I’m part of a fast-growing demographic group – women baby boomers who enter a new phase of life after the death of our husbands. It’s true that the average age a wife becomes a widow in the United States is 59.4 and 70% of all married baby boomer wives will experience widowhood.
Lately I have become acutely sensitive to the amount of time we spend talking about money in our everyday life.
A quick Google search shows just how polarized our opinions about reverse mortgages are. If you start to type in “Reverse Mortgages,” you will be greeted with the following auto-completion options:
At a local meeting on health care financing, a lawyer neighbor of mine, “Sam,” offered a free half-hour consultation on estate planning at the large law firm on whose staff he serves.
Being hopelessly naïve, and forgetting the rule “there is no such thing as a free lunch,” I signed up, also thinking I’d be doing him a favor as he’d get a little credit from his colleagues for having gotten an enrollee.
Do you know what older adults fear most? Is it death? Nope. Getting a serious illness? Not even close. According to a survey by the financial company Allianz, baby boomers fear running out of money in retirement more than anything else.
Specifically, they found that 43% of boomers feared outliving their savings. That’s more than the percentage of people who feared cognitive decline and loneliness combined!
We all have chromosomes (DNA) that are encoded with our genes in every cell in our body. There are 22 pairs of chromosomes that determine everything from the color of our hair and eyes to our ancestry and mental abilities.
It’s not difficult to see why reverse mortgages for seniors have become so popular of late.
For starters, most of us are approaching retirement with less money in the bank than we hoped for. This is partially due to the Great Recession eating into our savings, although, if we are honest with ourselves, we probably share part of the blame for not putting more away when we could.
Are reverse mortgages simply a way for greedy lenders to take the homes of unsuspecting seniors? Or are they a legitimate tool that can help people our age to stay in their homes, while having a better quality of life in retirement? These are the questions that ran through my head as I watched the new American Advisors Group (AAG) commercial, featuring Tom Selleck.
If you are wondering how to pay off debt in retirement, you’re not alone. According to the latest statistics, people over 65 are struggling with mortgage, credit card and other debt like never before.
No one wants to work forever. But leaving a job that provides a steady paycheck can be scary. However, if you have money arriving every month from multiple sources, retirement can seem a little less nerve-wracking.