Terry Savage Says Reverse Mortgage May Be a Saving Grace

image Chicago’s very own Terry Savage just released her new book, The New Savage Number: How Much Money Do You Really Need to Retire.  In her new book, Savage addresses many topics on Americans’ minds when it comes to retiring.

"Just as Americans were too optimistic about their retirement prospects a few years ago, I believe we have become far too pessimistic about the future," Savage says. "It is NOT ‘game over’ for America — or for your retirement plans."

The New Savage Number offers this advice:

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  • Beware of "Generation Welfare": Boomers have the numbers and will be able to vote themselves the benefits. But the younger generations will rebel at paying the huge taxes necessary to support their parents’ retirement. We need to solve this problem now!
  • Learn how to hedge against even a small amount of inflation using appropriate investments, such as gold and natural resources.
  • YES, you should keep investing in the stock market.
  • Reverse mortgages may be a ‘saving grace’.
  • Long Term Care Insurance is a must — especially for women!
  • And, YES, Boomers will still be able to retire.

Savage has been very supportive of reverse mortgages, even helping her own father get one.  When asked if reverse mortgage were a good idea by ABC 7, she said:

Reverse mortgages are a terrific idea — and they may be the "saving grace" for many families who were wise enough to pay down their mortgages. With this product, they can withdraw money tax-free from their home for any purpose, and without the need to repay — until they die or choose to sell their home. And they can never be forced out, or "run out of money." It’s such a good idea that I did a Reverse Mortgage for my own father!

Now before anyone jumps all over her for the “And they can never be forced out, or "run out of money” comment, relax it’s a sound bite.  I’ve traded plenty of emails with her before and she knows her stuff.  Below is a video where she discusses the new book. 

 

You can also read a few pages of the book for free on Google.com 

The Savage Number: How Much Money Do You Really Need to Retire?

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