Finding a trustworthy financial advisor can be a tricky process. According to an AARP article, “More than 400,000 people in the U.S. call themselves financial advisers today, using any number of so-called professional designations to sell financial products and give advice. Some of these credentials – there are 157 out there – don’t require much training or expertise, or a code of ethics.”1 ...
Boomers May Be Running Short on Retirement Funds
Many baby boomers have accumulated more wealth than their parents’ generation, and possibly even more than their children as well. However, accessing that wealth is where the challenge comes in. According to a recent article, this is due to a couple reasons. Many boomers have been more active users of debt; the median equity for boomers is only about 60% of their home’s value. Many baby...
What You Should Know If You’re Downsizing
If you’re like most people, you’ll likely move multiple times during your lifetime. In fact, the U.S. Census Bureau estimates that the average person will move a total of 11.7 times over the course of their life for various reasons such as job relocation, getting married or retirement. According to a recent article, downsizing has become a trend. This is especially true for older Americans...
Don’t Forget About This Cost in Retirement
When we talk about the biggest expenses in retirement, most of us think of healthcare and mortgage payments. However, transportation is another significant cost that doesn’t typically get as much attention. A 2014 Bureau of Labor Statistics Consumer Expenditure Survey found that transportation is the second highest expenditure for seniors age 65 and older, behind housing and ahead of healthcare...
Reverse Mortgages Changing the Retirement Planning Paradigm
Reverse mortgages have been around since the 1980’s. While these products aren’t new per se, they are being looked at in a new way. “…They are becoming a “disruptive” way to leveraging home equity, says one reverse mortgage researcher.” In a recent webinar, Barry H. Sacks, a San Francisco tax attorney states, “In the spirit of Silicon Valley, where the term “disruption” has become a...