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Retirement Trends for 2018 and Beyond
Retirement Planning

Retirement Trends for 2018 and Beyond

According to The Transamerica Center for Retirement Studies, 87% of baby boomers are not very confident that they will retire with a comfortable lifestyle.

The fact is, retirement planning isn't what it used to be. While older retirees often worked for a single company, lived frugally and earned a pension, today’s baby boomers tend to have several employers, more debt and no pension to rely on. And with new financial products, strategies and economic uncertainties in the mix, there are several trends to keep on your radar as you plan for the future.

Social Security is not a given. Transamerica also reports that 76% of employees are concerned that Social Security won't be there when they're ready to retire. Additionally, more than one-third cite the reduction or disappearance of Social Security benefits among their greatest retirement fears. As a result, workers must be prepared with a back-up plan if their benefits are slashed or retirement age is increased.

More than half of workers don’t have an employer-sponsored retirement plan. According to AARP, employees who have access to a company-sponsored plan are 15 times more likely to save than if they’re left on their own. The most affected employees are self-employed and independent contractors, those at small companies, low-wage earners, workers who don’t have a college education and minorities, all of whom are forced to explore alternate routes to retirement savings.

Home equity is a significant asset for many. According to the latest U.S. Census data, home equity represents about two-thirds of the total net assets for the average retiring American couple. The median net worth for married couples age 65 and older is $284,790, of which $192,552 is in home equity. And most people prefer to stay in their homes rather than sell and put the money toward retirement expenses. In these scenarios, reverse mortgages are a viable option to help eligible borrowers age 62 and older live a more comfortable retirement. The funds from a reverse mortgage loan can be used to pay off an existing mortgage on a home. While there will still be a lien on the home for the outstanding amount of the reverse mortgage, homeowners are not required to make monthly principal and interest payments, freeing them from the monthly mortgage payment expense. As with any mortgage, homeowners will continue to be responsible for meeting their loan obligations: keeping current with property-related taxes, insurance, upkeep and any homeowners association fees.

Planning for the future — no matter what it looks like

With so many factors affecting the retirement landscape, you want to control what you can — and stay up to date on the latest financial tools and strategies to help you plan ahead. For information on how reverse mortgages work, reach out to an experienced reverse mortgage specialist. Call Reverse Mortgage Funding LLC at 877-485-1359.

SEE WHAT FUNDS YOU MAY HAVE AVAILABLE

If you have equity in your home and believe you meet the eligibility requirements, a HECM may be the option that could help you retire smart.

Check Eligibility

This information is intended for those who are interested in financial education. This information is provided for convenience only, and RMF make no warranties concerning the accuracy or completeness of any of the information. Information is subject to change without notice, and RMF is under no obligation to provide updated information. Materials or statements made by a third party and located or posted on the Site are those of the third party and do not necessarily reflect the official policy or position of RMF. This is not financial, tax, compliance or legal advice and should not be taken or relied upon as such. Each individual should consult with his/her financial, tax, or legal professional.  All mortgage origination services are provided by Reverse Mortgage Funding LLC, a state licensed mortgage lender, which is licensed or otherwise exempt from state licensing in the states in which it originates mortgage loans.

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