|
 I do not know of any special provisions that would enable your daughter to stay in your home unless ... (Show entire answer) |
| I do not know of any special provisions that would enable your daughter to stay in your home unless there is a way for her to pay off the Reverse Mortgage debt/buy the home herself.
|
| These are very good questions for you to be asking! Congratulations on having a good understanding ... (Show entire answer) |
| These are very good questions for you to be asking! Congratulations on having a good understanding of personal finance and things to ask.
1) You are correct, you will not qualify for a Reverse Mortgage until you are 62 years of age
2) You are also correct that your interest rate is quite high. But I don't have enough information to tell if you should refinance or not. I would recommend talking with a lender. Explain your situation and ask them if you would save enough on interest to cover the costs of refinancing. Also be very careful about any early pay off penalties.
3) In general, paying off your mortgage for retirement is a great thing. Retiring with debt does not make much sense since you are using a fixed resource (your retirement savings) to pay off accumulating debt.
4) I would also recommend that you assess whether or not you are genuinely ready for retirement. Have you secured enough resources to guarantee sufficient income for the rest of your life -- however long that might be? Do you have sufficient resources to pay for any Long Term Care needs that might arise?
Good Luck! |
| Early retirement is seriously challenging.
Are you sure your finances are ready?
-- Have you... (Show entire answer) |
| Early retirement is seriously challenging.
Are you sure your finances are ready?
-- Have you planned for adequate income for as long as you live? No matter how long that actually will be?
-- Do you have a plan for Long Term Care costs should you require them?
-- Perhaps most importantly... do you have a plan for Medical Insurance before you are eligible for Medicare? You may not be enrolled in Medicare until you are 65 years old.
I am not sure about Social Security and pensions. You might want to visit your local Social Security office with this particular question. You can locate it here:
https://secure.ssa.gov/apps6z/FOLO/fo001.jsp
|
| You -- as well as all other title holders -- must be 62 years of age to qualify for a Reverse Mortg... (Show entire answer) |
| You -- as well as all other title holders -- must be 62 years of age to qualify for a Reverse Mortgage.
|
| You might want to visit your local Social Security office. You can locate it here:
https://secure.... (Show entire answer) |
| You might want to visit your local Social Security office. You can locate it here:
https://secure.ssa.gov/apps6z/FOLO/fo001.jsp
|
| This type of question is best handled by a Financial Advisor. A financial advisor should review all... (Show entire answer) |
| This type of question is best handled by a Financial Advisor. A financial advisor should review all of your assets and liabilities and help you create a holistic plan that can maximize ALL of your resources to create maximum wealth and a secure retirement.
NewRetirement can match you to a prescreened advisor here:
https://www.newretirement.com/Services/Professional_Financial_Advisors_Advice.aspx
Or, you can review more information about Roth IRAs here: https://www.newretirement.com/Services/Rollover_Comparison.aspx
|
| It would probably be best to talk with your human resources department. Insurance is indeed an extr... (Show entire answer) |
| It would probably be best to talk with your human resources department. Insurance is indeed an extremely important consideration when considering retirement before Medicare eligibility.
|
| Save your plastic grocery bags and use them as garbage bags. |
| Take care of your car. A good maintenance schedule, regular cleaning, and sensible driving can make ... (Show entire answer) |
| Take care of your car. A good maintenance schedule, regular cleaning, and sensible driving can make a car last for many years. Another good idea is to continue to put the payment in the bank after the car is paid for. When you decide to buy another car, you will have a good down payment. |
| Cut back on the amount of detergent, toothpaste, shampoo, dish liquid and so on that you use. You’d ... (Show entire answer) |
| Cut back on the amount of detergent, toothpaste, shampoo, dish liquid and so on that you use. You’d be surprised at how much you can save by not wasting. |
| By TSA, I think you are probably referring to a Tax Sheltered Annuity, also known as a 403b retireme... (Show entire answer) |
| By TSA, I think you are probably referring to a Tax Sheltered Annuity, also known as a 403b retirement plan.
Generally, penalty-free distribution from a 403(b) cannot occur until the participant:
-- Reaches age 59 1/2
-- Separates from service in the year turning 55 (and must be retired)
-- Retire before age 55 — eligible for Substantially Equal Periodic Payments (SEPP). Participants who have retired early (before age 55), but want access to their 403(b) without penalty can do so using SEPP. This provision requires that you take a series of substantially equal periodic payments. The key is that once you start these payments they must continue for five years or until you reach 59 1/2, whichever takes longer. If you start at age 58 you must continue until you are 63 (minimum 5 years).
-- Becomes disabled (as defined in section 72(m)(7) of the Internal Revenue Code)
-- Through a loan (some investment companies allow this, some do not)
-- Dies
Consulting a tax professional before accessing 403(b) money is highly recommended.
|
| Yes, this is probably true.
When you secure a Reverse Mortgage, ALL liens against your property -... (Show entire answer) |
| Yes, this is probably true.
When you secure a Reverse Mortgage, ALL liens against your property -- mortgage and other -- must be paid in full.
The proceeds from a Reverse Mortgage are used to pay off the mortgage and any other claims on the property. Any remaining equity is available as cash, a line of credity or an annuity.
The pending suit is considered a claim on the property and must be settled before your loan amount could be determined. |
| All liens against the property must be paid off when you secure a Reverse Mortgage.
