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Reverse Mortgages Aren't Catching On
Tweet Share on Facebook July 30, 2010 Comment (2)The reverse mortgage industry, hammered for high fees and high pressure sales tactics, has steadily improved its procedures and its image. Loan fees and interest rates have been lowered, consumer disclosure has improved, and the federal government's insured reverse mortgage program has provided stability and credibility to the industry. A-list lenders have expanded their presence in the market; Wells Fargo and Bank America are the nation's top two reverse mortgage lenders.
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3 Must-Ask Questions for Closed End Funds
Tweet Share on Facebook July 28, 2010 Comment (1)Investors looking for better returns have rediscovered closed end mutual funds. "For people looking to enhance their returns, closed end funds are one of the key investment vehicles to do that," says Morningstar analyst Mike Taggart. But as with all investments, it's important to understand the performance details of a closed end fund before buying one.
[See The 100 Best Mutual Funds for the Long Term.]
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Social Security and Senior Financial Abuse
Tweet Share on Facebook July 26, 2010 Comment (1)Social Security benefits belong to their recipients. And they should be free to use these funds however they wish. But many older consumers make poor financial decisions, either because they don't understand a particular transaction or are mislead by a financial services representative. We all know there are many bad actors only too willing to prey on seniors, and that this problem gets worse for seniors as they get older.
[See America's Best Affordable Places to Retire.] -
8 Financial Tips for Seniors Who Work
Tweet Share on Facebook July 23, 2010 CommentThe percentage of persons past the age of 65 who are still employed has risen because of the Great Recession. Even without a downturn, however, there has been a longer term trend of more people wanting to keep working. There is the money, to be sure. But many people stay on the job to retain professional relationships and a degree of social engagement they think will be hard to match in retirement. Much of our personal identity is related to our work; it can be tough to give up a big hunk of self worth along with the paycheck.
[See America's Best Affordable Places to Retire.] -
Feds Study Retirement Community Risks
Tweet Share on Facebook July 21, 2010 Comment (1)Continuing care retirement communities (CCRCs) have weathered the recession with few bankruptcies or cautionary consumer tales, according to a government review. But many seniors literally commit their life savings to paying steep entrance and monthly maintenance fees. So the need for careful evaluation of financial and operational details remains very high, and, right now, falls largely on consumers and their families.
[See America's Best Affordable Places to Retire.] -
Social Security Defenders Circling the Wagons
Tweet Share on Facebook July 19, 2010 Comment (18)Defenders of Social Security are taking steps to alert or, depending on one's point of view, alarm the public about possible changes to the program. The National Commission on Fiscal Responsibility and Reform, appointed earlier this year by President Obama, is expected to address Social Security and other major sources of federal red ink in recommendations late this year. Enormous budget deficits have raised both sincere and politicized concerns that spending cutbacks are unavoidable, and that no programs should be considered off the table when considering changes.
[See America's Best Affordable Places to Retire.] -
Medicare Advantage Plans Need Careful Study
Tweet Share on Facebook July 15, 2010 Comment (6)If you are new to Medicare or one of more than 11 million people with a Medicare Advantage (MA) policy, be prepared to do a careful review early this fall when the new policies for 2011 are made available on the Medicare site. MA plans provide more comprehensive coverage for Medicare hospital (Part A) and physician and other medical services (Part B) than are offered in basic Medicare. People who can afford the extra premiums can choose from a MA plan or a Medigap supplemental policy. If they're lucky, they also might choose to combine one of these policies with some form of continued retiree health coverage from their former employer.
[See America's Best Affordable Places to Retire.] -
Automatic 401(k)s Aid Retirement Readiness
Tweet Share on Facebook July 14, 2010 Comment (1)People are more prepared for retirement than they were seven years ago, according to a recent study by the Employee Benefits Research Institute (EBRI), one of the major think tanks in the retirement space. EBRI compared its 2010 Retirement Readiness Rating with a similar rating it did in 2003. While anywhere from 43 to 47 percent of adults aged 36 to 62 are at risk of not having enough money for retirement, the comparable percentages in 2003 ranged from nearly 55 to 59 percent. The main cause of the improvement, EBRI said, was the 2006 Pension Protection Act, which requires the automatic enrollment of employees in 401(k) plans unless they opt out of the programs.
[See America's Best Affordable Places to Retire.] -
Reinventing Retirement Becoming Boomer Model
Tweet Share on Facebook July 12, 2010 Comment (4)If you have 45 minutes and a web browser, sit down with a cup of coffee and get some solid insights into how to think about your retirement years. Merrill Lynch Wealth Management put together a webcast last month that does an engaging job of talking about Reinventing Retirement. While the Great Recession and related financial reversals may have triggered the need to approach retirement differently, the discussion wasn't really about money but attitudes.
[See America's Best Affordable Places to Retire.] -
8 Realities of the New Retirement
Tweet Share on Facebook July 9, 2010 Comment (7)The jobless economic recovery was already disappointing before leaders around the world decided that economic stimulus programs had to yield to spending restraints, and at least a modest effort to curb potentially ruinous budget deficits. The markets swooned and the experts began dusting off their more dire predictions -- a double-dip recession, an extended economic malaise or the still-evolving stages of a long-term depression. Whatever you call it, it's bad news for retirees and would-be retirees concerned about living on fixed incomes. As economists restart their advisory machines, so are we. Here are the major realities of the new retirement, updated to reflect stronger doses of conservatism and defensive postures.
[See America's Best Affordable Places to Retire.]
