If your home is free and clear, and we set up your HECM Reverse mortgage as an increasing line of credit, you can request proceeds at any time in any amount. If you spend those proceeds in the calendar month you receive them, they are not counted against your eligibility. If you have a current mortgage, it can be paid off with the HECM Reverse and the balance of funds put on the increasing line of credit. The same will now apply. You can eliminate your mortgage payment, access thousands of dollars of home equity to improve the quality of your life, do repairs on your home, or use the money for any other reason, without
jeopardizing your Medicaid or Medical benefits.....
By Kathleen Coxwell | NewRetirement.com
As you look for signs of recovery from the economic turmoil of the pandemic, you’ll want to keep your eye on a few economic indicators that are usually seen as bad news. Why? Well, because in the topsy turvy world we live in today, bad news may actually be good news.
Rising unemployment usually means bad news. And, the numbers are currently rising again along with the current resurgence of COVID 19 cases — which is indeed bad news.
However, the “unemployment number” is meant to reflect the number of people who are looking for work, not the number of people who are out of work. So, as more people get vaccinated and the disease comes under control, it may be that unemployment numbers will rise again as more people re enter the job market.
Rising unemployment will mean that more workers feel confident about the safety of work and their ability to find a job.
By Kerry Pechter | Retirement Income Journal
Middle-class people who retire before age 70 should spend 401(k) assets first and delay taking Social Security, says a leading retirement income expert. In a new research paper, she crunches the numbers to prove her point.
Hey, I know where there’s a bridge for sale. It’s not in Brooklyn, and it doesn’t span the San Francisco bay. It starts when your clients retire and ends when they claim Social Security—maybe three, four, five, or even eight years later.
This is the “Social Security bridge” strategy. The idea is for people who retire in their early or mid-60s to delay claiming Social Security until age 70, thereby maximizing their monthly benefit. In the years before claiming, if they’re not working, they can dip into savings to pay their bills.
The strategy doesn’t necessarily work for everyone, and it works to different degrees under different circumstances. That’s why Alicia Munnell, who directs the Center for Retirement Research at Boston College, has crunched the numbers to show who, and under what conditions, should consider the bridge strategy.
Linsey Knerl for The SCAN Foundation| Care of USA Today
While much of the COVID-19-related news cycle has focused on how to keep our older adult population safe, a recent poll by The SCAN Foundation suggests that we have a long way to go in preparing for the individual situations and potential challenges that older loved ones and all of us will face as we grow older.
Now is always a good time to take stock of one’s own aging preferences and goals, no matter your age, and the holidays are an annual opportunity to specifically check in with older loved ones and assess their daily living needs. How can these conversations lead to meaningful long-term support, especially when in-person visits and services are limited? Two women share their personal stories of planning and guidance during the pandemic and offer tips for those who want to use the upcoming celebrations – though they may be more intimate and even virtual – as a way to break through care barriers.
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Marc has 36 years in financial services and 6 years in teaching.
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