I do not act... (Show entire answer) |
| All liens against the property must be paid off when you secure a Reverse Mortgage.
I do not actually know what happens if there is a judgement against someone -- whether the courts can touch the proceeds from your Reverse Mortgage or not.
You may wish to contact your Reverse Mortgage lender. |
| Your question about divorce and Social Security benefits can be answered here:
http://www.ssa.gov... (Show entire answer) |
| Your question about divorce and Social Security benefits can be answered here:
http://www.ssa.gov/retire2/yourdivspouse.htm |
| Making your permanent residence in a home on leased land would probably preclude you from qualifying... (Show entire answer) |
| Making your permanent residence in a home on leased land would probably preclude you from qualifying for a Reverse Mortgage.
While you do retain ownership in a Reverse Mortgage, the bank/government is investing in the value of your property. They can not invest in something you do not actually own.
I do not know of anything being done to change these rules. However, you may certainly contact your congressional leaders and/or the Department of Housing and Urban Affairs with your concerns.
|
| From Medicare.gov:
Even if you keep working after you turn 65, you should sign up for Medicare Pa... (Show entire answer) |
| From Medicare.gov:
Even if you keep working after you turn 65, you should sign up for Medicare Part A. If you have health coverage through your employer or union, Part A may still help pay some of the costs not covered by your group health plan. Call the Social Security Administration at 1-800-772-1213 to sign up. However, you may want to wait to sign up for Medicare Part B if you or your spouse are working and have group health coverage through you or your spouse's employer or union. (See note below if you work for a small company.)
However, you can defer Medicare Part B. More information can be found here:
http://questions.medicare.gov/cgi-bin/medicare.cfg/php/enduser/popup_adp.php?p_sid=undefined&p_lva=undefined&p_li=undefined&p_faqid=16&p_created=993577374&p_sp=undefined |
| Tax efficient savings plans like 401ks and IRAs can be incredibly confusing.
It would be best t... (Show entire answer) |
| Tax efficient savings plans like 401ks and IRAs can be incredibly confusing.
It would be best to discuss your question with a qualified Financial Advisor. NewRetirement can match you to one at:
https://www.newretirement.com/Services/Find_Rollover_3_Steps.aspx |
| This is one strategy that may interest you:
http://community.newretirement.com/blogs/newretiremen... (Show entire answer) |
| This is one strategy that may interest you:
http://community.newretirement.com/blogs/newretirement_news/archive/2009/04/28/11162.aspx
Basically, the older you are -- until your maximum retirement age -- the more you will receive. |
| The limit varies depending on your age.
For more information about how your benefits would be aff... (Show entire answer) |
| The limit varies depending on your age.
For more information about how your benefits would be affected if you work and are taking benefits before your "Full Retirement Age," visit: http://www.socialsecurity.gov/retire2/whileworking.htm
If you would like more information about the many benefits of working when you are of retirement age, continue here: http://www.newretirement.com/Services/Working_In_Retirement_Reasons.aspx
|
| Your situation is unfortunately very dependent on the real estate market. It sounds like the ideal ... (Show entire answer) |
| Your situation is unfortunately very dependent on the real estate market. It sounds like the ideal scenario would be for the home to sell. You should have a very frank discussion with your real estate agent to determine what could be done to get the house sold and/or what the prospects for it selling actually are.
And, if and when the home does sell. You may want to consider using the purchase of a lifetime annuity. A lifetime annuity will pay a certain amount every month for the rest of your mother's life -- no matter how long she ultimately lives.
http://www.newretirement.com/Services/Annuities.aspx
A few additional ideas off the top of my head, include:
-- Adding yourself to the title of the home and securing a home equity loan to pay for your mother's care.
-- Comparing the costs of moving your mother back into her home and securing a Reverse Mortgage to cover the costs of a home health aid. (All title holders must be 62 years of age and be living in the home to qualify for a reverse mortgage. You must also have sufficient equity in the home.)
http://www.newretirement.com/Services/Reverse_Mortgage.aspx
Please let us know if any of these suggestions are helpful. More and more families are facing these types of situations and we are very interested in helping people find viable solutions. |
| If you have received a Reverse Mortgage then you have paid off all other mortgages on your home.
... (Show entire answer) |
| If you have received a Reverse Mortgage then you have paid off all other mortgages on your home.
You may wish to contact your RM lender and discuss Reverse Mortgage refinancing. Depending on when you originally did your Reverse Mortgage and the terms you secured, this may indeed be a good time to refinance.
Lending limits are higher now than ever before and interest rates are still low.
The only potential issue may be that your house value may be down.
If you wish to work with a new Reverse Mortgage lender, you may find one here:
https://www.newretirement.com/Services/Reverse_Mortgage_Advice.aspx |
| I do not know for sure... However, I don't think that the ultimate cost of Medicare is impacted by t... (Show entire answer) |
| I do not know for sure... However, I don't think that the ultimate cost of Medicare is impacted by the age at which you retire.
However, it is very important that you realize that you are not eligible for Medicare at all until you are age 65.
Also, please be sure that you have planned adequately for your retirement. Many people now live to age 90 and beyond. If you retire at age 50, then you will need to have saved adequately for the next 40 years or more -- longer than you have even worked.
