Personal financial reminders for 2022

Before we wrap up the flat taxes for 2022 and look at some personal financial reminders, here are a few things that caught my attention this week. Of course, as I’ve often written, these things are often old news by the time the column actually comes out on Sunday.

First, as I have stated many times, too many people in this country have not saved and are not saving enough for a dignified retirement, and the largest increase in individual bankruptcy filings before the pandemic was for people aged 65 and over because too many people don’t save enough for retirement, budget unreasonably in retirement, and still live beyond their means with credit cards. Confirmation of that credit card component is contained in a Reverse Mortgage commercial that I finally got my hands on this week. It made it clear that it was for “older homeowners” but also that you could use the proceeds to pay off high-interest credit cards. The financial industry is aware of the credit card problem in this age group and is acting on it.

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