Build Up Your Nest Egg with a Reverse Mortgage

“Celebrate what you want to see more of.” – Tom Peters

ADDING A REVERSE MORTGAGE TO YOUR NEST EGG STRATEGY 

Having a healthy nest egg is one of the keys to financial stability in your golden years but life isn’t always predictable and things could come up that put your savings at risk (illness, job loss, market collapse, etc.).

The cost of living and retirement has also changed and a $1 million nest egg won’t get you as far as let’s say 10 years ago.

Some financial experts recommend seniors pay off their mortgage and rent in retirement as a potential solution.

Yes. Housing can be a big expense in retirement years but it’s not the only one. According to a recent report from the Employee Benefit Research Institute, by the age of 90 “heath care expenses account for more than 20 percent of the households’ entire budget.”

The selling and buying solution also doesn’t take into consideration two things:

  1. More and more older American prefer to age in place and live out their golden years in the comfort of their own home.
  2. By selling and renting seniors could be giving up one of their biggest assets, home equity.

BUILDING YOUR NEST EGG
WITH A REVERSE MORTGAGE

A reverse mortgage is often overlooked but can be a strategic addition to a retirement plan to help maintain and ideally grow your nest egg – in particular the Home Equity Conversion Mortgage’s line-of-credit feature.

The line of credit provides senior homeowners with money they can tap into later on in life, and the credit grows at a hate higher than that of a conservative investment portfolio. Another advantage is there are no monthly mortgage payments with an HECM.

All retirement woes and financial challenges will not necessarily be solved with a reverse mortgage but it is a potential solution for long-term savings shortfalls and combined with other methods, can lead to more financial peace of mind in your retirement years.

Are Self-Driving Cars The Answer To Seniors’ Mobility Challenges?

“Intelligence is the ability to adapt to change.” – Stephen Hawking

WILL SENIORS LEAD THE SELF-DRIVING REVOLUTION? Seniors Lead the Self-Driving Revolution? 

Older Drivers Could be the First to Embrace Self-Driving Cars

Autonomous cars have not been an easy sell and not everyone is onboard with the idea. A lot of people are hestitant to hop into a driverless car and they are most likely many years away from becoming the norm.

However, seniors might just become the early adopters of the emerging autonomous vehicles. These vehicles could be the answer to aging drivers’ diminished capacity to drive safely behind the wheel and the lack of transportation alternatives out there.

Many seniors rely on friends and family to drive them where they need to be – from medical appointments to grocery shopping or a visit to the local library. There are Uber and Lyft but these services are not available everywhere.

This puts seniors, in particular those wanting to age in place, in an ideal position to experiment with something new that could ultimately make their lives easier and give them more autonomy. 

The spectrum of vehicles that will eventually be introduced into the market will provide options to older drivers so they can consider the type that suits them best.

There will also be different levels of autonomy to choose from to meet the varying needs of seniors.

The Numbers & Geography 

  • A 2014 report from the U.S. Census Bureau projected the number of people age 65+ to grow to close to 84 million by 2050, up from about 43 million in 2012.
  • Around 20% of baby boomers run the risk of being left without any family to transport them wherever it is that they need to go.
  • By 2050, surviving baby boomers will be over the age of 85.
  • Many experts estimate 2030 to 2050 as the years when fully autonomous vehicles will reach consumers.
  • According to the New York Times roughly 70 percent of adults over the age of 50 live in the suburbs, and 16 million age 65 or older live in communities basically with no public transportation.
All of these factors could make seniors a prime target for driverless cars.

With that said, there’s still no knowing how or if this group will embrace self-driving cars. It will surely a shift in mindset but could present a compelling alternative to being homebound.