The Help Desk

Should a 70-year-old refinance into a 15-year mortgage?

I am a 70-year-old widow with a home worth $297,000.  I have a current fixed mortgage rate of 5.5%, and I owe $142,000 with 22 years left on the loan. I am considering refinancing for 15 years with a 3.375% fixed mortgage rate. This would add $3,000 to my loan and $100 a month to my mortgage payment. The $100 doesn't hurt me financially but I am wondering if this MORE

Will a new credit card hurt my credit score?

My credit score is 770. I have two credit cards and always pay them on time and don't spend more than 10% of my total credit limit. I'd like to open an additional credit card that offers points for gas and other cash back promotions. Will that hurt my credit score? — Name withheld

First off, congratulations on your 770. One of the reasons your score is so good is the MORE

How do we get into a group health insurance plan?

My husband and I own a business with just one seasonal employee. We have had to buy high deductible ($7000) insurance for over $700 per month. It has an HSA attached. We have a lawn care business and ATV repair and we also farm. I am a medical transcriptionist at home and work in my church's office, but we have no benefits. Can we get into a group insurance plan to MORE

What's the benefit of a Roth 401(k)?

I am 31 years old and contribute more than enough to my 401(k) to obtain the company match. I also max out my contribution to a Roth IRA every year.  I would like to contribute to a Roth 401(k), but my company does not offer this plan. Can you help me understand the benefits of a Roth 401(k)?  Also, do you have any recommendations on selling my company on making MORE

Should I buy an indexed universal life insurance policy?

I was recently introduced to the idea of purchasing an indexed universal life insurance policy. The cost is so much higher than term life insurance, so I don't know if it's a smart way to spend my savings. I know the term insurance expires after a certain number of years, and IUL will not. Should I consider this type of life insurance? I am in my early 50s and my MORE