Putting off retirement planning is common among healthy seniors — to the point where a substantial majority of them would rather think about dying than how to plot out their remaining living years. Three-quarters of respondents to a survey from Home Instead, Inc., a home health provider, said they felt more comfortable thinking about funerals… [Read More]
Survey finds nearly 25% of adults have no retirement plan besides Social Security
A survey of over 1,000 U.S. adults conducted by GOBankingRates found that if not for the presence of the Social Security program, nearly one in four adults would not have any retirement plan at all. “While nearly as many people could leave their benefits on the table and still retire in style, 50% of the… [Read More]
21% of Boomers Lack Savings for One Month’s Expenses
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… [Read More]
People want to retire early, but aren’t saving enough to do it: survey
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… [Read More]
Smoking Linked to Frailty in Seniors
Seniors who smoke may be more likely to become frail, a new British study suggests. Researchers tracked more than 2,500 people 60 and older in England and found that current smoking boosted that risk by about 60 percent. The scientists determined that the participants were frail if they had at least three of five conditions:… [Read More]
Reverse Mortgages Could Hold Key to Secure Retirement
Joining the chorus of popular media outlets that have covered home equity’s role in retirement, USA Today ran a lengthy piece this week about ways homeowners can tap into their wealth — including with a Home Equity Conversion Mortgage. Quoting experts such as reverse mortgage researcher Wade Pfau and wealth advisor Randy Bruns, the national… [Read More]
Should You Retire On Your House?
Many American households will face a significant retirement financing gap unless they save more, invest more efficiently, retire later, and/or distribute their retirement assets more efficiently. Yet the pain of such difficult behavioral changes might be mitigated by better use of an asset that almost 80 percent of retirees have: the family home. The Reverse… [Read More]
Could a Reverse Mortgage save your Retirement?
As baby boomers retire at the rate of 10,000 per day, many of them are woefully underfunded for their future retirement needs. While reverse mortgages have gotten a bad rap over the last decade, the product has changed and become more regulated. Reverse mortgages are now gaining a lot of attention as a viable option… [Read More]
Retirement savings declined by an average of 10% in 2022
Last year, retirees lost an average of 10% of their accrued savings for retirement. The average retirement savings dropped from $191,659 in 2022 to $170,726 by the start of 2023, according to a survey conducted by Clever Real Estate. The survey also shows that the share of retirees who have nothing saved jumped from 30%… [Read More]
Reverse mortgages an option for seniors feeling stuck in retirement
Reverse mortgages could be an option for seniors who feel like they’re “stuck” in retirement. However, they may not consider this option due to the hurdles that many assume will come with tapping home equity, according to retirement expert Mark Miller, who was featured in an article on MarketWatch. In the article, Miller names home… [Read More]
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