Fathers Day Is About Family

Today Is the day we take the time to recognize the fathers in our lives. According to the U.S. Census, almost one out of every three children in our country grow up without their father. When dads are not around to support, families and children can be impacted as a result.

Being a father is about making a conscious decision to be a part of your child's life. Easier said than done.

How do you be a good father? The easiest way to answer that question for me is to look at my own father. He is my role model for a good father. He went to work everyday, he supported our financial needs, and he was there when we laughed and when we cryed. If you can do that, your a good father.

Today's fathers have a lot more to deal with concerning their children and todays issues. But the basics still hold true. Being in your child's life when the tough times come won't cure every woe, but your child needs someone to count and lean on when times are tough.

Fathers Day is the day we take the time to show appreciation and gratitude for our fathers. But as a father, inside my heart, I will be feeling appreciation and gratitude for my family. I am the lucky one.

5 Reasons To Stay Put For Retirement

This is a guest post by Claes Bell who writes for Bankrate.com

It's an idea firmly enshrined in American culture: No retirement is complete without a move to a sunny local primarily inhabited by fellow retirees. After years of work, the thinking goes, retired folks deserve a permanent vacation in a glamorous, sunny locale, preferably near a beach or golf course.

According to a survey commissioned by Del Webb, a retirement community builder, 42 percent of those who turned 50 in 2010 planned on moving for retirement.

But as a Florida resident, I can say with some certainty that when it comes to retirement paradise, reality often comes up short. Years of reading newspaper articles about retired transplants being abused in crooked retirement homes, targeted by fraudsters and trapped in their condos for days on end after hurricanes have left me jaded on the idea of a retirement paradise.

Don't get me wrong. It's not that I believe South Florida is a particularly bad place to retire. Every place presents its challenges for the elderly. What I find fault with is the idea of picking up and moving away for retirement in the first place. Here are five reasons why.

1. What's good for a 65-year-old isn't always great for an 80-year-old. A lot of the problem with the idea of an ideal retirement community comes down to the fact that retirement lasts a long time and so encompasses a lot of physical and financial changes. A place that's awesome for an active, fit 65-year-old who can mow the yard and drive can sometimes be terrible for a 75- or 80-year-old who finds themselves unable to do either.

2. Moving doesn't guarantee a better cost of living over time. It seems like for a lot of folks, the idea behind making the big move is to find a place with a lower cost of living to help stretch your retirement dollars. The problem is, you get enough retirees moving in to an area, and suddenly, the cost of living can rise sharply. Take South Florida, for instance. Between 2002 and 2010, the Consumer Price Index for the U.S. rose 21 percent; in Miami/Ft. Lauderdale, it rose more than 27 percent.

3. Real estate is tricky. For many years, the general consensus was selling your home and buying a cheaper place in a retirement haven in the Sun Belt was a financially savvy move. Not only could you cash out the equity in your old place to fund your retirement, you could also buy a new property with a good chance of appreciating. But as we saw during the housing bubble, housing prices in retirement destinations can be especially volatile. Having my retirement plans hinge on selling my home and having cash to spare no longer seems like a great idea, but even worse is the prospect of buying a dream retirement home only to see the value tank and my net worth crumble.

4. Retirement is a terrible time to leave your support network. A change of scenery may sound appealing for a lot of people who've spent the last few decades living and working around the same old friends and family. But the physical limitations and medical issues that come with old age seem likely to make people more in need of support from able-bodied friends and family, not less. This fact was underscored for me recently, when my wife's grandmother suffered through some serious medical issues lately. The fact that she has a strong support network hasn't just made taking care of her home and getting to doctor's appointments easier, it's also probably saved her life on a couple of occasions.

5. "It's a nice place to visit, but I wouldn't want to live there." Just because I love visiting a place doesn't mean I'll get the same enjoyment out of it after five or 10 years. If I like a place, I'll consider making an annual vacation of it, rather than trying to live there permanently. That way, if I get sick of it, I can just stop going; no real estate agents, movers or mortgage brokers required.

Maybe by the time I'm up for retirement, I'll feel differently. But If I do end up moving, I'll try to target a small, easy-to-maintain condo in a city with really good public transportation, preferably well north of the Sun Belt. That way, being able to maintain a house or drive a car won't be preconditions for me to be able to live on my own. Sunshine may be sweet, but independent living for as long as possible is sweeter.

Claes Bell has covered banking, autos and a variety of personal finance topics for Bankrate.com since 2006. He blogs on autos, banking and CD rates. Contact Claes on twitter, his handle is @claesBell. 

PerkStreet Financial & Ally Bank: Who's Got The Better Checking Account

If you look on any personal finance website you will see ads for PerkStreet Financial and Ally Bank. Each have much to offer, each have free accounts, and each are easy to use. Let's see what each one has to offer.

PerkStreet Financial


PerkStreet Financial is the only checking account that has rewards for using your debit card. Customers have the choice of cash back, music downloads, or a free coffee.PerkStreets claim to fame is that just by using your debit card on just your normal purchases, you can easily earn $600 cash back every year.


