5 Retirement Questions to Ask

5 retirement questions to ask before ‘How much should I save?’

5 retirement questions to ask(BPT) – How do I plan for a comfortable retirement? This question is top of mind for many Americans. Yet how to afford that dream retirement remains a mystery to most. According to The Employee Benefit Research Institute’s 2019 Retirement Confidence Survey, only 42% of working-age people have tried to calculate just how much they need to save to live comfortably in retirement.

But “how much money you need to retire” is not the only question you should be asking — and not even the initial one. There are a few key questions you should consider first to help determine what “retirement” means to you, which will help paint a clearer picture of that magic savings number. Before you pull out your calculator, consider these View full post…

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Retirement Strategies

Underutilized Retirement Strategies

Retirement strategies(BPT) – Across the nation, thousands of seniors have used a Home Equity Conversion Mortgage (HECM), commonly called a reverse mortgage loan, as a savvy way to access the equity in their homes as part of their retirement strategies.

Those who are interested in a reverse mortgage loan should know that there are six main phases to the process: 1) educating and qualifying 2) counseling, 3) approval, 4) funding, 5) using and 6) settling.

1. Educating and qualifying

The HECM process begins by contacting an FHA-approved lender who will review the borrower’s situation, educate them on the HECM program, and determine if they would likely qualify for a reverse mortgage loan.

“Once the lender has determined that the borrower is eligible, they work closely with them to shape the loan so it fits their needs,” says Paul Fiore, Chief Sales Officer for American Advisors Group, the leading reverse mortgage lender in the nation. “At AAG, this is a highly personalized process View full post…

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Save for Retirement First

Do You Know What’s More Important – To Save for Retirement First or Your Child’s College?

Save for retirement first is importantThis topic is a hot potato in many respects. Should the parent’s primary responsibility be to save for the child’s education first or to save for retirement? The answers to that question will vary depending upon who responds – the parent or the child.

As parents, we know all too well how high college costs are and the student loan problems that exist today. We all want our children to be successful and have many of the financial advantages that we didn’t have. Student loans now average $35,000 to $37,000 per college graduate, and no parent wants this burden for their child.

However, many financial advisers are of the opinion that a parent can take better care of the child if they take care of themselves first. By this, they mean that the parent should save for retirement first, then college. Following are some of the reasons View full post…

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Retirement Planning Mistakes

Do You Make These Retirement Planning Mistakes?

Start retirement planning as early as possibleRetirement planning is usually difficult for a variety of reasons. Some say its equivalent to rolling the dice because retirement may be decades away and you’re forced to make spending assumptions now.

What makes it worse is that if your guess is too far off, it can make a happy and comfortable retirement into one that is a nightmare.

Once you’re already in retirement, it can be very difficult to recover financially if some unforeseen large expense occurs. Some retirees try to find a job to supplement their income, but many others cannot. Either they’re not able physically, or the job market may be cold.

The following categories where un-planned spending generally occurs creates problems for some and blows their budget out the window. View full post…

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How to Save for Retirement

Do You Know How to Save for Retirement?

Save for retirement earlyIf you’re employed by a firm that has a 401(k) plan, you know how to save for retirement…it’s a no brainer. But suppose you’re an entrepreneur who just started a new business?

More often than not, saving for retirement isn’t a priority at this time. The new business isn’t making a profit and cash flow is very limited due to the high start-up costs. As a matter of fact, some entrepreneurs use current retirement accounts to fund the new business, which is not a good idea.

The primary focus when starting a new business is View full post…

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