In The News
Another Survey – Retirement Problems
February 18, 2011 by richdonohue · Leave a Comment
As is often the case, the survey tells us what we already know – many people around the country have little or no retirement savings. It’s even worse among Baby Boomers who are at or near retirement age; fully 25% of those surveyed indicate they have nothing saved for retirement, according to a survey recently conducted by The Harris Poll. In many cases, they had to liquidate savings to pay expenses during this recession, or to survive months of unemployment.
Younger adults, of course, have time to try to reconstitute their 401k’s and their IRA accounts; but the Boomers face fewer choices. One option which many have resigned themselves to pursue is simply to continue working. Unlike the Federal government, when we run out of money, we can’t just print more of it and keep spending. No, we must keep working, and cut our spending as much as possible…or find other sources of income – legal sources, of course.
As you may have guessed, one of the solutions of which I am a proponent is the HECM Reverse Mortgage. If you own your home and are still buried under heavy mortgage payments, a Reverse Mortgage can provide relief by paying off the existing mortgage freeing up money for food, clothing, heating bills, etc. If you own your home and have no mortgage, you might consider a Reverse Mortgage set up to pay you a fixed amount of money each month for as long as you continue to live in the home. Hopefully, along with your Social Security, this will provide the comfortable lifestyle you have earned. As always, feel free to ask questions in the comment section….
(Hat tip: Pat Whitlock)