Early retirement is not usually a good strategy. If you are retiring from a long held career, you might consider other lines of part- or full-time work to help bolster your finances.
If you are interested in learning more, please read:
Retirement Planning 101: https://www.newretirement.com/Services/Retirement_Planning.aspx
Social Security Optimization: https://www.newretirement.com/Services/Social-Security-Benefits.aspx
Retirement Jobs:
https://www.newretirement.com/Services/Working_In_Retirement.aspx |
| Good thinking!
All of the assumptions for the NewRetirement Retirement Calculator are listed at... (Show entire answer) |
| Good thinking!
All of the assumptions for the NewRetirement Retirement Calculator are listed at the bottom of each page of questions.
Just mouse-over the word "Assumptions" to see how we do the calculations.
|
| Any relationship can be complicated -- even one with a Financial Advisor.
But, as in any relat... (Show entire answer) |
| Any relationship can be complicated -- even one with a Financial Advisor.
But, as in any relationship, only YOU can know whether or not you want to stick it out or not.
However, it is very important to trust your advisor and it appears that in your case this trust is loss. I also believe that it is important that an advisor do what you have asked of him.
Furthermore, I do believe that most experts would say that having 87 percent of your asset allocation in stocks at age 67 is very much too high. I might think that it is rather irresponsible of your advisor to have suggested otherwise.
NewRetirement can connect you with a prescreened advisor who is familiar with the proper asset allocation for someone your age and who can wholistically analyze your goals and resources into a plan for your retirement.
https://www.newretirement.com/Services/Professional_Financial_Advisors_Advice.aspx |
| The answer to your question about premiums for a lifetime annuity can be had on the NewRetirement An... (Show entire answer) |
| The answer to your question about premiums for a lifetime annuity can be had on the NewRetirement Annuity Calculator:
https://www.newretirement.com/Services/Annuity_Calculator.aspx
|
| Are you referring to Social Security? A Reverse Mortgage? Some other income source?
You can req... (Show entire answer) |
| Are you referring to Social Security? A Reverse Mortgage? Some other income source?
You can request a statement from the Social Security Administration at this link:
http://www.ssa.gov/mystatement/
However, I would strongly encourage you to consider the benefits of working until your maximum retirement age. Learn more about the benefits of delaying Social Security here:
http://www.newretirement.com/Services/Social-Security-Benefits.aspx
If you would like more information about the many benefits of working when you are of retirement age, continue here: http://www.newretirement.com/Services/Working_In_Retirement_Reasons.aspx
|
| You can receive full benefits while working when you reach your maximum retirement age.
To determ... (Show entire answer) |
| You can receive full benefits while working when you reach your maximum retirement age.
To determine your maximum retirement age, please visit:
http://www.ssa.gov/retire2/agereduction.htm
If you would like more information about the many benefits of working when you are of retirement age, continue here: http://www.newretirement.com/Services/Working_In_Retirement_Reasons.aspx
Or, if you are interested in learning more about how your benefits would be affected if you work and are taking benefits before your "Full Retirement Age," visit: http://www.socialsecurity.gov/retire2/whileworking.htm
|
| Whether the proceeds from your Reverse Mortgage are in cash or a line of credit, all of it must be p... (Show entire answer) |
| Whether the proceeds from your Reverse Mortgage are in cash or a line of credit, all of it must be paid back w hen the house is sold.
A line of credit from a Reverse Mortgage works the same as a line of credit on a regular mortgage.
A credit line is money that you have available for use on anything at anytime. A credit line differs from cash in that you only accrue interest charges on the money that you use, not on the amount available to you.
For example, if you had $50,000 available to you with the cash option on a reverse mortgage, you will have $50,000 available to you as a line of credit. The difference is that if you only wanted to spend $10,000 during the first year of your reverse mortgage, you would only accrue interest on the $10,000, not on the $50,000 available to you. The total loan would grow more slowly than a lump sum option. In addition, the credit balance available will increase monthly for the life of the loan.
A credit line is the most popular and in most cases the most cost efficient option for receiving a reverse mortgage loan because you choose how much money to take and when you want it. Interest is only paid on the costs of the loan and the amount you’ve taken out while the balance available continues to grow.
|
| First -- be sure to stay up to date with your existing medical insurance. It is far LESS expensive ... (Show entire answer) |
| First -- be sure to stay up to date with your existing medical insurance. It is far LESS expensive than any new private insurance if you could get insured at all.
Furthermore, you may find that your current insurance offers far better benefits and better access to doctors and services than any Medicaid program.
$3500/year is not a terrible out of pocket expense vs some alternatives.
Second -- You can begin to explore what your Medicaid options might be on this link: http://www.cms.hhs.gov/medicaideligibility/
I wish you the best! |
| There can be no other loans/liens/mortgages on a property when you have a Reverse Mortgage -- as fa... (Show entire answer) |
| There can be no other loans/liens/mortgages on a property when you have a Reverse Mortgage -- as far as I know. I am surprised that you were able to get the HELOC in 2004.
Your best option for releasing some of your home equity may be to explore downsizing -- selling your existing home and relocating to a less expensive area or home.
|
| I can not speak to any specific annuity products -- the devil will always be in the details... and a... (Show entire answer) |
| I can not speak to any specific annuity products -- the devil will always be in the details... and annuities often have A LOT of details.
