Historically, retirement income for most Americans generally came from three sources: social security, pension and retirement savings. This has often been referred to as the 3-legged stool. However, now companies are shifting away from offering pensions, also known as defined benefits, to offering defined contribution plans or 401(k)’s. The once 3-legged stool is now becoming a 2-legged stool...
Be Aware of These Common Scams
Anyone can fall victim to fraud, but seniors are particularly vulnerable. Seniors are often on a fixed income, so losing money at the hands of a scam artist can hit older Americans the hardest. According to a recent AARP article, there were 750 documented data breaches in 2015, which is roughly the same as in 2014. However, the amount of stolen records increased 11.25% from 2014. Typically...
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...
How is a Reverse Mortgage Different From a Forward Mortgage
Forward vs. Reverse Mortgages: Which is Right for You? If you’re not too familiar with the concept of “reverse” mortgages, you might be wondering how these loans differ from traditional or “forward” mortgages. While there are some similarities between the two types of loans, they’re actually quite different in ways that may be very beneficial to senior borrowers. Depending on your current...