Jill on Money: Retirement, Reverse Mortgages, Education Funding

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We kicked off Mother's Day weekend with an interview with Jack Otter, author of "Worth It ... Not Worth It?: Simple & Profitable Answers to Life's Tough Financial Questions". Jack helps boil down many of life's financial decisions with smart, Do This/Not That solutions. With graduation season approaching, Jack's book make a far better gift than a pen! Jack even answered a couple of questions, including whether or not to purchase the Facebook IPO. Here's a quick TV segment on Facebook:


After Jack's appearance, we fielded several retirement questions. Margaret from TX wanted to know in what order she should draw down her retirement assets; Eileen needs to boost retirement income; Sandie from Washington wants to know if she should contribute more to retirement or pay down her mortgage; and Mark asked about the rules for a non-working spouse to use a Roth IRA.

Julia from Michigan wanted to know more about reverse mortgages, which seems to be a hot question these days. Maybe all of those ads featuring celebrities like James Garner, Robert Wagner, Fred Thompson and Henry Winkler are stepping up their efforts!

Stephan, Sue, Mary and Bob all asked about education funding. I compared Coverdell Education Savings Accounts (ESA's) with 529 accounts and reminded everyone that fees matter!

Here are web sites and resources mentioned in this week's show:

-- Jill's Blog

-- NAPFA: National Association of Personal Financial Advisors (fee-only advisors)

-- Best CD Rates

-- E, EE and I Savings Bonds

-- 529 plan info

-- Coverdell Education Savings Accounts

-- College Loans: What you need to know

-- Student Loan Consolidation

-- Reverse Mortgages: Don't let the Fonz sell you

--Financial documents: What to shred, what to keep

-- Estate Planning: the Documents You Need

Thanks to everyone who participated and to Mark, the BEST producer in the world and our intern, Sehar. If you have a financial question, there are lots of ways to contact us:

Call 855-411-JILL and we'll schedule time to get you on the show LIVE

Send an email: askjill@moneywatch.com

Tweet me: @jillonmoney

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    View all articles by Jill Schlesinger on CBS MoneyWatch »
    Jill Schlesinger, CFP®, is the Editor-at-Large for CBS MoneyWatch. She covers the economy, markets, investing or anything else with a dollar sign. Prior to the launch of MoneyWatch in 2009, Jill was the chief investment officer for an independent investment advisory firm. In her infancy, she was an options trader on the Commodities Exchange of New York.

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