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Stress-test your retirement

08.06.09

The economy is in shambles, and the stock market is in the tank. If you're entering the waning years of your career - or if you've already retired - that's more than enough to suck the joy out of retirement. If you let it.

Question: I'm 62 and have accumulated about $2.6 million in retirement savings, which is invested in stocks and bonds. My adviser suggests that I take a third of this money and invest it in a guaranteed 6% income variable annuity. The cost of the 6% rider is 0.95% of the account balance per year. Do you think this is a good idea? --J.H., Lansing, Michigan Our collection of five funds and five ETFs provides broad diversification and leaves the hard work to some of the savviest managers in the business. Ira and Hope Moskowitz, both 44, have lived within a 10-mile radius of Philadelphia their whole lives. City kids, they met in junior high, got married in Philly in 1989, and settled in nearby Cherry Hill, N.J., where Hope manages a hair salon and Ira headed up software administration for a mortgage-servicing firm.



Now that General Motors has filed for Chapter 11 bankruptcy protection, car shoppers might figure they're about to get screaming deals on GM cars and trucks. If you're considering converting to a Roth IRA, you might want to do it before the end of the year. You've probably heard that the restriction barring those earning more than $100,000 from converting a traditional IRA to a Roth will soon be history. This means that as of January, anyone with an IRA can create tax-free income in retirement.

Health-care costs are pinching just about everyone. You feel it every time your co-pays and deductibles go up, and you feel it in your paycheck - rising employer premiums are leaving less money for salaries. Medicare is on its way to financial disaster within a decade. And 46 million Americans are without health insurance.

Fourteen-year-old Dalyn Fountain has all the trappings of today's teens: her own cellphone, an iPod, a new laptop, and cable television in her bedroom. Until recently she also had a ready line of credit from the Bank of Mom & Dad - no payback necessary.

If your child skips college, is he entitled to the money you've saved for him? Money's ethicists weigh in. Media stocks are among the most beaten-down issues in today's market, but if you look past a battered share price to other fundamentals, some analysts say there are bargains to be had. Max. It. Out. Of all the personal finance rules -- diversify your portfolio, pay down high-interest debt first -- perhaps no single piece of advice has been so widely touted as this: The key to financial security is putting as much money as you can into your 401(k). After all, what other retirement savings vehicle is portable, benefits from an employer match, provides a tax deduction, and allows the average clock puncher over the course of a career to rack up a seven-figure nest egg?



Question: I'm changing jobs and would like to roll over my $150,000 401(k) into an IRA account. Since I already have other IRAs in individual mutual funds, I would like to put those funds as well my new IRA rollover in one place so I can split the percentages invested in each individual fund just like my old 401(k) with 15 options. Do you recommend this approach? --Randy P., Montezuma, Iowa It wasn't so long ago that travelers could all but name their price. During the depths of the financial crisis, unheard-of deals abounded as hotel companies did anything to lure business. These days? Not so much. The luxury travel market is coming back, with bookings up as much as 40% since mid-2008. You can still find deals this winter; you just need to think creatively -- and follow our tips. Question: I'm single, 38 years old and have about $900,000 saved up. I'm tired of the stress of the corporate world and am wondering: If I live a very simple life, can I afford to retire and not have to worry about going through all my money? --Don H., Marietta, Georgia

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