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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Retirement Redefined for the Baby Boomer Generation
Retirement News, Retirement Planning

Retirement Redefined for the Baby Boomer Generation

The results are in! According to a new study, Longevity and the New Journey of Retirement, today’s Baby Boomers in and nearing retirement have made their point loud and clear: This is not their parents’ retirement.

While the consensus is their parents’ retirement was a time for rest and relaxation (think extended vacation), only 27% of retirees and pre-retirees picture that for themselves. Fifty-five percent see it as one of life’s new chapters they get to write, and they’re approaching it with optimism.

Older generations are enjoying the opportunities that weren’t available years ago, but today’s retirement comes with its own set of challenges.

The survey says…

The study reveals five major forces shaping today’s retirement journey — greater longevity, a swelling generation of retirees, matching healthspan to lifespan, the demise of pensions and the COVID-19 pandemic. These forces are converging, impacted retirees’ finances, purpose, timeline and more:

  • Nearly 70% want to live to be 100. But most expect to live to 89, counting on approximately 29 years of retirement.
  • The proportion of Americans age 65+ rose from 10% in 1970 to 17% today and is projected to reach 22% by 2050. That’s significantly more people spending many more years in retirement.
  • Healthcare costs have become retirees’ number-one financial worry. The average couple needs $10,000 to $12,000 a year for regular medical expenses. That’s an estimated $445,000 over the course of their retirement.
  • Most people don’t maximize their retirement account contributions, but they do make penalized early withdrawals. And 22% of Americans eligible for retirement plans don’t contribute at all.
  • Due to the pandemic, nearly 70 million Americans have been rethinking the timing of their retirement — postponing it for financial reasons or accelerating it because they’ve reconsidered their priorities.

The study also asked retirees how they’ve financially prepared for retirement. The most common responses include contributing to an IRA, reducing debt and putting investable assets to work. The retirees reporting a high quality of life took all these steps and more to create a financially stable retirement.

The financial freedom to age your way

This is your retirement. If you’re behind on planning for retirement or fear you won’t have the funds to see it through, consider the benefits of a reverse mortgage loan.

Available to older homeowners, a reverse mortgage allows you to tap into the equity you’ve built up over the years while you continue to live in and own your home. You can access the funds as a lump sum, monthly payments or a line of credit that’s available if and when you need it. Best of all, you can use the money as you wish (pending, if applicable, the funds first being used to pay-off any pre-existing mortgage) to supplement your income, travel, renovate your home, cover medical bills and so much more.

As with any mortgage, you’re still responsible for loan obligations, such as paying property taxes and insurance, as well as keeping up with home maintenance and repairs.

For information, or to schedule an appointment with a local loan specialist, reach out to Reverse Mortgage Funding LLC (RMF) today at (888) 277-1567. We look forward to helping you explore your financing options for the best retirement possible.

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.


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