Rick Bloom's Corner

Planning for Retirement

  I saw a recent report by the Consumer Financial Protection Bureau (CFPB) regarding retirement. Not surprisingly, the results were troubling. According to the CFPB, nearly half of Americans who retire cannot maintain their lifestyle five years after retirement. In addition, the report found that two-thirds of people who retire earlier than normal retirement age […]

               There’s no doubt that our world has changed dramatically over the last few months.  The IRS has also changed.  Anyone who has dealt with the IRS knows that they are not necessarily taxpayer friendly.  However, in the midst of the Coronavirus crisis, the IRS has stepped up and has implemented some policies that […]

Reverse Mortgage – (Q & A)

Dear Rick:  About 15 years ago, my mother did a reverse mortgage on her home.  She didn’t need the money; rather, the money went to me for seed money to start my business.  Fortunately, the business has done well, and I wanted to pay off the reverse mortgage so my mom would own her home […]

Observations

                The newly released May unemployment report was shocking.  The consensus of economists and experts was that the United States would lose another eight million jobs in May and that the unemployment rate would soar to 20 percent.  In fact, the exact opposite happened.  The U.S economy didn’t lose jobs in May, but actually […]

    Dear Rick:  I have a couple questions I hope you can help me with.  Since the Coronavirus has shut everything down, I have been working out of my house.  In fact, my boss told me I’ll be at home at least through the summer. My husband is self-employed and we have a room […]

As Michigan and the rest of the country begins to reopen, unfortunately, many people’s financial problems will not go away.  Some will find they have permanently lost their jobs and may have to make significant changes to get by.  There are other people who have more of a temporary cash flow problem and need a […]

As a result of the Coronavirus crisis there have been a variety of changes in rules and regulations that affect your personal finances.  Some of these changes, such as the suspension of the required minimum distribution rules for 2020, or the suspension of loan payments on federal student loans through September of this year, have […]

  I don’t know about you, but I am getting somewhat tired about talking and writing about the COVID-19 crisis.  It’s unfortunately going to be with us for a while; however, there are other pressing issues we need to deal with, like the changes to Michigan’s no-fault insurance law that takes effect in the beginning […]

  Dear Rick: I have taken the time, as I’ve been in quarantine too, as you say, “to get your financial house in order”.  I was shocked to find out what it cost me to live a month.  It was a lot more than I expected.  I started to make adjustments to reduce my cost […]

High-school Graduation

  I first would like to take this opportunity to congratulate all the high-school graduates and their families.  Graduating from high school is a milestone that deserves to be celebrated.   Although high-school graduations have been cancelled, thus depriving high-school graduates of their special day, it is important that we all take the time to congratulate […]

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