Retirement
HAVE A PLAN TO SAVE REGULARLY
HAVE A PLAN TO SAVE REGULARLY
Top 10% of savers in every income group consistently held 10-20 times retirement
wealth of bottom 10% of savers
KNOW WHAT YOUR SPECIFIC SOCIAL SECURITY BENEFITS ARE
KNOW WHAT YOUR SPECIFIC SOCIAL SECURITY BENEFITS ARE
- They are valuable
- Your individual circumstances matter
- Some Benefits Expiring:
- – If you were born on or before January 1, 1954, you can claim spousal benefits if you are married or an eligible divorced spouse
- – If you are a widow or widower you are entitled to survivor benefits
- – Might be eligible even if divorced
- – Go to ssa.gov for information on your individual circumstances
- – Read Mary Beth Franklin’s annually updated ebook Maximizing Social Security Retirement Benefits
READ THE BOOK – RESCUING RETIREMENT: A PLAN TO GUARANTEE RETIREMENT SECURITY FOR ALL AMERICANS
READ THE BOOK – RESCUING RETIREMENT: A PLAN TO GUARANTEE RETIREMENT SECURITY FOR ALL AMERICANS
- The retirement crisis is real
- Americans not saving enough or investing successfully enough to fund long retirements
- Guaranteed Retirement Account:
- – Funded by workers and employers
- – Largely managed by state public pension funds
- – Annuitized upon retirement
- -Supplements social security
CONSIDER ALTERNATIVE SOURCES OF INCOME FOR YOUR RETIREMENT
CONSIDER ALTERNATIVE SOURCES OF INCOME FOR YOUR RETIREMENT
- Home is one source
- Have an available home equity line of credit for immediate liquidity
- Reverse Mortgages:
- Available under the FHA (Federal Housing Administration) backed program, HECM (Home Equity Conversion Mortgage)
- • Available to seniors 62 and over
- • Must live in the home and own it
- • Have no mortgage or a low mortgage balance
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- HECM is tightly regulated:
- • Required to meet with HECM counselor to obtain the loan
- • Information available on U.S. Department of Housing and Urban Development website: www.hud.gov
BUILD UP YOUR SAVINGS
BUILD UP YOUR SAVINGS
- Americans carrying record amounts of debt
- The lowest savings rate in 12 years
- Little room for error
- Retirees need a cushion to see them through bear markets
- Withdrawing principal during market declines can seriously hurt financial security
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