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The Best Strategies For Your Retirement to Protect Your Wealth Through the Worst Economy Ever
First let’s look at where we’ve been in the past and then we’ll look into the future and get some strategies you can implement to protect your assets for the future. If you are over 80 years old, you are one of the few people who know what happened in detail when the great depression hit, even though you were a baby then, you must have heard stories from your mom and dad or relatives. .
The depression hit in 1929 when the entire American economy went into a tailspin, causing many wealthy people and some not so wealthy people to end their lives because they did not have protection in place. The key to survival is to have a fail safe program that will protect against total failure. The difference between 1929 and today is that every aspect of today’s economic meltdown is global. The things; there are hundreds of millions more people in the world than there were then. Most people today do not realize or think that most of their wealth is in the single largest investment they have ever made and that is their home.
Yes, the home is and has been for most people the biggest investment of their life! The home in the US and the equity that is just sitting around unexploited is valued at well over 2 Trillion dollars; only for people over 62 and growing faster than any other segment in the country today. This is true even though home values around the country have declined over the last 5 or so years.
You see most people don’t understand that fact that equity in your home does not mean you are rich unless it works for you to solve a problem for you. If you have $200,000 or more in equity in your home or even much less, you are what is called House Rich and Cash Poor! Understand that having a home that’s yours and owning right means you have no payments, it doesn’t mean your equity can do anything for you unless you have money to do things, or grow your cash flow or keep your life for you many years without stress. Here’s the problem, you have what’s called a net worth of $200,000 or whatever, but if a situation comes up in your life, if you don’t have the cash to fix the problem, you still have a net worth but you can’t spend it. fix your problem or invest it to increase your wealth.
So now let’s look at some strategies!
Increasing your Income Tax Free
To maintain a standard of living, some older homeowners are beginning to convert home equity into monthly income. This approach is a relatively new concept that gained momentum with the development of reverse mortgages. Financial professionals are also beginning to explore different options for using home equity to increase and annuitized income. The foundation for retirement security has traditionally been compared to a three-legged stool consisting of savings, pensions and Social Security.
Recent financial trends suggest that this conventional approach is becoming less effective. The savings rate among Americans has declined significantly since the 1980s — reaching its lowest level in 2004 since the Great Depression — though it has recently risen. Compounding these cash shortages is the decline of defined benefit plans, which leaves many Americans facing a future with less guaranteed retirement income.
As the cost of living continues to rise, many older Americans are struggling to make ends meet. Researchers estimate that nearly 78% of all older adult households do not have sufficient resources to support them through their retirement years. Baby Boomers are also concerned about being able to maintain their standard of living as they age. Older workers who expect inadequate retirement income, or a less reliable source of income, such as a defined benefit plan, are more likely to plan to use home equity to pay for retirement expenses.
Increasing monthly interest income is delaying Social Security payments. Retirees receive a reduced monthly benefit at age 62 and progressively larger benefits for each month they delay benefits until age 70. Elderly widows could see the greatest benefit, as a delay would increase the expected value of their monthly survivor benefits. To maximize their monthly payments, as well as that of their spouses and other dependents, people nearing retirement could continue to work. However, this option can be difficult for workers in physically demanding occupations, and those who are limited by health problems. To help workers who anticipate a long life and who must retire before age 70, some financial professionals recommend a term home equity loan or reverse mortgage to help pay for day-to-day expenses for a few years until they are eligible for maximum Social Security benefits. .
Another option for older homeowners to secure retirement income would be to buy a “longevity” annuity with their savings, and tap small amounts of home equity to fill financial gaps until they start receiving their annuity payments. Longevity annuities require a smaller investment than an immediate annuity because they typically don’t begin payments until after age 80 or 85. This approach could be attractive to older Americans who worry that buying an immediate annuity will leave them with little cash to pay unexpected expenses expenses or. to leave a bequest. Consumers should carefully examine the fees associated with longevity annuities, as they can be expensive.
This option is one that reduces stress and is also the safest option of the three, it requires very little on your part and is the easiest to complete. By using the equity in your home and not using available savings or another instrument, you can have the best of all worlds. Let’s look back a few decades and see what has become available that was never before available to many people especially seniors over 62 years of age. As they age, people face an increasing possibility that an expensive health problem could disrupt their family budgets. When they can’t make their monthly loan payments, they can lose their houses.
A recent study found that by the end of 2007, more than 684,000 homeowners age 50 and older were delinquent in mortgage payments or in foreclosure. A reverse mortgage allows older homeowners to defer monthly mortgage payments on a conventional home loan. Borrowers (or their heirs) do not have to repay the loan until the last borrower dies, permanently moves or becomes vacant for a period of 12 months. About 46% of reverse mortgage borrowers surveyed by organizations paid off their regular mortgage this way. Some transfer their existing home loan to meet the requirement that a reverse mortgage be in a primary charge position. Anecdotal evidence suggests that increasing numbers of older homeowners are taking out this type of loan specifically to avoid the need to make monthly mortgage payments.
Using home equity to manage debt became popular after the Tax Reform Act of 1986 phased out the deduction for interest on credit cards, car loans, and most other types of consumer debt while maintaining tax deductions for certain home loans. Since then, borrowers have switched from installment plans to tax-advantaged mortgages and home equity loans to pay for major purchases like cars and appliances. Easy access to credit has also provided lower-income households with greater liquidity to purchase the goods and services they need to continue living at home.
Using housing wealth to manage consumer debt can improve a person’s standard of living. But if this resource is not used wisely, it can also be a source of financial insecurity. Older homeowners often take on considerable debt without considering the potential impact of these loans on their long-term retirement security. Using a reverse mortgage to delay debt payments can also be risky. Borrowers who use loan funds early in their retirement may have little home equity later in life. Borrowers continue to accumulate interest payments on the loan balance as long as they remain in their homes. Those who continue to live in their homes for many years may find that they have little or no home equity after they repay the loan.
This could be problematic for older adults who need to move to an assisted living facility or other supportive environment as they become frail and need care. Without sufficient funds, some may have to turn to Medicaid to pay for long-term care.
Having a Reverse Mortgage in place and setting it up in a way that takes into consideration things that may or may not happen in the future is what a Reverse Mortgage is all about. The flexibility within the mortgage gives you the option unlike anything else anywhere. You control the amounts and time and you can change it as the situation changes. In addition; it gives you the freedom to decide what, when and how you can receive income or payments and unlike most programs depending on how you choose to receive, you can never live the money, whatever happens in the future. You will also never have to pay anything back in your life, it all happens when you are gone and no longer living in your home as your primary residence.
The Reverse Mortgage is so versatile in all ways of choosing how interest accumulates over time, which means a fixed rate that can be adjusted. You can also choose how you will receive the money, either all at once or during a specific period of time or for life. Not to mention that you can also have the amount that is set aside for the future grow over time. This option is the built-in Equity Credit Line! This part is only available when you use the adjustable program, but it is the one that really gives you the most flexibility for real margin against inflation.
Any financial expert worth a grain of salt must agree that in our later years we need the maximum amount of security coupled with the maximum amount of flexibility and that is what the Reverse Mortgage can and does for millions of seniors. So don’t look at the Reverse Mortgage as just another mortgage, look at it as having the ultimate program that can do more things to protect your future and provide for today at the same time all it needs is to set it up correctly from the set. and then adjusted as your own personal situation changes and there is one thing that you can count on it that your financial situation will change, there is no doubt about it. It’s not IF it’s when.
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