“If you're between 55 and 64, you still have time to boost your retirement savings. Whether you plan to retire early, late, or never ever, having an adequate amount of money saved can make all the difference, both financially and psychologically. Your focus should be on building out—or catching up,…
There are many rules about reverse mortgages, including what happens at the end of the mortgage. What if the children decide they want to undo the reverse mortgage and buy out their parents, so the home can be kept in the family? Let’s start by understanding what a reverse mortgage…
The unknown about spending in retirement is not just whether it will be higher or lower, but when during the course of retirement, you’ll be spending more or less. If you downsize, housing costs will decrease, but if you travel more, recreational spending will rise. According to a recent article…
The succession plan works for your business in the same way an estate plan works for your personal life. It protects the business, outlining your wishes and plans for it to continue, or sets up a means of passing it to the next owners, whether they are family members or…
Leaving the workplace behind and heading into retirement can be as much an emotional transition, as it is financial. The prospect of fulfilling dreams long deferred, while recognizing a milestone of aging can take time to work through. At the same time, there are time-sensitive tasks that need doing. During…
A generation seems to be waking up to the concept that they are likely to need to care for a spouse or a family member, and they’re taking it seriously. A study from Bankers Life Center for a Secure Retirement reported that 90% of baby boomers surveyed understand that they…
Sounding more like their great grandparents than their parents, millennials say they’d rather buy real estate than invest in markets. However, they might be heading in a dangerous direction. When Bankrate asked more than 1,000 Americans where they would prefer to invest money—long-term funds that they don’t need for another…
Those who happily enjoy senior discounts at national parks, fast food restaurants and movie theaters will tell you that turning 59 ½ is no big deal. Chances are at 59 ½, you’re still enjoying good health, working productively and wise enough to know you’re a bit smarter than you were…
Just because you can take Social Security at age 62, doesn’t mean you should. Taking it earlier means that your monthly benefits will be reduced. The longer you can wait, ideally until age 70, the better. Applying for Social Security benefits is a pretty simple process, according to Investopedia’s recent…
It’s not how much you earn, but how much you keep that makes the difference in lifestyle and retirement. Keep more of your hard-earned money, by making fewer money mistakes. Some of the most common money mistakes cost thousands of dollars. All you need to do is pay attention to…