Posts Tagged ‘reverse mortgages’
Anger a Threat to Health in Old Age
The loss of loved ones can hit the elderly particularly hard, but a new study suggests it’s anger, and not sadness, that may damage the aging body more. Anger can increase inflammation, which is linked with conditions such as heart disease, cancer and arthritis, the researchers said. “As most people age, they simply cannot do…
Read MoreBaby boomers are struggling to recoup lost 401K balances
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…
Read MoreSeniors Would Rather Plan to Pay for Funerals Than Long-Term Care
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 MoreSurvey 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 MoreWhere and How Retirees See Themselves Living
Over 80 percent of people aged 50 and over plan on living at home as they age, and 75 percent say that failing health would be a factor that would push them toward residence in an assisted living facility, followed by the loss of the ability to drive at 30 percent. This is according to…
Read MoreReverse mortgage lines of credit could benefit from higher rates: retirement expert
The Federal Housing Administration (FHA) ties a growth rate to mortgage interest rates on HECM credit lines, Resch explained. “With higher rates, the available line of credit grows faster,” Resch told the publication. This is a different result compared with clients who have other kinds of home equity loans, who are seeing available cash proceeds…
Read MoreDon’t Get Burned Grilling, and Other Hot Weather Tips
It’s always a good idea to use caution when having some summer fun — and that includes preventing burns from barbecues and other heat sources. An expert from UT Southwestern Medical Center offers tips for avoiding heat-related pitfalls, including grilling and metal playground equipment during extreme outdoor temperatures. “Concrete, metal and even plastic surfaces sitting…
Read MoreAlmost 30% of U.S. Households Have Just $1K Saved
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…
Read More21% 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 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 More
