Financial Hour: Emergency Funds – What is an ‘Emergency’?

We answer listener questions including:

• My husband and I have very different opinions about when it is OK to use money from our emergency fund. I think it is OK to use it for big unexpected expenses like car repairs. While he thinks we should delay any expense we can and save up separately to pay for it. And our emergency fund should be reserved for expenses that absolutely cannot wait or in the event one of us would lose our job. What are your thoughts? – Angela, Cedar Rapids
• I know your benefits are slightly reduced, but is claiming Social Security right at 62 really a bad thing? – Earl, Cedar Rapids