One of the many advantages of reverse mortgages is that you do not need good credit to qualify. In fact, although there are requirements to obtain a reverse mortgage, having a good credit score is not necessarily a determining factor. The Federal Housing Administration (FHA) insures almost all reverse mortgages, which … [Read more...]
Why Participate in Your Company’s 401(k) Plan
401(k) plans can provide employees with before-tax contributions and free money from your employer. Were you aware of the match contributions (e.g. free money) and tax benefits offered from 401(k) company sponsored programs? Outlined below are the pros and cons of a 401(k) plan and whether if it is a good plan for … [Read more...]
Adult Children Need To Discuss Later Life Issues With Their Parents
Each year, concerns mount about the ability for Americans to retire safely. Only 14% of Americans feel comfortable that they can retire. In terms of money for retirement, 42% fear they might outlive their savings. The sad fact is that 57% of pre-retirees haven’t even created a concrete retirement … [Read more...]
How to Choose a Financial Advisor
Examining where you are financially and putting together a Financial Preparedness plan requires a bit of time and effort. Inevitably, the question pops up as to whether to do this on your own or to work with a financial advisor. The short answer is yes, either way. The long answer is if you choose to go it alone make … [Read more...]
Becoming Financially Prepared for Retirement – Considering Liabilities
When you’re trying to understand if you’re financially prepared for retirement, it’s important to evaluate your current situation and look at four areas: Assets Liabilities What Counts Toward Retirement and What Doesn’t Forms of Income In this article we'll look at how to evaluate your liabilities as well as what … [Read more...]
Can I save $100 per month towards Retirement?
How can some people have more than $1 million saved for retirement, while others have nothing at all put away for their Golden Years? Two words, retirement planning. Retirement Planning to Succeed Retirement – the thought can be both exciting and daunting. It’s exciting because you finally get the chance to get out … [Read more...]
6 Steps to Retiring With Lots of Cash
Want to retire with a lot of cash? All of us want that, but not all of us achieve that. In order to set yourself up to retire with a lot of cash, you need a proactive retirement plan and strategy to help guide you. In this article, six steps to retire with a lot of cash will be examined: needs and wants; government … [Read more...]
Can I Get A Reverse Mortgage If I Already Have A Mortgage?
Looking for a way to unsaddle yourself from mortgage payments? If you are a homeowner 62-years of age or older, you may be able to qualify for a reverse mortgage, even if you have an existing mortgage on your home. Reverse mortgage loans, formally called home equity conversion mortgages, are based on the equity that is … [Read more...]
What is a SIMPLE IRA?
Are you an employer or decision-maker at a small business and want a better way to help provide a retirement benefit than providing a 401(k) with high administrative and maintenance costs? If so a Simple IRA account may be for you. A Simple IRA is an employer-funded retirement plan (like 401(k) and 403(b)) created … [Read more...]
5 Critical Retirement Planning Steps Every Gay Couple Should Take
It’s important for every couple to make retirement planning a priority. However, if you are in a same-sex relationship it is especially important because of the complexity of issues that same-sex couples undertake. This advice is doubly true in states where same-sex marriage or civil unions are not recognized. In … [Read more...]