Posts Tagged ‘retire’
Hidden Costs of Aging in Place
A recent survey from the American Advisors Group found that 74% of adult children of baby boomer parents prefer that their parents retire and age in their own homes—this to relieve the financial and emotional pressures stemming from elder care and growing retirement insecurity. Staying in your home as you age allows you to stay…
Read MoreBaby boomers are most active in these housing markets
Baby boomers are a key constituency for the reverse mortgage industry since they are currently the generation with the largest share of the population at or above the age of 62. A recent SmartAsset analysis of 2023 Home Mortgage Disclosure Act (HMDA) pinpointed where boomers are most active within the U.S. housing market. “Retirement often…
Read MoreGen X makes progress with retirement savings: Fidelity
Retirement savers experienced their third consecutive quarter of growth in Q2 2024, with Gen X savers showing strong gains in individual retirement arrangements (IRAs), a sign of progress considering that cohort’s prior struggles with saving for life after work. This is according to a report released by Fidelity Investments, based on 401(k) and 403(b) data…
Read More69% of Seniors Say Social Security ‘Critical’ to Retirement Plans
More than two-thirds of seniors say that Social Security benefits are critical to their retirement planning according to a new survey, while a plurality said their biggest financial regret from their younger days was not saving enough. The April survey was conducted by LendEDU, an online student loan refinancing marketplace, which sought the opinions of…
Read MoreThe Best Times To Get A Reverse Mortgage
Let’s examine a few of the best times to consider getting a reverse mortgage. When you don’t have enough income to pay your bills Many seniors have significant equity in their homes after paying down their mortgage over time, especially if home values have increased. Unfortunately, many of these same seniors struggle to meet monthly…
Read More5 Ways to Maximize Your Retirement Savings
Ideally, you have a sizable nest egg saved for retirement, but many people aren’t sure how to do that beyond allocating a percentage of money to their work 401(k) program. Fortunately, it’s easy to make some decisions now that could ensure a more stable retirement—and you don’t need to have a lot of financial knowledge to…
Read MoreFive Year Retirement Plan Should Consider Reverse Mortgage
A recent New York Times article offers a concise 5-year countdown-to-retirement plan, with the final year of the timeline being the time to –cautiously – consider a reverse mortgage. Offered as a way to make ends meet if you’re planning to stay in your current home, reverse mortgages are a “fourth- or fifth-tier line of…
Read MoreLike U.S. population, the workforce is aging faster
The share of older workers in the U.S. has grown significantly since the turn of the century, with 29.5% of workers in 2023 at least 65 years old, compared to 23% in 2000, according to a new report from the Employee Benefit Research Institute (EBRI). This occurred as labor force participation by older Americans between…
Read MoreReverse mortgages could be a long-term care option
Among the numerous issues that retirement preparation can present to those near the end of their careers, long-term care (LTC) provides an increasingly common discussion point. One potential product that could assist in paying for LTC and its insurance could be a reverse mortgage, according to personal finance publication Kiplinger. LTC is already an expensive…
Read MoreAre reverse mortgages the most underutilized retirement tool?
Reverse mortgage use as part of a broader financial plan “is really the intention in the financial planning space,” Pfau told the outlet. While reverse mortgage customers benefit greatly from low rates, the current high-rate environment doesn’t fully cancel out their potential use as a planning tool, he explained. “It’s all about the sequence-of-returns risk…
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