by Susan Quilty on March 24, 2010
There are many challenges that affect retirement planning for women. On average, women have a longer life expectancy and a lower median income than men. Due to their primary parenting or caretaker roles, women often spend a significant portion of their lives outside of the workforce, or working part-time jobs. Women are also less likely to have employer sponsored 401K plans, and twice as likely to depend on Social Security as their primary income after retirement.
There are many questions women should ask themselves when planning for retirement: How much money will I need? What sources of income will I have during retirement? What if my spouse dies before me? How will the cost of living change over time? What if there is an emergency?
by Bill Ness on July 24, 2009
The Home Equity Conversion Mortgage (HECM) is a program available to homeowners over the age of 62. The HECM is a type of reverse mortgage that enables homeowners who have little or no mortgage balance to borrow against the equity in their home. The main benefit of this type of loan is that it allows seniors to convert home equity into cash. The FHA insurance program insures this HUD approved loan. This is a good option for senior homeowners who have a small outstanding mortgage and want to cash it out without selling their homes.
by Bill Ness on December 29, 2007
As people approach retirement (and that word means a lot of different things to different people), there are five distinct stages they go through according to a study conducted by Ameriprise Financial (PDF of study report here). These stages include: 1) Imagination, 2) Anticipation, 3) Liberation, 4) Reorientation, and 5) Reconciliation. As the Ameriprise study points out, “retirement is not a single event…it does not take place in a day, or even in a single year. Instead [the] study reveals that people migrate through distinct and predictable states of retirement—each with its own complex emotions and needs.”
by Bill Ness on December 27, 2007
Fox News posted an interesting article today on the depressing outlook regarding the retirement savings plans for many Americans. The article illustrates how many Americans will be caught off guard in retirement by the increase in costs and their lack of retirement savings to offset those costs.
