Am I doing okay financially for my age?

[jpg7n16]

I can't touch the IRA for about another 20 years and I don't WANT to touch the CDs (besides I can't without a penalty of withdrawal).

You gotta hand it to the banks. Say it's a 3% CD. How else can they keep you you earning 3%, when you have CC debt at 15-20%? Or a motorcycle loan that is very likely charging you more than you're making?

Charge you "six months interest" (aka 1.5%) penalty.

Wouldn't you pay 1.5% to avoid 6% or 15-20%? I would.


How much is your penalty to close the CD? Put that in dollars.
How much is your debt costing your family each year? Put that in dollars.

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Are you doing well financially for your age?

Well let's see, you are sharing your life with someone and will both be completely financially dependent on each other in retirement. And you two are on completely separate pages. You have not planned for a life together, and all that entails. You are also willfully choosing to ignore that his financial actions will impact you, and that your financial actions will impact him.

Monetary amounts aside, no you're not doing well for your age.

[feh]

You're married, you share everything financially. Just because you put the blinders on doesn't make it any less true. I think the two of you need counseling and need to come to an agreement. Because he will drive both of you into the poorhouse. A $30k motorcycle (probably a harley) plus 4k in accessories is a horrible purchase for a family with so little in the way of savings.

The truth of the matter is that you're both 40 years old and have a combined net worth of around $90k. You are well behind the curve when it comes to savings. You're probably at where a single person in the late 20s early 30s should look to be.

I agree. If you see yourself retiring with this person, you need to get your financial house in order quickly.

[cascade11]

Cash out the CD's and pay off the Credit Card and Motorcycle loan. Get him to pay you for his debts over time and make sure he sticks to it. Write a promissory note on a piece of paper showing the amount you want him to pay you each month and get him to sign it and date it.

You'll also get to claim the CD withdrawal penalty on your income taxes as a deduction. So you'll re-coup some of the losses depending on your tax bracket.