Retirement & You

 Are you worried about retirement because you have not saved enough for retirement? There is no such thing as a bad time to get started. Examine your financial situation carefully and determine the maximum amount you can invest each month. Do not be concerned if you think it should be.

While you know you should save quite a bit of money to retire with, it is also important to think about the kind of investments you should make. Diversify your portfolio and make sure that you do not put all your eggs in the same place.

Reverse Mortgage

For many retirees, taking out a Reverse Mortgage is the perfect financial solution, leveraging the home as an asset makes a lot of sense for many people. Seniors Reverse Mortgage can help you make the right decision, call them today at 800-561-1552.

Social Security

Depending upon whom you follow i the news, Social Security either will be there for you, is in trouble or may be around but in a different system. What is for sure is that more folks collecting a benefit for a longer period will put a strain on the system. There are already discussions about raising the current full retirement age from 66 or 67. Consider waiting a few extra years to take advantage of Social Security. This will help you will draw each month. This is simplest if you’re still working or have another source of income.

Many people think they will have plenty of time to plan for retirement. Time does have a way of slipping away faster as we get older.

Think about getting a long-term health plan. Health generally declines for the majority of folks as they age. In some cases, such a deterioration of health escalates health care costs. If you have factored this into your plan, you won’t have to worry as much.

Downsizing is the name of the retirement game. Things happen, no matter how well you have planned out your future. It is best to have “extra” money available each month.

Set goals for the long and long-term. This will benefit you to maximize your efforts to put back money. If you plan out the amount you need, then you’ll know the amount you must save. Some simple math can help you figure out monthly or month.

If you are 50 years old or greater, you can catch up on IRA contributions. There is a $5,500 that you can save in your IRA. When you are over 50, the limit goes up to $17,500. This is particularly helpful to those who started saving for lost time when it comes to retirement savings.

Consider a long term care health plan. Health often declines as people age. Medical bills can often add monthly expenses that were not originally planned for. By planning for long term health care, you will be able to be taken care of should your health deteriorate.

Pay off your loans that you have as soon as possible. You will have an easier time with your car and house payments if you get them paid for before you truly retire. The less money you need to put out on basic bills, the more you will be able to enjoy your golden years.

Working Longer

We are already seeing some people work longer or move to “encore careers”.  For many, its a chance to explore a hobby-ralted business, or some people just want to stay active. Others work because they need the money. Not only does working longer bring in immediate money; it can help delay the need to tap into your retirement fund, allowing it to keep growing.

You know what they say, 60 is the new 40! Are you ready for retirement? A lot of folks we work with have asked for some ideas on how others have made their retirement the best it can be. We scour the internet for the best articles and bring you the highlights here, along with the latest news on Reverse Mortgages.

Today we are pleased to have fellow blogger Ben Davis of Cents to Retirement share some money saving tips that just may help you have the funds necessary to retire early.

Saving daily

The most important way you can save money is on your day to day expenses. I have published an extensive list of saving tips and techniques on my blog, but I would like to explore a few of those points in more detail. You’d be surprised with how much money you can save by simply turning the lights off more often or take a walk to work instead of driving there (when possible). However, the following techniques are something that work better at a more structural level:

  • Cash out the money you’ll need for the week / month and leave your card at home. Do you know that people, in general, are way more reluctant to spend cash than money on their cards? Here’s what I did when I started to save aggressively: every Sunday I would cash out the money I needed for the week, from an ATM, and hold the cash throughout the week. Of course that it was very important to have a list of products I needed to buy and how much they would cost.  
  • Write down ALL your expenses. OK, so using a brain trick that makes you hold onto your cash in a more effective way won’t do the complete trick unless you know exactly where you’re spending your money on. I use to write down my expenses and kick myself when I spent money that I felt was not worth spending. Today I actually look at it differently – I ask myself how much happier will I be if I spend that money. Either way, it was effective: I found myself spending money on one or two products once and once only. I’d kick myself so much that I would naturally reject to buy the same thing again when I came across it.
  • Convince yourself you’re spending more money than what you actually are. I would actually come home and through a few bucks to a bucket. Because I knew that I could only live off of the money I had in my wallet (as I didn’t allow myself to use cards), I had to be extremely effective in managing my money. This has helped me saving thousands of dollars over the years.

These are tips that can be used by many people, regardless they make 30k or 300k.

http://www.thefrugaltoad.com/personalfinance/science-saving-money-retire-early

On – By Paul Vachon

Happy Thanksgiving

From everyone here at Senior’s Reverse Mortgage, we are wishing you a Happy Thanksgiving surrounded by friends, family, and delicious food!

Senior’s Reverse Mortage will be closed Thursday the 24th and Friday the 25th. Business hours resume as usual on Monday the 28th.

Reverse Mortgages Improve Your Lifestyle!

Reverse Mortgages Improve Your Lifestyle!

Retirement should be a stress-free time of your life, enjoying time with children, grandchildren and traveling to all of the places you’ve dreamt of. However, sometimes that isn’t feasible… until now. With a reverse mortgage, you are able to live the stress-free lifestyle and we at Senior’s Reverse Mortgage are here to help make this type of living a reality.

What are the benefits of a reverse mortgage?

  • You’re able to keep the title of your home. – The lender will not own your home, you will keep the ownership of your home. However, reverse mortgage will simply put a lien against your property.
  • Additional income for stress-free living. – With a reverse mortgage loan, you do not need to worry about a monthly mortgage payment. You can receive your money in a monthly payment to increase your income or in a lump sum.
  • Social Security and Medicare income aren’t affected. – Keep all of your benefits and use a reverse mortgage loan as additional income to offset cost of living, add funds for vacations or other expenses you may have.
  • Mortgage is paid back upon selling or leaving your home!

If you’re ready to take the steps towards a reverse mortgage, please give us a call. Our team is here to walk you through every step of the way and will answer any questions you may have. It is time to start living the retirement you’ve always dreamed of.

Financial advisors are now promoting more and more the value of a reverse mortgage. When applying for a reverse mortgage, keep in mind that you have two strategies: a line of credit or taking a lump sum. Advisors are increasingly seeing the line of credit as an option due to the fact that it could be used in several ways as the needs arise. A lump sum is also a popular choice but should be carefully considered as to relieve debt and not create more. For more information on the math behind the reverse mortgages, visit this publication.

As we get closer to our retirement age, we need to look at our possible forms of income. During retirement, the average American can have several sources of income such as social security, retirement savings, and home equity. Reverse mortgages are often neglected as a viable option. In this article, we are presented with four techniques in which a reverse mortgages can improve your retirement plan. Follow the link for more information.