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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From the Great Resignation to the Great Unretirement: The Perks and Pitfalls of Returning to the Office.
Retirement News, Retirement Planning, Retirement Tips

From the Great Resignation to the Great Unretirement: The Perks and Pitfalls of Returning to the Office.

As inflation hits a historical high, many retirees are weighing their options to make ends meet.

First, there was the Great Resignation of 2020 and 2021 — when millions of Americans quit their jobs or retired during the pandemic. Now, 68% of workers who retired in the wake of COVID-19 are considering a return to the workforce.

Is the Great Unretirement upon us?

The pros and cons of unretiring

An estimated 1.5 million would-be retirees have already clocked back in. If you’re on the fence, read on to help determine if unretirement is right for you.

Risk of higher taxes. While more income and a steady paycheck can be beneficial, you may find yourself in a higher tax bracket. And depending on where you live and work, there are state and local income taxes to factor in as well.  

Impact on Social Security. Will your Social Security benefits be withheld or adjusted? This largely depends on whether you’ve reached full retirement age. Sources say that if you’re not quite full retirement age, getting back on the payroll could result in losing $1 in benefits for every $2 earned above the yearly limit, which was $19,560 in 2022. If you go back to work during the year you reach full retirement age, $1 in benefits will be deducted for every $3 you earn above a higher limit ($51,960 in 2022). But beginning the month you hit full retirement age, benefits aren’t reduced no matter what amount your paycheck totals.

Possible increase in Medicare costs. Eligible for Medicare? Remember, the government uses your tax return from two years prior to determine what you owe. So if you return to work making a hefty salary, don’t be surprised to see your Medicare premiums go up two years later.

Mental stimulation. Working can help keep you mentally sharp and active while offering you more balance, satisfaction and structure. Plus, knowing you have to be somewhere where others depend on you and your ability to do your job can create a greater sense of fulfillment.

Valuable social connections. Friendships are foundational to health, happiness and longevity, too. If you’re lacking social connections in retirement, going to the office each day puts you in close contact with coworkers, helping to nurture connections with like-minded people.

Access to employer-sponsored perks. From health insurance to a matching 401(k), going to work may offer more financial benefits than a regular paycheck. Group health insurance through your employer may be used along with Medicare to bring down costs and increase your coverage. And through an employer-sponsored retirement plan, you can continue to put away money for when you eventually leave the workforce for good.

Less free time. When you’re employed, your time is no longer your own. You are likely bound to work a set schedule, so you’ll have to carve out time for the people you want to see and the activities you’d like to pursue.

Combat the fear of running out of money

Retirement comes with its share of financial risks. But that doesn’t mean a full-time job is your only option. Exclusively available to older homeowners, a reverse mortgage loan allows you to tap into the equity you’ve built up in your home over the years all while you continue to live in it and retain ownership. You can access the funds as a lump sum, monthly payments or a line of credit to supplement your retirement income, cover healthcare costs, make home renovations and so much more.

Don’t let fear drive you back to the office if you’re not 100% on board. The loan specialists at Reverse Mortgage Funding LLC (RMF) can help you explore your financing options for a comfortable retirement. Reach out today at (888) 277-1567.

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.

As with any mortgage, you must meet your loan obligations, keeping current with property taxes, insurance and keeping your home in good condition.

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

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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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