Loan Adviser, I took out a personal loan for $10,000 about 6 months ago. The lender told me that applying for the loan wouldn't impact my credit. I recently reviewed my credit report and it shows the loan as a hard inquiry and lists both the loan and my payment history. I feel that the lender misled me about the personal loan's impact on my credit history. Did they? -- Miffed Mike… → Read More
10 worst types of senior inflation
With no cost-of-living increase because of low overall inflation, seniors are still experiencing rising costs on drugs, food, insurance and health care. → Read More
How time flies with your portfolio
Time diversification says investor can recoup market losses after a market downturn because of a long investment horizon. Risk averse investors don't agree. → Read More
Money Madness: Your Financial 4
Prioritize your financial goals by picking the Financial 4. Pick the winners based on what financial goals are the most important to you. → Read More
Where you live impacts personal loans
What you can borrow, the interest rate, and whether you can invest in personal loans through a P2P lender depends on your state's banking and securities laws. → Read More
Home equity peaks for senior citizens
The National Reverse Mortgage Lenders Association says that America's seniors have $5.83 trillion in home equity, which is 16% more than the pre-recession peak. → Read More
Social Security Survivors Benefits Versus Spousal Benefits
Dear Senior Living Adviser, If I opt to collect Social Security benefits at age 62 (my own benefits) and down the road my husband passes away, can I claim the regular amount of spousal benefits from his Social Security? He plans to claim benefits at age 66. Spousal benefits based on his work record would be more than my own benefits. Or will the spousal benefits be reduced (because I claimed at… → Read More
Americans put losing weight ahead of saving
The 2016 Financial Freedom Survey results show that workers know what to do concerning retirement, but other goals had a higher priority. → Read More