Latest from Chris Farrell

• Feb 21, 2012

  Moving into an assisted living center

  Hello, I have and older aunt who is beginning to think about end-of-life issues and is planning to move into an assisted living community. She has no family nearby and is trying to do everything on her own, which is daunting. I want to guide her as she thinks about how to downsize her life and deal with her affairs in a way that makes sense for her. She doesn't have much in assets — just a house that she financed with a HUD loan that she will have to sell before she can move. She is planning to hire a lawyer to get a will together, but I don't know if it will be worthwhile for her to spend the money to do that, given how little she has. Suzanne, Billings, MT

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• Feb 17, 2012

  Time to take stock

  My wife and I are approaching our mid 30s. Up to this point, our lives have been a blur of trying to build a future with two incredible children. Now that we have a house, two rental properties and situated ourselves in our careers, we really need to start planning further ahead for retirement and our children's future. We are really not sure what to do next and feel that we should turn to a financial advisor. At this point, I am completely overwhelmed as I don't even know how to go about finding one. I have started to do some research online but am still struggling with this next step. Any suggestions that could help point us in the right direction would be greatly appreciated. Thank you. Jeff, Ballston Lake, NY

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• Feb 16, 2012

  Thoughts for a really good saver

  I'm in my early 30s and work in the government sector. I contribute to a 401(a) and a 457 through my employer, and after discussing things with my wife, I have begun to think I may actually contribute TOO MUCH on a monthly basis. I contribute about 31 percent of my pre-tax income, including those two plus another ~5 percent after taxes to the 401(a). We have a mutual fund that had an acceptable return in 2011. Would I be better off lowering what I contribute to my 457 and 401(a) and increasing deposits into the mutual fund instead? I recently got a promotion with a substantial raise, so I thought now would be the time to reconsider where I am parking my money. Dan, Bloomfield Hills, MI

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• Feb 16, 2012

  Sunshine is the best disinfectant

  The Consumer Financial Protection Bureau is proposing that it examine the business of large debt collectors and to closely watch the major credit reporting bureaus. The focus would be on the larger firms. It's a good move.

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• Feb 15, 2012

  The age of diminishing reason

  Estate planning isn't simply tax planning or bequest planning. It's also planning for cognitive decline.

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• Feb 15, 2012

  New baby, college savings and student loans

  My husband and I recently had our first child. We are considering opening a 529 plan for him, but between the two of us, we still have about $15,000 in college loan debt. Our student loans are locked in at a low interest rate (around 3 percent). On the one hand, we know that money invested in a 529 plan now will earn more over time than money invested later. On the other hand, it seems kind of odd to start saving for his college when we haven't finished paying for our own. Does it make more sense financially to open a 529 plan for him now, or to put the money we would have put into it toward paying off our own student loans first? Carol, Athens, GA

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• Feb 14, 2012

  Got a raise. Now what?

  I'm thirty-seven. My home is paid off but needs repairs. My cars are old but paid for. I recently changed jobs and will be making about $25,000 a year (nearly $8,000 more a year than my old job). My sons (single parent) are sixteen and seventeen. Making more money, should I focus on saving or fixing my house and a new car in preparation for a time when health and limited income will make it hard to do? Paying for college is off the table; they know that. I have about a thousand dollars in credit card debt that I plan to pay off. I plan to have nearly eighty dollars a week or three hundred dollars a month toward these goals. I live off so little, I want this extra to really count. First Name: Charlie, Columbus, GA

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• Feb 13, 2012

  Slim savings with consumer-driven health plan

  There is a lot of theory motivating consumer-driven health plans like the HSA, much of it reminiscent of ideas promoted with the rise of the 401(k) retirement savings plan. Well, three decades later the 401(k) has turned out to be a deeply flawed pension. The same is likely to be true with consumer-driven healthcare plans.

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• Feb 13, 2012

  The allure of homeownership

  My husband and I are both church pastors. We have been married for a year and half and we both work full time. Our gross income is about $84,000 and we tithe 10 percent to our churches and charities, which we will continue to do. We are trying to decide whether or not to purchase a home, and whether we are saving money in the proper places…. Is this a good time to buy a home? What if we needed to sell it in four years? Should we be putting less money into savings and more into the Roth IRA's? Thank you for your help! Emma, Beverly Hills, MI

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• Feb 10, 2012

  How risky is the modern gold rush?

  Gold is a "precious metal" with a storied history, but its value lies in the madness of the crowd. It's a speculation, not an investment.

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