my line of credit

HI Terry.. I am 54 and married. Should I pay off my home equity of 30000 dollars or save for retirement. I have no savings

Terry Says:  The simple — but difficult — answer is BOTH!  I don’t know whether you have a mortgage or a home equity loan/line of credit.  It’s not so serious to have a mortgage, especially if you have locked in a fixed rate.  But a home equity loan will become costly if rates rise, because those tend to be floating rates, and maybe interest-only.  On the other hand, you can’t afford to be without savings for retirement.  Can you earn more money, perhaps at a part-time job?  Have you checked out retirement plans that might be offered at work?  And is your spouse working, and contributing to a retirement plan?  You might need to rearrange your family finances so that you have money for your own Individual Retirement Account.  If you need help figuring this out, call the National Foundation for Consumer Credit at 800-388-2227.  That will put you in touch with the nearest local office.  They are experts at budgeting — and can help set priorities, even if you are not buried in debt.  And it is all confidential, and does not go on your credit report just to talk with them. They can help you deal with the specifics of your situation.