The 401k account balances of baby boomers were nearly $30,000 lower in June 2023 than they were by the end of 2021, showing that those in or near retirement are having a harder time recovering financial losses than younger generations. This is according to data from Fidelity Investments, as reported by USA Today. “By the…

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Baby boomers and seniors who proactively set up retirement accounts have more than $100,000, on average, in savings than their peers who did not, according to a recent study by personal finance publication MagnifyMoney. But across the entire board, 29% of households have less than $1,000 saved in any type of account. Using data from…

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Yet another poll reveals that all generations feel unprepared when it comes to retirement savings — with 21% of baby boomers lacking adequate savings to cover one month of basic expenses, according to AARP. Co-commissioned with the Association of Young Americans, the “Three Generations Survey” asked baby boomers,Generation Xers, and millennials, a variety of retirement…

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Shortfalls in retirement funding are a common source of discussion for people currently at or nearing their exits from the workforce, but new data suggests that those with a longer career runway in front of them are developing potentially unrealistic expectations about what their own retirements will look like. As life expectancy increases, the World…

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While a majority of American workers believe that they’re building a sufficient retirement nest egg, more than one in three workers (37%) report that they’ve had to tap into their retirement accounts — including hardship withdrawals — to make ends meet, according to a recent report from the Transamerica Center for Retirement Studies. And, retirement…

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While most homes aren’t designed to be dementia-friendly, they can easily be adapted, according to a national Alzheimer’s disease group. “Virtually every aspect of a home can affect the person’s quality of life,” said Charles Fuschillo Jr., president and CEO of the Alzheimer’s Foundation of America (AFA). “From purchasing higher-tech appliances all the way down…

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Earlier this summer, homeowners aged 62 and older saw their collective housing wealth increase in Q1 2022 by approximately $520 billion to a record of $11.12 trillion, according to data provided by the National Reverse Mortgage Lenders Association (NRMLA) in conjunction with data analytics firm RiskSpan. Such historic levels of home equity may mean that…

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While Americans have a multitude of potential options and avenues they can use to fund their life after completing a career, many Americans — including current seniors — often find themselves unprepared for retirement. This is why it may be necessary to seek out less traditional sources of retirement funding, and one such potential source…

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One often overlooked tactic that seniors can employ when seeking to pay down outstanding debt in retirement is the strategic use of a reverse mortgage loan, one of several options that an older American can use when examining their finances during their post-working years. This is according to contributor Bob Sullivan and editor John Schmidt…

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Based on the recent release of the Federal Reserve’s 2019 Survey of Consumer Finances (SCF), as much as half of today’s current American households are at serious risk of not having enough resources in retirement. Some of these risks can be mitigated with financial products including reverse mortgages, but more action is needed to fix…

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