Personal Finance Questions With Simple Dollar Answers July 27 2009

Today we have 3 personal finance questions from 3 twitter users.  These are three very different questions with three very different financial answers.  The three finance questions are about retirement, saving money on food and cancelling your home phone.  If you have a finance question leave it in the comment section of the blog or tweet us a message.  Follower us on twitter at YSDATA.

Personal Finance Question – How much money is needed to retire at the age of 35 for a married couple? asked by deepakshenoy

Simple Dollar Answer – Social Security is longer a guarantee so savings and other investments are what we have to look forward to if we want to retire. The amount of money one would need to retire is 80% of your current income, whether single or married. Meaning in order to retire one would need to replace 80% of their income. Replacing your income could come from investments, 401k, stocks, interest income and the like. For example — if you make $75,000 per/year 80% would be $63,750. Meaning you will need to replace $63,750 worth of your income by some other means.

Personal Finance Question – How can I save money on food during a recession? asked by Ellso_ms

Simple Dollar Answer – Saving money during a recession is a must. In order to save money on food you will have to become more frugal. By shopping with coupons and buying generic items you can save big bucks.

Personal Finance Question – Should you cancel your home phone to save money? asked by hemispheric

Simple Dollar Answer – Many people have followed the trend of cancelling their home phones. People today are always on the go and use their cell phone mostly. Therefore, cancelling your home phone might not be a bad idea if it fits your life style. Remember, cell phones do everything landlines do — most people don’t need both.

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