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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How Inflation is Causing Social Insecurity
Retirement News,

How Inflation is Causing Social Insecurity

Can Social Security keep up with inflation? With mounting costs and soaring bills, this question is weighing heavily on the minds of retirees.

According to Alicia Munnell, director of the Center for Retirement Research at Boston College, “​The annual Social Security adjustments do a really good job of offsetting the effects of inflation.”

Is a hefty raise on the way?

The U.S. inflation rate hit a 40-year high in May, exceeding 8% — far surpassing the Federal Reserve’s 2% target. The mounting costs of goods and services have prompted a record-breaking Social Security Cost of Living Adjustment (COLA).

This adjustment generally falls between 1-3% per year. But for 2022, Social Security recipients saw a 5.9% boost in their monthly benefit checks to hedge against inflation. Stephen Goss, chief actuary for Social Security Administration, predicts that the 2023 COLA could be even larger, around 8%.

And good news for high earners, your maximum taxable earnings limit may also get a boost. In 2022, this limit was $147,000 for the year. But due to inflation, there’s a good chance it may also see a marked increase.

Not so fast…

Keep in mind, while another sizeable cost-of-living adjustment and increased taxable earnings limit are positive side effects of inflation, they may still fall short in combatting the loss of buying power that beneficiaries have seen over the years. In fact, a recent study revealed that Social Security benefits have lost a whopping 40% of their buying power since the year 2000.

Bottom line: If you’re counting on Social Security as a primary income source, it might not stretch as far as you think.

Financial security you can count on.

Most experts agree that you need 80% of your pre-retirement income to maintain your standard of living. Many retirees rely on Social Security to fund their retirement, but that doesn’t mean it will be enough.

reverse mortgage from Reverse Mortgage Funding (RMF) can help. This valuable financial tool is available to older homeowners, allowing you to leverage your home equity and use the funds — pending first that any prior mortgage is paid off — to supplement your monthly income, delay your Social Security, cover medical expenses or to simply keep up with the lifestyle you want and deserve. 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. Best of all, you continue to live in and own your home with your name on the title.

Knowing all your Social Security benefit options — as well as the best way to claim them — can help you more accurately plan for your financial future. Download our free Social Security guide as a handy reference.

To learn more about reverse mortgage loans, reach out to the loan specialists at RMF. Give us a call today at (888) 277-1567, and we’ll set up a convenient local appointment to get your questions answered. 

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.

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. In certain states, RMF’s EE loan provides a fixed-rate term payment option.


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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.

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