You may want to read some general information on annuities. NewRetirement has a handful of articles here:
http://www.newretirement.com/Services/Annuities.aspx
You may also want to speak with another few annuity providers and compare offers. NewRetirement can match you to Annuity specialists here:
https://www.newretirement.com/Services/Annuity_Advice.aspx
|
| I would encourage you to ask both your employer as well as your local unemployment office!
And, I... (Show entire answer) |
| I would encourage you to ask both your employer as well as your local unemployment office!
And, I encourage you to take some classes and get back to work. Retiring is getting more and more difficult -- rising health care costs, longer life spans and uncertainty as to the viability of pensions and Social Security mean that:
1) retirees will rely more heavily on their own savings
2) retirees will be working longer
It will be great if you can train for and find a career that you love.
Good Luck! |
| I don't know of any Reverse Mortgage loan programs for Mexico. You might try asking realators in Me... (Show entire answer) |
| I don't know of any Reverse Mortgage loan programs for Mexico. You might try asking realators in Mexico or who have knowledge about real estate in Mexico what programs migiht be available to you. |
| The best way to answer your question is probably to contact ING directly.
ING's web site address ... (Show entire answer) |
| The best way to answer your question is probably to contact ING directly.
ING's web site address is:
http://www.ing.com/group/index.jsp |
| From the Life Insurance Settlement Association:
http://www.thevoiceoftheindustry.com/content/42/Ta... (Show entire answer) |
| From the Life Insurance Settlement Association:
http://www.thevoiceoftheindustry.com/content/42/Tax-Implications-of-Life-Settlement-Transactions.aspx
Tax Implications of Life Settlement Transactions
The sale of a life insurance policy from a consumer to the investor.
Section 101(g) of the Internal Revenue Code allows a “terminally” or “chronically” ill consumer to receive viatical settlement payments tax free. However, there is no such exclusion for consumers that are not terminally or chronically ill. In other words, the federal income tax treatment of life settlements differs a great deal from the treatment of viatical settlements. Life settlements generate taxable income that is based upon the gain a consumer receives on the sale of his life insurance. The gain is the difference between the sales price (including any outstanding policy loan) and the consumer’s basis in the contract, which includes the total premiums the insured paid, reduced by the “cost of insurance protection” provided throughout the date of the sale, and nontaxable dividends the insured has received under the contract.
The investor’s receipt of life insurance proceeds upon death of the insured.
Although the general rule is that life insurance proceeds paid as a result of the death of an insured are excluded from taxable income, Section 101(a)(2) provides an exception in the case of a life insurance policy that is transferred for valuable consideration, by assignment or otherwise. If a transfer for value occurs, the only amount that is excluded from gross income is the amount of the actual value paid to the consumer and the premiums paid after the transfer has occurred. This is the so called “transfer for value” exception for life insurance proceeds. Simply put, in the life settlement scenario, the investor will have federally taxable income to the extent that the life insurance proceeds exceed his tax basis (i.e., purchase price plus premiums or similar fees paid).
The life insurance industry has implied that life settlement transactions may cause Congress to reevaluate the positive tax treatments of life insurance. This position is based upon the mistaken belief that life settle-ment investors receive the death benefits tax free. The truth is that the tax code has already dealt with these issues and the Government receives a greater tax payment when a life settlement occurs. The tax treatment on the consumer’s side of the transaction is dependent upon whether a viatical settlement (which involves a terminally ill person) or a life settlement (which does not involve a terminally ill person) is involved.
|
| Well, the legal stipulation of a Reverse Mortgage is that you must be living in the property at leas... (Show entire answer) |
| Well, the legal stipulation of a Reverse Mortgage is that you must be living in the property at least six months out of the year in order to qualify. So, if you keep your exile to only six months, you should be okay.
You will also want to be careful you do not declare another property to be legally your primary residence.
However, you should contact your Reverse Mortgage lender directly and consult with them about how best to handle your particular situation. |
| Some programs may accept 2-4 unit owner-occupied dwellings. Your situation sounds very unique and w... (Show entire answer) |
| Some programs may accept 2-4 unit owner-occupied dwellings. Your situation sounds very unique and would probably be best answered by a qualified broker.
NewRetirement can connect you to a prescreened lender here:
https://www.newretirement.com/Services/Reverse_Mortgage_Advice.aspx |
| The following page on the official Social Security web site should be helpful to you:
http://ssa-cu... (Show entire answer) |
| The following page on the official Social Security web site should be helpful to you:
http://ssa-custhelp.ssa.gov/cgi-bin/ssa.cfg/php/enduser/std_alp.php?p_li=&p_page=1&p_cv=2.62&p_pv=&p_prods=&p_cats=3%2C62&p_hidden_prods=&cat_lvl1=3&cat_lvl2=62&p_search_text=&p_new_search=1&p_search_type=answers.search_nl
You can also contact Social Security directly to insure a correct response to your important quesiton. You can locate your local office here: https://secure.ssa.gov/apps6z/FOLO/fo001.jsp
You can also call the toll-free Social Security number 1-800-772-1213 |
| First, congratulations!
I commend you for carefully considering your options and for creating a s... (Show entire answer) |
| First, congratulations!
I commend you for carefully considering your options and for creating a sustainable plan for you and your wife. And, congratulations on waiting to collect Social Security until your maximum retirement age!
