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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Life After 50: 7 Steps to Retirement Readiness
Retirement Planning

Life After 50: 7 Steps to Retirement Readiness

Fifty can be a pivotal age when it comes to retirement planning. You’re likely less than 20 years away from exiting the workforce, so you’re saving money and getting serious about your finances. At the same time, you may also be caring for, or providing financial assistance to, aging parents, your children, and/or grandchildren, at the same time. But it’s also time to think about how you want to build out your golden years — including the hobbies you hope to pursue — and how you’re going to factor those costs into your new lifestyle. Luckily, at 50 there is still time to make changes to your savings strategies to make sure your goals are met.

Read on for seven ways to improve your retirement readiness here and now.

  1. Focus on your spending. Where does your money go, and how will that change during retirement? What hobbies or travel plans do you have for retirement that aren’t part of your current spend? Are you saving enough now?  Budgeting is a common challenge for many new retirees. If you can implement firmer control of your spending habits while you’re still working, you’ll free up resources for later when you need them most.
  1. Get serious about your health. What good is retirement planning if you can’t enjoy its benefits later on? Taking care of yourself can pay off later in terms of your overall health — and increases your odds of living a longer, more active life. Get proactive and make an appointment with your doctor about steps you can take today for a healthier tomorrow.
  1. Update your estate plan. At 50, estate planning might not feel urgent, but the process involves nearly every aspect of your financial life — a review of your assets, insurance policies, healthcare instructions and more. Knowledge is power, so take the time to educate yourself on the latest thinking and financial products sooner rather than later.
  1. Insure what’s necessary and get rid of the rest. Make sure you have your healthcare covered, and drop any unnecessary term life or other policies that have outlived their purpose. The money you save now on unnecessary insurance premiums could work a lot harder for you in retirement.
  1. Have a plan in place for your parents as well as your children. As the average lifespan grows longer, at some point you may find yourself juggling the needs of retired senior family members and your offspring. For many retirees, their home — and the home equity they’ve built up — can be their most valuable asset, so it’s wise to educate yourself about how that equity can be used in retirement. For example, if your parents are homeowners age 62 or older, a reverse mortgage can help provide them with greater financial flexibility, while giving you peace of mind that their financial needs are covered.
  1. Max out your current retirement contributions. Maximizing your contributions is one of the simplest ways to help increase the amount of money you’re putting away for the future — which can make a big difference later on. Beginning at age 50, as of 2018 you’re allowed to make annual “catch-up” contributions to eligible retirement plans as follows:
  • 401(k) [other than a SIMPLE 401(k)] — up to $6,000
  • SIMPLE IRA/401(k) — up to $3,000
  • Traditional or Roth IRA — up to $1,000
  1. Limit your tax exposure. With the new tax bill in place, your current retirement savings strategy may be outdated. For example, personal income tax brackets have been lowered for many households, so you may need to adjust your plan for taking required minimum distributions so you’re not forced into a higher bracket. Talk to a financial professional about a straightforward strategy for withdrawing money to lessen the impact of future tax seasons.

Planning for retirement — through each new phase

Preparing for retirement now can save you or a loved one from playing catch-up later. And with financial options like a reverse mortgage, you can be better prepared for the unexpected, while securing more freedom and financial flexibility for the years ahead. To learn more about the benefits of reverse mortgage for homeowners age 62 and older, call Reverse Mortgage Funding, LLC (RMF) today at 888-277-1567 for a convenient phone appointment with an experienced reverse mortgage specialist.



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.

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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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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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