Retirement
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
DON’T OVERLOOK THE CONTRIBUTION LIFE INSURANCE CAN MAKE FOR RETIREMENT
DON’T OVERLOOK THE CONTRIBUTION LIFE INSURANCE CAN MAKE FOR RETIREMENT
Term Life Insurance
- Immediate cash to cover expenses
- Tax-free
Permanent Life Insurance
- Can borrow from in retirement
- Many have imbedded annuitization which can be turned into a guaranteed income stream for life
- Some policies offer long-term care riders to use for long-term care
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