WSJ: Helping Out Grandkids Can Put Retirement at Risk

Grandparents are increasingly playing a bigger financial role in the lives of their grandchildren, but it’s at the expense of their own future financial security, the Wall Street Journal reports. The trend of grandparents providing added assistance can be attributed to the strain the economic recession is putting on children and grandchildren, and it’s causing […]

Reuters: More Couples Using Reverse Mortgages to Finance Retirement

The new profile of reverse mortgage borrowers are couples aged 62 or 63 who are using the loan as a way to bridge financing for retirement, according to a recent Reuters article. It’s a pretty big change from recently-widowed 75-year-olds who were previously the most common applicants, and these newly-eligible borrowers often pay off the […]

Americans Still Banking on Home Equity for Retirement

Despite more than half of surveyed Americans reporting a loss of value in their homes of at least 10% during the housing market decline, 68% say their home’s value is still very or somewhat important to their retirement plan, a new COUNTRY Financial homeownership survey reveals. That number shoots up to 83% of those between the ages […]

Want to Triple the Reverse Mortgage Market? Here’s How

The HECM Saver and HECM for Purchase are tapping a mere fraction of their potential markets, each with a projected target population that could yield the equivalent to the entire current HECM Standard market, an industry analyst says. The potential HECM Purchase market includes a whopping 70,000 seniors annually, according to calculations from Revere Market […]

Retirement Research Center: Seniors Need Home Equity Access

Despite the many challenges reverse mortgage products face, including the recent exits of large bank lenders from the industry, seniors need an option that allows them to tap their home equity, says an editorial from the director of Boston College’s Center For Retirement Research. The house is a crucial component of most households’ assets, the editorial continues, […]

AARP Names Top Ten Affordable Retirement Cities

Retiring seniors may want to consider moving to Winchester, Va., Portland, Maine, or Gainesville, Ga., because of their affordability, thanks to low median housing prices and lower taxes, says AARP. With home values averaging just over $165,000, these cities are the top three on AARP’s 10 Most Affordable Retirement Cities list. While there’s state tax […]

Despite Retirement Concerns, 32% of Middle-Income Boomers Own Their Homes

Americans are suffering from low home values, lack of personal savings and battered retirement accounts, but they are showing commitment to saving, says a study of 500 middle-income Americans between the ages of 47 and 65. Of those surveyed, 32% have already paid off their mortgages, but close to half, or 48%, say they do […]

Number of Seniors Working Past Age 65 Surges 58%

Americans are working longer than ever before, and many do not see an end in sight when it comes to quitting work for retirement, the Wall Street Journal reports. A WSJ article titled, “For Many Seniors, There May Be No Retirement,” details the concerns many seniors are having when it comes to holding onto their […]

Delay Social Security Benefits and Choose Annuities, GAO Recommends

Seniors should delay cashing in on their Social Security benefits and opt to invest in annuities, most financial experts agreed in a June 2011 Government Accountability Office (GAO) Retirement Income report. Titled Ensuring Income throughout Retirement Requires Difficult Choices, the report mentions the importance of not just preparing for retirement, but also maintaining and continuing income during retirement. In 2009, […]

Retirement Funds are No. 1 Financial Concern for Americans

A 2011 Gallup poll shows that two-thirds of Americans worry they will not have enough money for retirement, making it their top concern out of eight possible financial items. This represents a 13% increase in a 10-year period. In 2001, Americans’ top three concerns were related to retirement security, having enough funds in the event […]