How to make deposits with Perkstreet:

• Regular mail: Using a postage-paid envelopes.
• Free overnight delivery: Send your checks overnight for free from 3,400 UPS Stores and Mailboxes Etc. locations nationwide (get a tracking number to ensure delivery).
• Direct deposit: Sign up for direct deposit with your employer and have all or a portion of your paycheck deposited into your account automatically.
• Online transfers: Move money easily between your PerkStreet account and outside accounts.
• MoneyGram® ExpressPayment: Deposit cash free at 18,000 locations nationwide, including Wal-Mart stores. You’ll need some specific information from Perkstreet to use this deposit method.

How to withdraw money

You can withdraw money without a charge at one of 37,000 ATMs within the STAR®surcharge-free network or at any merchant that offers cash back with purchases such as grocery stores or department stores like Walmart or Target. You may also use ATMs outside of the network but you’ll pay a $2 fee plus any fee the ATM owner may charge.

Another benefit of opening a PerkStreet Financial Checking account is that they don't do a credit check on you. If you ever have walked away from overdraft charges and your old bank, you know any other bank won't give you a checking account because they do a credit check.

Other exciting services are about to come out at PerkStreet.

• Increasing the amount of cash back they can earn;
• Connecting with an expanded community to share secrets for saving;
• Accessing an expanded set of financial services from PerkStreet (To the thousands of customers who have asked for savings accounts — we hear you!);
• Using a groundbreaking set of online tools to identify additional ways to save and reach financial goals faster.

Sign up today for one of the most rewarding checking accounts and get the 

PerkStreet Financial Debit MasterCard® - the debit card that helps you get debt free. It gives you 5% cash back on certain categories and 2% on everything else.

Ally Bank

Instead of a rewards plan Ally Bank offers interest on your balance. The details of their checking account:

• $0 monthly fee
• $0 to open and no minimum balance – you can open it today and begin using it when you want
• Free checks
• No ATM fees at any ATM
• Variable rate account where balances $15,000 or more get an even higher rate
• Ally Bank has a nice feature for people who have trouble with overdrafts. If you set up an Ally Bank On-line Savings account and link it to your Interest Checking Account, every time you go into over draft Ally will transfer the funds to cover the overdraft all at no charge. The amount of money you will save on fees is tremendous. Other banks normally charge you for this service.

How Do I Make Deposits?

• Ally has something called eCheck Deposit, you simply scan your check and transmit it to Ally Bank. 
• Send a check using special prepaid envelopes made avaiable by Ally Bank.
• Move funds between accounts at other banks to your Ally Bank account.
• Set up Direct Deposit for your payroll check.
• Use a wire transfer at no charge.

How Do I Withdraw Money From Ally Bank?

You can use any ATM in the nation and you will not be charged. And if you are charged, ALLY will reimburse you. They have more than 400,000 ATM locations and when you use your debit card you can receive cash back.

To open a ALLY Checking Account Click Here.

What's The Verdict? ALLY or PerkStreet?

If you don't want to bother with cashback go with ALLY. They give you interst ony your balance with no hassle. If you want cashback then PerkStreet Financial is the way to go. If you only have a small amount of money to use in these accounts, you results will not be great. But if you depositing at least $50,000 or more through your account then you will see some cashback money when using PerkStreet.

What's Your Greatest Asset? - It's Not What You Think

Image via WikipediaYour dreams of owning a house, sending your kids to college, and saving for retirement are based on you having a long and fruitful working life. Your income and your ability to produce income is critical to making your dreams come true. Then why is it when the nonprofit Life Foundation conducted a survey asking "What was your greatest asset?", only one in six working Americans (16%) said their paycheck was.

Think about what would happen if tomorrow you became sick or injured and could not work. Your inability to work would be devastating to your life and your families.

If a 25 year old worker that earned $50,000 a year, were hurt or disabled, that worker would lose $3.8 million in future earnings. Yet fewer than one in three workers in the private sector have long-term disability coverage through work, according to the U.S. Department of Labor.

“Most people don’t realize that they have a three in 10 chance of suffering a disabling illness or injury that could keep them out of work for three months or more,” said Marvin H. Feldman, President and CEO of the LIFE Foundation.

What we forget to insure is our greatest asset, our income. Disability Insurance makes sure that financial hardship doesn’t follow the physical and emotional toll that comes along with disability. When you think about it, your most valuable asset isn’t your home, car or jewelry. It’s what allows you to pay for all these things—it is your paycheck.

How Much Does it Cost?

• Expect to pay between 1 percent and 3 percent of your annual salary for a good disability plan, according to DisabilityQuotes.com. That works out to $600-$1,800 for someone earning $60,000 a year.
• Disability insurance provides income to help pay your living expenses if you are unable to work for a significant length of time because of injury or illness. Generally benefit payments are 60 percent of your total salary.
• Short-term disability polices have a waiting period of 0-14 days and pay benefits for no more than two years. Long-term disability policies usually have a waiting period of several weeks to several months and benefits could be paid a few years up to the rest of your life, depending on the policy terms.
• States such as Hawaii, New Jersey, New York and Rhode Island requires employers to provide disability benefits for up to 26 weeks, according to the Insurance Information Institute. Some employers provide short-term disability insurance, although often the employees have to pay the premiums.

