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Savings In The Age Of Austerity

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Ever since the world economy went belly up in 2008, life has been harder for all of us in the age of austerity. One particular group who have felt the pressure more than most are savers. Central banks across the Western world have set interest rates ever lower – so low in fact they can barely go any lower at all. This, of course, means that savers who keep money in bank accounts are feeling the pinch more than others as their money isn’t benefiting from very good interest either.

There are some routes that can be explored to see if we can make the most of our savings. Many people have been looking at websites like Bullionvault for investing in gold which is generally thought to be a more stable investment. Gold is a particular type of investment however and there may be a variety of reasons why you prefer another investment.

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How Debt Can Ruin Your Retirement

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This is a guest post by Mike Egan who is the author of “Your Stronger Financial Future”.

Your Stronger Financial Future by Mike EganA recent article in the New York Times focuses on seniors who are considering mortgages on new homes when they retire. The article is a good summary of what seniors (or anyone considering a mortgage application) should expect and the specific items to have handy, such as proof of income and a good credit score.

What the article doesn’t address is the question of whether a mortgage is a good idea, either for a senior (65 and older) or anyone else.  Think about this – no matter what the term of the home loan, or mortgage, you’ll be paying interest to the lender, plus repaying the principal (the $$ you borrowed) for some period of time.  Home mortgages and student loans are the two main examples of what I call “good debt” – which are loans that result in you owning something of value at the end.  So, given that a mortgage generally results in you owning the house or condo when you’ve paid back the loan, let’s examine the math involved in a home mortgage.

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