When planning for retirement, it is important to factor in the cost of health care. According to Fidelity Benefits Consulting, a 65-year-old couple retiring this year will need about $220,000 to afford health care costs throughout retirement.1 This amount only covers basic health care expenses for retirees with Medicare coverage and does not include any assisted living expenses. Brad Kimler...

We all know we need to save for retirement. But what if you’re already retired, or retirement is just around the corner, and you don’t have the savings you had expected at this point? In a 2010 poll by Allianz Life Insurance Company of 3,257 people ages 44 to 75, 61 percent said they fear running out of money more than they fear death1. Thankfully, there are still options to stretch your...

Some seniors want to remain homeowners, but not necessarily stay in their current home. These homeowners may have the ability to use a reverse mortgage loan to use the equity they have in their current home to move to another home while doing away with their monthly mortgage payment1 by using a HECM for Purchase. A Home Equity Conversion Mortgage for Purchase often provides substantial savings...

The economy has suffered in the past few years and the housing market was especially hard hit. Senior homeowners may have felt the brunt of the housing crisis as early retirement threatened mortgage payments and years of built up equity diminished with the falling home prices. As the market recovers many homeowners are seeking answers about how to best recover their financial resources as they...

There are more than 40 Million people who are 65 years old or older living in the United States today1, and many are just not financially prepared for retirement. The United States Census Bureau reports that in 2010, the median annual income for households ages 65 and older was $31,408 while the median income for all households was nearly $50,000.1 The scary truth is that fewer seniors today have...