Posts Tagged ‘bills’
Middle- and Lower-Income Americans May Be Falling Behind with Savings
The Bureau of Economic Analysis released updated statistics last month showing a sunnier savings outlook for Americans than previously estimated — but some commentators note that not everyone may be sharing in the success. After releasing first-quarter data showing the personal savings rate sat at 3.3%, the BEA recently amended its estimate to 7.2%, according…
Read MoreAdvising Reverse Mortgage Borrowers on Aging in Place
For the many seniors who want to age in place, structural upgrades can become essential for living with accessibility and safety. A commonly promoted use for the Home Equity Conversion Mortgage, these upgrades are something retirees should start planning for sooner than later if staying in their current home is the plan, said Pete Mendenhall,…
Read MoreRetirement Planners May Need to Bring Seniors Back to Reality
A variety of financial-preparedness surveys have found intense anxiety among seniors regarding retirement, with many feeling unprepared to face their future without a steady income from work. But another study that focused on more qualitative visions of retirement shows that many financial planners might have to provide a sobering dose of reality to their clients.…
Read More10% of Surveyed Seniors Say They’ll Fund Long-Term Care with Reverse Mortgages
A recent survey found that 10% of seniors aging alone plan on using reverse mortgages to pay for long-term care costs — a number that lags behind other sources, but still represents a potential area of opportunity for the industry. The vast majority of respondents — 68% — identified savings and investments as a source…
Read MoreIs early retirement possible?
Mark Twain said, “Find a job you enjoy doing, and you will never have to work a day in your life.” Only some are so lucky. And, if you are one of the lucky ones, even a job you enjoy doing can become tedious after many years. If you’re grinding through your days, thinking about…
Read MoreHalf of Older Adults Say They’re ‘Chasing’ a Solid Retirement Plan Without Success
Yet another survey of American retirement savers has revealed that a significant chunk of people don’t feel comfortable with the amount of money they’ve already stockpiled — with about half feeling as though they’re chasing a retirement dream that may have already left them behind. In a recent poll of adults aged 45 to 65…
Read MoreBankruptcies Skyrocket Among Seniors Amid Soaring Health Costs
The steady erosion of Medicare and Social Security benefits, the shift away from defined benefit pensions, and rising health care costs have all been blamed for seniors’ financial woes over the last decade. Now a group of researchers has the bankruptcy data to prove it. Since 1991, the rate of Americans aged 65 to 74…
Read MoreTop 5 Reasons People Get Reverse Mortgages
Once you’ve done your research on reverse mortgages and gained a more complete understanding of the product, the next step is to decide if a reverse mortgage is right for your situation. If you’re eligible (a homeowner 62 years of age or older with equity in your principal residence), this may be a quick decision…
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