The worst mistake a first time house buyer can make is thinking they must match the asking price. In some cases, houses in certain neighborhoods may go for much more than the asking price, but it is also fairly common for houses to be sold for a significant amount less than the initial asking price. Houses with less interest or those which have been on the market for a long time will have more flexible prices.   A good way to get started is to ask your real estate agent for a list of comparable homes in the area that have sold in the last 6 months. This will give you a rough estimate of how much the house you are looking at is likely to sell for and guide you in making your first offer. As mentioned above, how long a house is on the market can make a…

You might think, “Okay, I have a 401k — so I’ll just invest a certain percentage of my paycheck into it until I retire, and then I can live the life!” But many times, your 401k can come up short, leaving you with less than you’re expecting during retirement. So how can you avoid a low 401k balance? Follow these easy tips to maximize your savings in the long run. 1. Start now. To take full advantage of your 401k, you need to have a 401k. And there’s no time like the present. While some people may choose to wait…

With so many factors to consider, retirement planning can be confusing. Luckily, the National Endowment for Financial Education (NEFE) doles out free advice regarding Social Security benefits, home and mortgage options, insurance choices, retirement plans, savings and investment opportunities, and work-related choices while providing debt-reduction guidance and warnings against scams that target older Americans. Social Security Most people are eligible to claim Social Security at the age of 62, but delaying that claim until at least the full retirement age (between 66 and 67, depending on the individual’s date of birth) can increase payments significantly. Waiting until age 66 can…

When the topic of retirement comes up, you may find yourself asking more questions than you have answers for. Will you have enough money when you retire? How much can you afford to invest? How will retirement affect your relationship with your spouse and your family? One solution that has recently started becoming more common is rehearsing your retirement. This can be a fun way to find the information you need without making any long-term commitments. In an article in The Wall Street Journal, Holly Kylen, a Pennsylvania financial advisor, recommends that clients who are questioning their retirement financial stability…

The joy of a son or daughter’s graduation from college (no more tuition to pay!) can quickly turn to anxiety when your new grad doesn’t land his or her first job right away. The job market for recent graduates is tough these days, but that’s no reason for either you or your child to lose hope. Here’s how to give your son or daughter a gentle nudge and reclaim your empty nest: Set some ground rules. When your child moves home, agree on your expectations. You may want to discuss such issues as rent, chores, and general behavior, as well…