Equity Release May 9, 2018
The total costs of Social Security will exceed total income this year for the first time since 1982, according to the annual Social Security and Medicare trustees report released on Tuesday, as funds for Medicare are expected to run dry earlier than expected.
So, you retired, and a lot of your friends retired. It didn’t take long to see how difficult it is to retire without enough financial resources. No pensions. No large 401k to cash out. What can you do about it? Besides the usual list which may include scaling down your lifestyle, you can take out some of your home equity with the use of a HECM mortgage to provide additional cashflow. Pay off the mortgage and reduce the overhead.
But even with those adjustments, some will consider staying in — or going back into — the workplace. There are challenges initiated by the changing workplace as evolving high tech skill sets overwhelm those not adequately trained.
AMARA ROSE MAY 7, 2018
“What we have done for ourselves alone dies with us; what we have done for others and the world remains and is immortal.”
What does that mean: “non-recourse”??? Ask Warren — see footnote at the end of article on “Information tab”.
Debt of the Elderly and Near Elderly, 1992–2016
By Craig Copeland, Ph.D., Employee Benefit Research Institute
AT A GLANCE
Western states see double digit increases.
(See editor’s note at the end of this article for impact on Reverse Mortgages)
Loose management of finances, such as taking on too much debt or not saving enough, could lead to irreversible damage when it comes to retirement.
What’s more, you often don’t find out if you’ve made a financial mistake until much later in life. That’s why we decided to survey senior citizens to see what they would change about their financial planning if they could go back to their youth when they first started working. It might be too late for them to make changes, but others certainly can benefit from their advice and benefit of hindsight.