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Success Online Financial Education Newsletter
Money Management International Improving Lives Through Financial Education
SUCCESS NewsletterJune 20 2013 newsletter
Why you won't have enough for retirement

Retirement savings growing

By Jesse Campbell, Copywriter

Retirement should be something you look forward to – the pot of gold at the end of the long, winding rainbow called life.

Retirement should be your reward for putting in the hours; for the sacrifices; for all the hard work.

Retirement should be easy.

Retirement should be all of those things, but it’s becoming increasingly evident that it won’t be for many members of the Baby Boom and Generation X. For those born between the late 1940s and the mid-1970s there is a good chance that their retirement funds will run out long before they do.

According to a recent study approximately 44 percent of baby boomers and Gen X’ers are on track to run out of money during their retirement years.


There are three major areas of concern and a few things you can do to protect yourself against running out....

 Read More

Ask the Experts

ask the experts

Q: My mortgage company says I am behind on my mortgage, but I disagree. Can they make me pay?

"According to my mortgage company, I'm behind one month (I disagree!) But in order to protect our credit I'm willing to pay $200 a month for five months for a total of $1,000. Can they force me to pay that amount at once? Can they sue me even if I'm willing to make those payments? Can they foreclose on my house because of this?" - Virgilio


Do you have proof that you are current on your payments? Check your bank statements, mortgage statements, or cancelled checks to verify payment. With proof, you and your mortgage company can surely resolve the situation. Without proof, the mortgage company can request payment in full and does not have to accept your plan to pay the amount in installments.

That being said, many lenders are willing to work with consumers to get back on track. we recommend that you keep the lines of communication open with your lender and start searching for that proof! Remember to keep detailed records in the future.

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Sharpen Your Financial Skills with Online Courses

The goal of our highly trained professionals is to arm you with the knowledge necessary to take control of your financial situation. Our online seminars stress the development of skills that can assure long-term success. Take the first step toward financial wellness by enrolling in a Web seminar today!

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In-Person Workshops Are Also Available In The Following Areas:

Alaska | Arizona | California | Connecticut | Colorado | Idaho | Illinois | Louisiana | Maine | Massachusetts | Mississippi | New Jersey | New Mexico | New York | Oregon | Pennsylvania | Rhode Island | Texas - Fort Worth Area | Texas - Houston Area | Virginia | Greater Washington D.C. | Washington State

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About Money Management International

Money Management International (MMI) is a nonprofit, full-service credit counseling agency, providing confidential financial guidance, financial education, counseling, and debt management assistance to consumers since 1958. MMI helps consumers trim their expenses, develop a spending plan, and repay debts. Counseling is available by appointment in branch offices and 24 hours a day, 7 days a week by telephone and Internet. Services are available in English or Spanish. To learn more, call
866.530.9869 or visit



What you should know before you refinance

When interest rates dip, millions of Americans consider refinancing their home loans to decrease their monthly payments and lock in a lower rate. However, refinancing isn’t for everyone, and in some cases, it’s better to stay with your current mortgage. There are several things to consider before deciding whether refinancing your home loan is right for you.

Not everyone gets the low interest rates on a home loan.

Advertised rates are often reserved for those who have the best credit scores. Before refinancing, check your credit score to see if it is high enough. In addition, advertised low rates are often only available for loans that are below the jumbo level, so make sure you know those limits.

There are other factors that may reduce your ability to get the lowest rate. For example, taking out a home loan for more than 80 percent of your home’s current value can increase your interest rate. This is especially a factor as some home values have recently declined below the price paid by their owners. If your home is in an area with significantly decreased values, it may be useful to get an appraisal before proceeding with a refinance.

Refinancing a home loan can be costly.

If you do get approved for a low interest mortgage, keep in mind that refinancing can be expensive, and closing costs can be high. While “no closing cost” loans may exist, they usually result in a slightly higher interest rate, and some fees may still be charged. It’s essential that you evaluate fees before agreeing to refinance.

Refinancing a home loan is not right for everyone.

If you have a prepayment penalty on your existing loan or have not been in your home long enough for the savings to outweigh the costs, refinancing may not be in your best interest. Also, keep in mind that if you are refinancing with a 30-year term, you are likely going to be pushing back the date that your mortgage is fully paid. If you’ve been in your home for a while, it may be beneficial for you to consider refinancing your 30-year mortgage to a 15-year mortgage. While your monthly payment may be higher, interest rates are even more attractive for shorter loans and the amount you save in overall interest payments can be substantial.

For those who do refinance, use your monthly savings wisely. Because you are accustomed to paying more on a monthly basis, you should see a decrease in your monthly expenses. Consider using this extra money to pay down debt or build a retirement fund.

Finally, don’t get caught at tax time. For many people, home mortgage interest is their largest deduction and lower interest equals a smaller deduction. Planning upfront can ensure that you don’t receive any surprises at tax time.

MMI Debt Management Plan Client Corner
Tips for Success

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Sign up for DepositDirect! It's secure, convenient and easy! Enroll online today!

Update your account balances online. When you receive your creditor statements, update your balances by visiting your MMI account .

If you would like more information about a Debt Management Plan, visit

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