You might want to visit your local Social Security office. You can locate it here: https://secure.ssa.gov/apps6z/FOLO/fo001.jsp
You can also call the toll-free Social Security number 1-800-772-1213
However, your wife probably has a few options for Social Security if you were to die:
She can get widow’s benefits if she is age 60 or older. The benefit amount will depend on her age and on the amount you were entitled to when you died.
If she is also entitled to retirement benefits based on her own work, there are additional options. Ask a Social Security representative to explain the options, so you can decide which would be best for you.
|
| Interesting scenario.
But, I believe that your Social Security benefits are independent of your w... (Show entire answer) |
| Interesting scenario.
But, I believe that your Social Security benefits are independent of your wife's.
You might want to visit your local Social Security office. You can locate it here: https://secure.ssa.gov/apps6z/FOLO/fo001.jsp
You can also call the toll-free Social Security number 1-800-772-1213
|
| Interesting scenario.
But, I believe that your Social Security benefits are independent of your w... (Show entire answer) |
| Interesting scenario.
But, I believe that your Social Security benefits are independent of your wife's.
You might want to visit your local Social Security office. You can locate it here: https://secure.ssa.gov/apps6z/FOLO/fo001.jsp
You can also call the toll-free Social Security number 1-800-772-1213 |
| I am not sure what you mean by "retired personnel." Perhaps your friend's employer is issuing some... (Show entire answer) |
| I am not sure what you mean by "retired personnel." Perhaps your friend's employer is issuing some kind of bonus, but I have never heard of such a large winfall.
However, there are some developments for Social Security in 2009.
-- A 5.8 percent cost of living increase on your Social Security payments – the largest adjustment since 1982. For reference, the historic average increase is around 3 percent.
-- A $250 check for all Social Security earners. In May, all Social Security beneficiaries will get at extra $250 as part of the Economic Stimulus bill.
|
| This question is probably best answered by the Medicaid office closest to you in Illinois.
This U... (Show entire answer) |
| This question is probably best answered by the Medicaid office closest to you in Illinois.
This URL might be helpful to you: http://www.hfs.illinois.gov/medical/ |
| am sorry to hear about your monetary losses. You might take solace in knowing that you are asking t... (Show entire answer) |
| am sorry to hear about your monetary losses. You might take solace in knowing that you are asking the exact same question as the great majority of other people with retirement savings -- whether it be millions or thousands.
The hard part is that NO ONE really knows what to do right now. No one can predict what will happen. The US and indeed the global financial markets are in an unprecedented situation of uncertainty.
I have heard experts say that now is a good time to rebalance your investments. You will need to sell off your investments at a low price, but you can also purchase potentially (though not certainly) better investments at a low price.
If at all possible, I would suggest that you enlist the services of a financial advisor. NewRetirement can match you to one here:
https://www.newretirement.com/Services/Professional_Financial_Advisors_Advice.aspx
If you are 62 years old or older and own your home, you might consider a Reverse Mortgage or Mortgage refinancing right now. Interest rates are at record lows and these products could add significantly to your financial health.
Find a Reverse Mortgage lender, here:
https://www.newretirement.com/Services/Reverse_Mortgage_Advice.aspx
Also, if you have not yet begun Social Security, you might want to consider delaying the start of your benefits to maximize your monthly income later in life. Learn more here:
http://www.newretirement.com/Services/Social-Security-Benefits.aspx
And finally, if you are able to work right now, you should make every effort to work as long as possible to strengthen your retirement security... As well as other benefits:
http://www.newretirement.com/Services/Working_In_Retirement.aspx
|
| A Reverse Mortgage is considered income, not an expense.
Each situation is unique and you should... (Show entire answer) |
| A Reverse Mortgage is considered income, not an expense.
Each situation is unique and you should consult a tax advisor, but generally, reverse mortgages provide tax-free income through the equity release from your home. |
| I am sorry to hear about your monetary losses. You might take solace in knowing that you are asking... (Show entire answer) |
| I am sorry to hear about your monetary losses. You might take solace in knowing that you are asking the exact same question as the great majority of other people with retirement savings -- whether it be millions or thousands.
The hard part is that NO ONE really knows what to do right now. No one can predict what will happen. The US and indeed the global financial markets are in an unprecedented situation of uncertainty.
I have heard experts say that now is a good time to rebalance your investments. You will need to sell off your investments at a low price, but you can also purchase potentially (though not certainly) better investments at a low price.
If at all possible, I would suggest that you enlist the services of a financial advisor. NewRetirement can match you to one here:
https://www.newretirement.com/Services/Professional_Financial_Advisors_Advice.aspx
You also mentioned that you are low income. If you own your home, you should consider a Reverse Mortgage or Mortgage refinancing right now. Interest rates are at record lows and these products could add significantly to your financial health.
Find a Reverse Mortgage lender, here:
https://www.newretirement.com/Services/Reverse_Mortgage_Advice.aspx
Also, if you have not yet begun Social Security, you might want to consider delaying the start of your benefits to maximize your monthly income later in life. Learn more here:
http://www.newretirement.com/Services/Social-Security-Benefits.aspx
And finally, if you are able to work right now, you should make every effort to work as long as possible to strengthen your retirement security... As well as other benefits:
http://www.newretirement.com/Services/Working_In_Retirement.aspx |
| I think the term you need to look for on the Social Security web site is "Spousal Benefits."
