What exactly is a reverse mortgage? How does it work and who does it benefit? Also known as the HECM or home equity conversion mortgage in the States, the premise of reverse mortgages is simple enough – it’s a loan against your house, for people 62 years of age and older but unlike traditional mortgages, there are no monthly payments to be made while you’re alive. It’s a great way for seniors who have accrued home equity to supplement their retirement.
Implement these tips to make sure your retirement nest egg lasts as long as you need it to.
It is true that most, if not all, seniors would rather live at home. That is mostly because this sort of arrangement gives them the kind of freedom and independence to which they have grown accustomed.
Life insurance is important especially when you have dependents. Should you pass away, you don’t want to pass the financial burden of hospital bills, funeral costs, and debts on them.
Therefore, you need to choose a life insurance company and a policy that is suitable for you and pay your premiums. In this way, if you die, your family will receive a lump sum payment, which they can use to support themselves, ensuring that you can still take care of your loved ones after you’re gone.
Retirement planning is the process of deciding what your retirement goals are and the actions and decisions you need to undertake to bring these goals to fruition. It involves estimating expenses and saving and identifying other sources of potential retirement income. Your future finances will determine your retirement goal for instance in the event of a promotion.
Nursing home insurance, often referred to as long-term care insurance, has been a popular topic in the news for the past few years. Premiums continue to rise, and many of the big-name insurance company providers have stopped offering nursing home insurance altogether in favor of health coverage or long-term care coverage.
Age isn’t the only factor that makes tax logistics difficult to manage.
Medicare can best be described as health insurance for people 65 years of age or older. It also benefits other segments of the population –– such as people of any age with disabilities.
Your 65th birthday is rapidly approaching, retirement is looming, and your Medicare choices are pretty overwhelming. What plan or options are right for you? The Medicare system can be challenging to navigate and understand. Making the wrong choice could end up costing you more than you can afford in the long run.
Medicare Part B offers comprehensive coverage for seniors and those with disabilities.
When it comes to doctor and hospital bills, Medicare is a lifesaver for countless older Americans. But that’s not enough for everyone. The elderly lady who’s missing out on her grandchildren’s laughter because she can’t afford hearing aids, or the elderly man who’s losing too much weight because his teeth are giving him trouble when he eats, aren’t getting much benefit from Medicare. But that can change with a Medicare Part C plan to help pay additional medical costs.
Choosing between eating or buying needed medication: it’s a story told all too often, especially among the elderly. In some cases, faced with a choice between paying the electric bill or buying their medication, they turn the heat down and put an extra blanket over their legs. They cut their pills in halves or thirds. And they hope it will get them through. For people with little money and no prescription drug coverage, this is an all-too-common reality.
Debt is as American as baseball and apple pie. While millennials are shouldering a load today that is beyond what’s ever been seen before, many Baby Boomers are also feeling the pain. They are continuing to battle debt well in their senior years…which makes for a host of problems down the road.
As of 2015, there were 9.3 million armed services veterans of retirement age. While there are still over a million Korean War veterans and close to a million veterans of WWII alive today, the bulk of today’s retired veterans served in the Vietnam era—with 4.8 million already retired, and another 1.6 million reaching retirement age in the next ten years.