Discounts:

• Premiums are lower for policies with a longer waiting period before benefits begin and/or a shorter benefit period.

Shopping for disability insurance:

• The Federal Citizen Information Center gives a detailed overview of long term disability insurance, listing common terms and tips for buying.
• Insurance4USA.com provides online quotes.
• Your state insurance department can give you a list of registered disability insurance companies in your area. The National Association of Insurance Commissioners gives links to these state offices and has a database to search for financial details and complaint histories for specific companies.

Remember Disability Insurance will cost more than life insurance. Statistically you're more likely to file a claim for disability insurance than life insurance. Depending on the type of work you do, the rates will vary. The costs will vary greatly depending if you sit at a desk all day or work construction.

Medical Issues Can Ruin Good Credit

This is a guest post by Ed O’Brien. This is his third time writing for 50PlusFinance and we always appreciate his insightful perspective.

Many people mistakenly believe that paying doctor and hospital bills is not as important as paying other expenses. However, medical bills are typically reported to the credit bureaus just like any other debt. Unpaid medical debts can cause big problems in your financial life very quickly. Plus the stress of debt on top of poor health can be a dangerous combination.

Medical Bills Matter
Doctors and hospitals will report unpaid bills on your credit report which leaves black marks against your good credit. Unfortunately because medical bills will often pop up unexpectedly and can get quite expensive, debt can easily start spinning out of control. Add to the situation your inability to work and earn and income and a life-long struggle may be ahead to get back on financial track.

Consider also that medical debts you are not paying may eventually go to a debt collector who will be more aggressive in collection efforts and also add black marks to your credit score. Even with insurance, medical costs are high these days and are projected to only go higher in the future.

Staying Above Water with Medical Costs
In order to avoid major debts heading into your retirement years, it is better to prepare for the unexpected as soon as possible. The more you prioritize your plans for what may happen in the future, the more you are able to safely navigate the financial waters when your health makes a turn for the worse.

Here are some ways to get yourself in order before something should go wrong:

Understand Insurance Coverage
Most people will chose insurance coverage based more on price than benefits. Others who receive affordable insurance through their employers often have no clue what they even have. It is important for you to understand what kind of benefits you are paying for long before something happens. You will likely make wrong decisions concerning your health and treatment when you remain unsure about the financial side of things. Review your policy information and contact the insurance company for explanations on anything you don’t understand.

Contribute to an Emergency Fund

Financial experts urge consumers to sock away between 6-12 months worth of living expenses in a good interest-earning account. This money should be allowed to earn interest and should only be used during times of true emergencies, including health concerns. If you can’t work due to a work injury or medical illness, an emergency account may be your only viable resource. Contribute to the account monthly. You may even consider setting up automated deposits from your payroll department. What you do actually see will likely not be missed. It will allow you to build a significant stash of cash for when you need it.

Live a Better Life
Many health conditions that break us are actually of the preventable variety. Eating better and getting regular exercise is important. Sedentary lifestyles can trigger all kinds of expensive medical conditions including unhealthy weight, high blood pressure, depression, and heart problems among many other things.

Organize Your Life
If medical treatment requires you to be treated in a hospital for a period of time, other people will be relied on to get your important documents the hospital might need. Always keep relevant health information, including updated health insurance policy information in an accessible and clearly marked folder for easy retrieval.

Ask for Assistance
If you anticipate having issues paying your medical bills even if you have insurance, it is wise to contact your medical provider’s office right away and keep them informed of what is going on with your situation. Many will work with you on new payment arrangements that will keep you out of collections until the debt is satisfied. If you do not communicate, your bill will likely be expedited to the collection agency.

If you don’t have insurance or have a co-pay you can’t afford, speak with the medical provider’s office on the day of your visit and explain the situation. Many times doctors will allow for discounts or will waive service fees for their loyal patients. The worst that can happen is they turn you down with a ‘no’. At least you tried all available resources to save money.

Ed O’Brien is a seasoned writer in personal finance, specializing in credit repair. You can find more of his articles located at CreditRepair.org.

Push the Easy Button For Brokerage Account Shopping

Image via CrunchBaseToday we have a lot of choices where we invest. Whether it's at work with a 401(K), local brokerage, IRA'S or online brokers. Even if you do it yourself and your happy with your broker it always is smart to see what the competition is offering, you may get a better deal and save money.

Bankrate.com just made it easier for you to compare brokerage deals.

You can now compare trading brokerage accounts for free at Bankrate, pitting one companies’ costs and features against another. At a glance, you can see each broker’s:

· Commissions, whether online, phone assisted or broker assisted.
· Initial deposit requirements.
· Maintenance fees.
· Balance to avoid.
· Services and features description.

With big name brokers like ING Direct, Scottrade, TD Ameritrade, Merrill Edge and Zecco holdings, you’re just a few clicks away from trading online.

Click here to go to Bankrate.com and check out the Brokerage Account Shopping.