Howe... (Show entire answer) |
| I think the term you need to look for on the Social Security web site is "Spousal Benefits."
However, if you wish to speak to someone at Social Security directly, You can locate your local office here:
https://secure.ssa.gov/apps6z/FOLO/fo001.jsp
You can also call the toll-free Social Security number 1-800-772-1213
However, you should think carefully before you start Social Security. Your monthly payments will be significantly less if you start at age 62 instead of waiting until your maximum retirement age.
-- To determine your maximum retirement age (the age at which you could maximize your monthly income), please visit:
http://www.ssa.gov/retire2/agereduction.htm
-- If you would like more information about the many benefits of working when you are of retirement age, continue here: http://www.newretirement.com/Services/Working_In_Retirement_Reasons.aspx
-- Learn more about the benefits of delaying Social Security here:
http://www.newretirement.com/Services/Social-Security-Benefits.aspx
|
| I did a little more research... and it appears that you may be able to begin your benefits...
It ... (Show entire answer) |
| I did a little more research... and it appears that you may be able to begin your benefits...
It appears that you can receive spousal benefits based on your husband's work record, assuming he has worked long enough to have 40 credits (about 10 years' worth) and is old enough to receive benefits.
However, remember that monthly benefits will be signficiantly less if you begin Social Security at age 62 instead of waiting till your maximum retirement age. |
| You should contact Social Security directly to confirm: Locate your local office here:
https://sec... (Show entire answer) |
| You should contact Social Security directly to confirm: Locate your local office here:
https://secure.ssa.gov/apps6z/FOLO/fo001.jsp
You can also call the toll-free Social Security number 1-800-772-1213
|
| You can terminate the reverse mortgage and pay it all back, but you can't pay the balance down.
I... (Show entire answer) |
| You can terminate the reverse mortgage and pay it all back, but you can't pay the balance down.
I hope this is helpful. |
| I am not entirely sure, but no... I do not believe that you can draw your husband's Social Security ... (Show entire answer) |
| I am not entirely sure, but no... I do not believe that you can draw your husband's Social Security if he himself is not yet 62.
You should contact Social Security directly to confirm: Locate your local office here:
https://secure.ssa.gov/apps6z/FOLO/fo001.jsp
You can also call the toll-free Social Security number 1-800-772-1213
However, you should think carefully before you start Social Security. Your monthly payments will be significantly less if you start at age 62 instead of waiting until your maximum retirement age.
-- To determine your maximum retirement age (the age at which you could maximize your monthly income), please visit:
http://www.ssa.gov/retire2/agereduction.htm
-- If you would like more information about the many benefits of working when you are of retirement age, continue here: http://www.newretirement.com/Services/Working_In_Retirement_Reasons.aspx
-- Learn more about the benefits of delaying Social Security here:
http://www.newretirement.com/Services/Social-Security-Benefits.aspx
|
| You can only get a Reverse Mortgage if all homeowners are 62 years old or older. |
| The Social Security Administration would best be able to answer your queston.
You can locate yo... (Show entire answer) |
| The Social Security Administration would best be able to answer your queston.
You can locate your local office here: https://secure.ssa.gov/apps6z/FOLO/fo001.jsp
You can also call the toll-free Social Security number 1-800-772-1213
However, the amount you can earn at a part time job without paying additional taxes is dependent on the age at which you start Social Security. |
| The answer depends on whether or not you have income from other sources or not and if you have reach... (Show entire answer) |
| The answer depends on whether or not you have income from other sources or not and if you have reached your Maximum Retirement Age or if you started Social Security earlier.
|
| Well... the complicated answer to your question is that it depends on many macro economic trends. A... (Show entire answer) |
| Well... the complicated answer to your question is that it depends on many macro economic trends. And with the US economy being in such flux right now, it is very hard to answer this question.
For example: debt in a high inflation environment can be a good thing. Debt in a deflationary environment is bad -- only cash is good.
However, in general, retiring with debt doesn't make a lot of sense. Most people in retirement are living off of a fixed income – meaning that you will not have more money tomorrow to pay off the debt than you do today. You will simply be paying more interest – wasting money every month you carry the debt. The average family between the ages of 55 and 64 who carry credit card debt spend 31 percent of their income on servicing the debt. In retirement, particularly, that is akin to throwing money out of the window.
The basic premise of retirement planning is that you want to secure and guarantee enough monthly income for the rest of your life -- no matter how long you might live. You also want to plan for medical costs and long term care should you require it.
You may want to learn more about retirement planning in our retirement planning 101 section:
http://www.newretirement.com/Services/Retirement_Planning.aspx
Or, use our Retirement Planning Calculator to learn if you have secured adequate monthly income:
https://www.newretirement.com/Plan/Retirement_Planner.aspx
|
| I think the answer to your question would depend on whether or not your Father paid into Social Secu... (Show entire answer) |
| I think the answer to your question would depend on whether or not your Father paid into Social Security with the income he earned from the farm.
You may want to contact Social Security directly to learn the answer to your question. They can be contacted at:
You might want to visit your local Social Security office. You can locate it here: https://secure.ssa.gov/apps6z/FOLO/fo001.jsp
You can also call the toll-free Social Security number 1-800-772-1213 |
| This can be a very complicated question with many variables impacting the answer.
