Individuals who have not saved for retirement and who still own homes can turn to their homes as a source of income. For some, this could mean renting a portion of their space as a separate apartment. Another option is to take areverse mortgageon a home, although doing so can be costly...
James W. WalkerLinda H. Lewis
The need to plan for long and potentially expensive retirements continues to shape the retirement landscape for 2024. In 2024, factors such as inflation and two years of stagnation in the S&P 500 index, despite short-term rallies, have the potential to affect retirement. Inflation, mediocre eq...
According to Collinson, fewer than half of baby boomers (45%) use a professional financial advisor to help manage their retirement savings and investments. If you need assistance or have questions about how to save for retirement, or how much, consider seeking professional advice. Brokerage compani...
Your real estate (if you own your home, have no outstandingmortgagebalance, or will own your home by the time you retire—you have the option of selling it or obtaining income through areverse mortgage) Your intended lifestyle during retirement, including whether you plan to lead a quiet ret...
Dodge New Year Credit Score Drops Learn from the experts how to protect your credit score while navigating the pressure to spend beyond your means. Jessica WalrackDec. 31, 2024 Signs of Fraud on Your Credit Report Act quickly to prevent scammers from accessing more information and d...
Because no matterhow much moneyyou save for retirement, overspending can cause your plan to fail. Having $5 millionsaved for retirementlikely doesn't help if you spend $1 million per year, for example. "If you want to retire early, the most important thing you can have is awareness around...
However, whether a cash management account is the best option depends on your financial goals and time horizon. For longer-term goals, such as your retirement fund, investing in the stock market is likely a wiser choice so you can take advantage of market growth. “If [your] money is si...
How do you receive your reverse mortgage funds? If you get approved for a reverse mortgage, you’ll have access to as much as 55% of the value of your home equity. You can choose to receive your money in two ways: either as a single lump-sum or as a combination of an initial adva...
A combination of a line of credit, plus fixed monthly payments for a set length of time If you choose a HECM with a fixed interest rate instead, you’ll receive a one-time, lump-sum payment. With either option, the interest on the reverse mortgage accrues every month. You can roll th...