Retirement News with Professor Craig

Retirement News with Professor Craig

The Retirement News blog is dedicated to the financial and physical health and well-being of older Americans. 
Whether you're already in or nearing retirement, you will find important, topical information in the blog to help you make informed decisions on your road to retiring more freely.
As a 25-year veteran in the financial services industry and a certified trainer and teacher, Professor Craig's #1 goal is to help you thrive in retirement with financial peace of mind. 

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Bad News for Retirees: How Inflation May Impact Your Social Security Benefits
Retirement News,

Bad News for Retirees: How Inflation May Impact Your Social Security Benefits

Over the past year, inflation has spiked 8.6%. The cost of consumer goods and services is increasing at its fastest pace in 40 years. Many investors are being advised to position their portfolios defensively for the time being.

But for those in or nearing retirement, the rising cost of living may be chipping away at your savings and buying power, making you financially vulnerable at a time when financial stability is most critical.

Are you feeling insecure about Social Security?

If you’re relying on Social Security as a key income source, it’s important to understand how inflation is affecting those benefits, too.

Today’s mounting costs have highlighted a huge challenge within the Social Security Administration — how Social Security Cost of Living Adjustments (COLAs) are calculated, leaving recipients underfunded. In short, the benefits are failing to keep up with life as we know it.

For 2022, Social Security recipients saw a 5.9% boost in their monthly benefits checks. But it can’t compete with the 8.6% rise in the cost of living we’ve seen over the past year.

What’s more, the tax threshold hasn’t adjusted with inflation. Since the Reagan administration, Social Security recipients have been taxed on their benefits when their income exceeds a certain threshold: $25,000 as individuals and $32,000 for couples. A growing number of retirees are being pushed over the edge — owing more to Uncle Sam while having less to afford their post-work lifestyle.

Now more than ever, it’s important to look for ways to reduce spending and preserve your savings For eligible older homeowners, there’s a financial tool that may also help by providing the funds you need to soften the impact of inflation — a reverse mortgage.

Understanding Social Security Benefits as Part of a Holistic Financial Plan

The luxury of home equity

If you’ve worked hard to pay off or pay down your mortgage, it may be an opportune time to reap the benefits, tapping into the wealth tied up in your home. For qualified applicants, a reverse mortgage allows you to leverage those funds while continuing to own your home with your name on the title. The funds can be accessed as a lump sum, monthly payments or a line of credit that’s available if and when you need it.

One of the best features, reverse mortgages don’t require monthly payments. You can pay as little or as much as you want, when you want. You may even pay off the loan early with no prepayment fees. Borrowers are still responsible for keeping up with loan obligations, including property taxes, homeowners insurance and basic home maintenance.

To learn more, contact a local loan specialist at Reverse Mortgage Funding, LLC (RMF) at (888) 277-1567. We’ll give you the facts and resources to learn if a reverse mortgage loan is the right solution for you.

This content is sponsored by RMF, one of the nation’s leading reverse mortgage lenders. We are dedicated to helping older Americans retire more freely, in the comfort of their own homes. As a result of our commitment to providing an extraordinary and positive customer experience, we have earned a 98% customer satisfaction rating; a 4.5-star / Excellent score on Trustpilot; 4.8 out of 5 stars on LendingTree; and an A+ rating with the Better Business Bureau. Call 888-277-1567 to speak with a licensed reverse mortgage specialist to learn about our retirement financing products and solutions.

Borrowers who elect a fixed rate loan will receive a single disbursement lump sum payment. Other payment options are available only for adjustable rate mortgages.


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A More Flexible Home Equity Loan

If you’re 62 or older, there is a home equity line of credit option that offers greater financial flexibility than a traditional Home Equity Line of Credit (HELOC). It’s called a Home Equity Conversion Mortgage (HECM) line of credit. 
If you have an existing mortgage or home equity loan you could refinance them with a HECM line of credit and get enhanced benefits, including a flexible payment feature and a line of credit that GROWS when left untouched.
As with any mortgage, you must meet your loan obligations, keeping current with property taxes, insurance, and keeping your home in good condition.

Equity Elite Reverse Mortgage

Put Your Home Equity to Work for You

Get Your Free Reverse Mortgage Quote

By clicking "CALCULATE", you are providing your signature and express "written" consent to be contacted by or behalf of Reverse Mortgage Funding LLC, its affiliates and/or its agents (collectively Company) at the telephone, email or mailing address that you have provided for purposes of fulfilling this inquiry about reverse mortgages and/or the Company's products or services, even if you have previously registered on a "do not call" government registry or requested Company to not send marketing information to you by email and/or direct mail. You agree that the Company may use automatic telephone dialing systems and prerecorded voice messaging in connection with calls or texts made to the telephone number you provide even if the telephone number is assigned to a cellular or mobile telephone service or other service for which the called party is charged and are representing that you are the regular user of provided number. You understand that you are not required to consent to receiving autodialed calls or texts as a condition of any reverse mortgage and/or purchasing any Company products or services. If you do not wish to authorize Company to contact you in this manner, you can call 888-277-1567 to complete your request. You understand that you can revoke this consent at any time.

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