-- Tax laws var... (Show entire answer) |
| This can be a very complicated question with many variables impacting the answer.
-- Tax laws vary by state.
-- Taxes will depend on the value of the home
-- Different laws will apply if the tax is willed or given while the parties are still alive...
-- Etc...
It would be best to consult a tax attorney with your question. |
| Most retirees have questions and concerned about long term care coverage. And, indeed... Medicare d... (Show entire answer) |
| Most retirees have questions and concerned about long term care coverage. And, indeed... Medicare does NOT cover long term care costs.
If you qualify for Medicaid, Medicaid does cover long term care.
|
| You may want to visit benefitscheckup.org to explore the types of benefits that might be available t... (Show entire answer) |
| You may want to visit benefitscheckup.org to explore the types of benefits that might be available to you.
|
| Yes, you will probably qualify for Social Security benefits under an early retirement program.
Ho... (Show entire answer) |
| Yes, you will probably qualify for Social Security benefits under an early retirement program.
However, your lifelong benefits will be much less each month than if you delayed taking Social Security until your maximum retirement age. To determine your maximum retirement age, please visit:
http://www.ssa.gov/retire2/agereduction.htm
Or, if you are interested in learning more about how your benefits would be affected if you work and are taking benefits before your "Full Retirement Age,"
visit: http://www.socialsecurity.gov/retire2/whileworking.htm
|
| To determine your maximum retirement age, please visit:
http://www.ssa.gov/retire2/agereduction.htm... (Show entire answer) |
| To determine your maximum retirement age, please visit:
http://www.ssa.gov/retire2/agereduction.htm
|
| You might want to visit your local Social Security office. You can locate it here: https://secure.ss... (Show entire answer) |
| You might want to visit your local Social Security office. You can locate it here: https://secure.ssa.gov/apps6z/FOLO/fo001.jsp You can also call the toll-free Social Security number 1-800-772-1213 |
| You may indeed be able to collect benefits based on your dead husbands' earnings. You should contact... (Show entire answer) |
| You may indeed be able to collect benefits based on your dead husbands' earnings. You should contact your local Social Security office directly to explore this option. In general, you need to have been married for at least 10 years.
You can locate your local office here: https://secure.ssa.gov/apps6z/FOLO/fo001.jsp You can also call the toll-free Social Security number 1-800-772-1213
|
| Well, first... working as much as possible untill your maximum retirement age can be the best way to... (Show entire answer) |
| Well, first... working as much as possible untill your maximum retirement age can be the best way to retire securely. It is not until your maximum retirement age that you can receive full benefits while working.
To determine your maximum retirement age, please visit:
http://www.ssa.gov/retire2/agereduction.htm
And, there are scores of good reasons to work as long as possible. Explore some ideas here:
http://www.newretirement.com/Services/Working_In_Retirement.aspx
Or, if you are interested in learning more about how your benefits would be affected if you work and are taking benefits before your "Full Retirement Age," visit: http://www.socialsecurity.gov/retire2/whileworking.htm
|
| Since you started your Social Security benefits before your maximum retirement age, your earnings wi... (Show entire answer) |
| Since you started your Social Security benefits before your maximum retirement age, your earnings will be impacted.
Learn more about how your benefits would be affected if you work and are taking benefits before your "Full Retirement Age," visit: http://www.socialsecurity.gov/retire2/whileworking.htm
If you would like more information about the many benefits of working when you are of retirement age, continue here: http://www.newretirement.com/Services/Working_In_Retirement_Reasons.aspx
|
| Generally, if you own the land on which your mobile home is situated, then you can qualify for a Rev... (Show entire answer) |
| Generally, if you own the land on which your mobile home is situated, then you can qualify for a Reverse Mortgage.
To speak with a prescreened Reverse Mortgage lender, continue here:
https://www.newretirement.com/Services/Find_Lender.aspx |
| According to this article: http://www.smartmoney.com/personal-finance/taxes/when-to-file-gift-tax-fo... (Show entire answer) |
| According to this article: http://www.smartmoney.com/personal-finance/taxes/when-to-file-gift-tax-forms-9555/
... If you are paid less than $12,000 a year, then you probably do not need to file it with the IRS.
Please review the article for more details.
It would also be prudent for you to consider your plans for when this arrangement ends. What will you do without the free rent and extra income?
I wish you all the best.
|
| At age 65 you automatically qualify for Medicare Part A if you or your spouse paid Medicare taxes wh... (Show entire answer) |
| At age 65 you automatically qualify for Medicare Part A if you or your spouse paid Medicare taxes while you were working.
Medicare Part A is insurance that covers hospitalization. There is an $812 deductible for each annual benefit period -- but no monthly premiums.
|
| It would be best for you to contact the Social Security Administration directly. Each situation wil... (Show entire answer) |
| It would be best for you to contact the Social Security Administration directly. Each situation will be unique. |
| Yes, you should absolutely be eligible for a Reverse Mortgage.
To connect with a prescreened Reve... (Show entire answer) |
| Yes, you should absolutely be eligible for a Reverse Mortgage.
