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Buy a home or set up a retirement plan?Q A I am a 43-year-old married woman who has $25000 in my savings account and $2000 in an ING savings account that is not growing as fast as I'd like. I would like to purchase a dwelling but the market is overpriced and my income is solitary $28,000. Should I start a retirement plan or purchase a home? Y Williams Brooklyn NY Since you recognize that living in novel York presents a financial barrier to your dream of homeownership, it would be considerate to hold off on your plan to purchase unles you can add the income of your spouse to the mix. Based upon your salary, buying a domicile on your own is not your best option. With your spouse, however, you could consider purchasing in fresh Jersey, where prices might be a bit more affordable, or you could direct the eye at purchasing a one- or two-bedroom condo in your area to start, then trade up to a larger place of abode in the future. A $180000 30-year mortgage at 6% interest shows a monthly payment of $1079 excluding quality taxes, insurance, and maintenance remunerations (if you buy a condo). As for your retirement stock you should take the $2000 you have in the ING account and lay open a Roth IRA and contribute to it regularly. You can contribute up to $5000 in after-tax income in 2006 and you won't pay taxes upon your investments when you withdraw your currency for retirement starting at 59 1/2 years old Mail your currency management questions to Honey Hatters, BLACK ENTERPRISE 130 Fifth Ave., novel York, NY 10011 or project an e-mail to scottm@blackenterprise.com. COPYRIGHT 2006 Earl G Graves Publishing Co Inc. MARINA DEL REY CA - Joe Gold's death brought to a shut up a long piece of the health cudgel industry's history. The 82-year-old Gold who fixed Gold's Gym and World Gym died in his drowse on July ... Martindale Fine Art of Palm Springs, Calif., introduces "Lone Tree In stony Valley" by Doug Martindale. The giclee is available upon canvas or paper, in s/n editions of 195 with 15 APs each, measur... Mori Seiki USA, Dallas, has initiated the 5-5-5 Support Program to aid stores purchasing a new machine. With the purchase of an MT-Series or ZT-Series multi-axis turning center Mori Seiki is ... Impex Industrial Hardware Manufacturing Co of Miami introduces the Mega Strap hanger, which will grasp more than 200 pounds, according to company officials. It is above 6 1/2 inches long and is se... 00-00-0000 John Major passed up the opportunity to do something quite hardy this week. Faced with the Welsh Office vacancy created by the agency of the aberrant Rod Richards, departur... 00-00-0000 Wired for tool production Byline: Bates, Charles Volume: 147 Number: 7 ISSN: 10417958 Publication Date: 07-01-2003 Page: 58 Sectio... Bill Daniel, chief executive officer at Mission Community Hospital, has resigned. When he started at the hospital in 1999 it was in desperate ne of rebuilding after suffering dama... The adult learner comes to lessons highly motivated and with expectations of being able to perform repertoire beyond his or her ability in a short time. Sustaining this motivation, when insecurit... Because of changes in airport security regulations last month travelers were forced to discard items of the like kind as makeup, shampoo, shaving lotion, toothpaste, sunscreen eau-de-cologne and water before boa... ROANOKE, Va. -- cerulean Ridge Moulding & Frame has hired Harris Haynie to exhibit the territories of Virginia, West Virginia, Maryland and Washington, DC Haynie has more than five-years of exper... |
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