Question: I am a late starter to retirement planning. Should I count my house or the equity in my house as an asset in my retirement plan? If you are playing catch-up on your retirement planning, you need to maximize every asset you have to make retirement a reality. In general, financial planners don't count the equity in your home when constructing a retirement income plan. Practically speaking, you need a place to live! So financial planners coun
According to the Merriam-Webster Dictionary, retirement is defined as the act of withdrawing, going away, retreating. Tips For Choosing A Senior Living Community When it comes to the modern definition of retirement – that glorious age where we can shed the 9 to 5 work responsibilities and live our lives to the fullest – some of those words in the traditional definition may apply. Many seniors and boomers, who have been gainfully employed their entire
There’s a rule of thumb that says you should budget a certain percentage of your income towards retirement. Many experts say you should set aside 10 to 15 percent of your income for your golden years. But there’s a competing theory that says that you should budget for retirement based on the lifestyle you plan to enjoy, not the income that you currently earn. To clarify this idea, let’s imagine four hypothetical couples. Adam and Alison: A Simpl...
Having a student loan payment each month as a college graduate leaves little room in the budget to contribute to a retirement savings account. College grads without student loans are much more likely to save for retirement. By the time they reach age 30, grads without student loans are predicted to have double the amount saved for retirement as individuals with student loans, according to a study by the Center for Retirement Research at Boston College.
New Features Keep Pace with this Active Generation Baby boomers, who were the largest American generation until the Millennials took over, are either retired or quickly nearing retirement age. Boomers, born between 1946 and 1964 and who count more than 76 million, may be getting older, but they are definitely not ready to head to the retirement home! The boomer generation is more active than generations past, has a more sophisticated style and wants op
One in three Americans has nothing saved for retirement, according to a recent Time.com article. If you're one of them, and are living entirely off Social Security, you may decide to move in with family to save money. It can be a good option, but be sure to discuss these issues before you start packing. 1. Your contribution to household finances Let's tackle the big one first: how are you and your family going to divide costs? It's no one's favorite topi
There's big appeal in the idea of investing in real estate right now. And it's not just because of all the attention these days on President Donald Trump, who made his fortune in the industry. Many real estate-related investments have done quite well in the last decade or so. The median sales price of single-family homes hit $315,700 at the end of the third quarter, up 23 percent from the prior peak for values in 2007 before the financial cris...
Tiny homes. Rockin' communities where Jimmy Buffet is your spirit animal. Rockin' a strenuous hike minutes from home. Yeah, this is not your Grandfather's retirement. Long gone are the days when people packed it in and moved to a nice, calm little home for the aging in Florida the day they turn 65. Not only are people working longer today, but they are looking for more out of their retirement - more fun and excitement, more job opportunities, and more o...
While most Americans show a desire to age in place, retirement can also be the ideal time to sell your home and relocate or downsize. Kids are typically grown up and moved out of the home, and the need to be close to work is gone, so many seniors use retirement as a catalyst for relocating. Some relocate because of a lifestyle or climate change, others want to be to family, and others due purely to financial circumstances. Whatever the reason, retirees ap
Even if you want to move, making the transition isn’t always easy. A home can feel like a beloved member of your family. After all, it’s the haven you return to after a difficult day, kicking off your shoes and breathing a sigh of relief. Even if you want to move, saying goodbye isn’t easy. Here are some ways to make it easier to let go. 1. Make a photo album If you’ve staged the house for sale, it’s never looked better. The paint is fresh,