Many pre-retirees and retirees consider a reverse mortgage to help supplement their income for monthly expenses. As is the case with every financial decision, it’s important to know exactly what you’re getting from a reverse mortgage, and whether it fits into your financial plan. This blog is intended to provide an overview of this complex topic. More information can be found through the links provided throughout the post.
For many people, retirement isn’t an easy transition. Aging can be a challenge, and the financial burdens that come with it can weigh down even the healthiest of people. In many cases, retirees have family members who help them through the aging process. There’s a support system in place for when you need medical assistance or can’t live on your own anymore.
Solo agers, however, don’t have the same family ties that many retirees do. Traditional family life isn’t always for everyone, and that’s okay! It just means that, if you’re a solo ager, you have to think ahead and do some more planning for your own retirement.
When people hear “financial advisor” they often think of someone hunched over multiple computer screens, day trading, and trying to “beat the market.” In reality, this image couldn’t be farther from the truth.
While many financial advisors help their clients create and implement an investment strategy, they certainly aren’t day traders who exclusively spend their time crunching numbers and trading stock! This specific view of advisors often lends itself to people believing that financial advisors are only for the wealthy, or for people who are nearing retirement.
The American workplace is changing. In today’s world, more and more people are turning to less traditional work schedules, and even working remotely for their employers. Part of this shifting landscape is the rise of the gig economy. Right now, 36% of Americans participate in the gig economy either through a primary or secondary job - and those numbers are growing each year.
Have you considered working during retirement? For many retirees, working full or part-time for a portion of their retirement years can have financial and emotional benefits. Let’s take a closer look at how working during retirement could positively impact you, and how to determine whether it’s a good fit for your lifestyle.
Do you have a graduating high school senior in your life? Supporting soon-to-be college students is a priority for many families, especially as tuition rates continue to climb. Luckily, there are several ways you can consider supporting your new grad as they start this next chapter in their lives.
Many pre-retirees plan to have Social Security as part of their retirement income strategy. However, few plan ahead for when they want to start taking their Social Security benefits as part of their larger retirement plan.
When thinking about how to increase their cash flow, many people immediately jump to a simple solution:
If I make more money, I’ll be able to increase my cash flow.
It’s true that increasing your salary, or figuring out a way to bring in more money for you and your family, will help to boost your cash flow. Unfortunately, it’s not always as easy as asking for a raise, or finding time in your busy schedule to pick up freelancing, or additional part-time work. This is especially true if you’re well-established in your career.
Have you ever thought about being a landlord?
There are many ways to diversify your investment portfolio, and investing in real estate is one of them. Many people buy properties with the intent to rent them, especially in highly populated areas like big cities and college towns. But before you shell out thousands of dollars for a down payment, consider these crucial points.
Unexpected emergencies happen all the time, but we never think they’ll happen to us - or to our loved ones. Emergencies are stressful, and often expensive, times of life that can put an unnecessary strain on your financial and emotional life.
But it doesn’t have to be that way. Although emergencies are (almost) always a surprise, there are still ways you can financially and mentally prepare.
Many retirees plan to travel during retirement. Unfortunately, your cash flow as a retiree isn’t limitless. Travel often has to be done on a budget - but that doesn’t mean you can’t explore the world and embrace this exciting new phase of your life!
On average, most people will be retired for over 20 years. That’s a long time! Think back to the first 20 years of your life: what did they look like? They were probably filled with school, friends, first loves, and new careers. Many people think of their 20s as a time of growth, change, excitement, and freedom.
Why not look at the 20+ years you’ll spend in retirement in the same way?
Marie Kondo has taken the process of organization to a whole new level. Through her “spark joy” campaign, the business of cleaning-house has grown a new commercial leg. Marie Kondo says she loves clutter and relishes in the opportunity to help people weed out the unnecessary things in their lives to get to the root of what really matters to them.
Why don’t we try and apply this method to our finances: do your financial habits bring you joy?
Your income channels will drastically vary when you reach retirement. Without the cushion of a biweekly paycheck from your employer, it becomes even more important to understand your revenue streams and where they will come from.