To connect with a prescreened Reverse Mortgage lender, continue here:
https://www.newretirement.com/Services/Reverse_Mortgage_Advice.aspx |
| You should be able to set up a SEP through a bank if you are eligible.
You'll need to check with ... (Show entire answer) |
| You should be able to set up a SEP through a bank if you are eligible.
You'll need to check with the bank whether you can purchase a CD through the SEP IRA account that is ultimately set up.
Here's who is eligible for a SEP: Self-employed persons, sole proprietors, independent contractors, partnerships and corporations are eligible.
To set up a SEP: Obtain form 5305-SEP from your bank, brokerage house, mutual fund company or insurance agency. This form documents the basis of your plan and must be filled in, signed and kept on file.
Putting the SEP investment plan in place involves creating an Individual Retirement Account (IRA) for each eligible employee.
Once the SEP plan is in place you need to inform and educate your employees about the provisions of the plan ' contribution requirements, eligibility requirements and distribution guidelines.
Finally participating employees will need to contribute to the plan according to the plan guidelines.
|
| Our site contains a number of articles about reverse mortgages. You can find the articles here:
... (Show entire answer) |
| Our site contains a number of articles about reverse mortgages. You can find the articles here:
https://www.newretirement.com/Services/Reverse_Mortgage.aspx |
| Your best bet is to contact Arnold Logistics -- which may now be owned and operated by http://www.ja... (Show entire answer) |
| Your best bet is to contact Arnold Logistics -- which may now be owned and operated by http://www.jacobsonco.com/ .
Someone in their human resources department may be able to help you.
|
| Your best bet is to contact Arnold Logistics -- which may now be owned and operated by http://www.ja... (Show entire answer) |
| Your best bet is to contact Arnold Logistics -- which may now be owned and operated by http://www.jacobsonco.com/ .
Someone in their human resources department may be able to help you.
|
| Medicaid is a state-run program and the specifics of eligibility vary from state to state.
You ca... (Show entire answer) |
| Medicaid is a state-run program and the specifics of eligibility vary from state to state.
You can learn more about Medicaid and find your state's eligibility requirements, here:
http://www.cms.hhs.gov/medicaideligibility/
You may also want to carefully consider early retirement. It can be very risky.
Learn about retirement risks here:
https://www.newretirement.com/Services/Retirement_Risks.aspx
.... In particular, you may want to consider the effects the financial crisis may have on retirement:
https://www.newretirement.com/Services/FinancialCrisis2008.aspx
Learn about the benefits of delaying the start of Social Security, here:
https://www.newretirement.com/Services/Social-Security-Benefits.aspx
Learn about the benefits of working, here:
https://www.newretirement.com/Services/Working_In_Retirement.aspx |
| Congratulations on waiting to start Social Security! Benefits do indeed increase the longer you wa... (Show entire answer) |
| Congratulations on waiting to start Social Security! Benefits do indeed increase the longer you wait.
Congratulations also on considering the benefits of returning to work. More and more retirees are finding the social as well as financial benefits of working past their retirement dates.
Working full or part time after retirement does not impact receiving your benefits after you have reached your "Full Retirement Age" as defined by the Social Security Administration.
To learn more about what your full retirement age is, visit Find Your Retirement Age.
http://www.ssa.gov/retire2/retirechart.htm
If you are interested in learning more about how your benefits would be affected if you work and are taking benefits before your "Full Retirement Age," visit Work and Social Security.
http://www.socialsecurity.gov/retire2/whileworking.htm |
| No. Government regulations restrict Reverse Mortgages to those aged 62 and over.
You may want to... (Show entire answer) |
| No. Government regulations restrict Reverse Mortgages to those aged 62 and over.
You may want to investigate:
Home Equity Conversion -- Although this product is only available in a limited number of states.
https://www.newretirement.com/Services/Home_Equity_Conversion.aspx
Downsizing -- This can be a very efficient way to access your home equity.
https://www.newretirement.com/Services/Relocation.aspx |
| You seem to be asking two competing questions:
1) You want to know how to find work
and
2) You ... (Show entire answer) |
| You seem to be asking two competing questions:
1) You want to know how to find work
and
2) You want to know if you can retire early.
In order to retire, you must have worked long enough to save adequately for the rest of your life. If you are 53 years old with a spotty work history, then you probably can not yet retire.
I urge you to read all of the information in NewRetirement's Retirement Planning 101:
http://www.newretirement.com/Services/Retirement_Planning.aspx
This information should give you a broad overview of what retirement means. You should also understand that the absolute earliest you can start Social Security is age 62 and the earliest you can start Medicare is age 65. It is also important to understand that Social security benefits are based on your top 35 earning years. (Your benefits are determined on the 35 years in which you earned the most money.)
You mention the economy. Yes, things are very difficult right now and financial uncertainty will likely be the norm in the foreseeable future. It is because of this that you should probably:
-- Find ANY employment available to you
-- Live as frugally as possible
-- Save as much money as you can
-- Plan on working as long as you can physically do so
|
| Early retirement can mean a variety of things:
-- Quitting your job before you start Social Securi... (Show entire answer) |
| Early retirement can mean a variety of things:
-- Quitting your job before you start Social Security
-- Starting Social Security at the first possible opportunity -- age 62
-- Quitting your job, but still working in some capacity
-- Quitting your job and taking some incentive offered by the company, but looking for work elsewhere
-- And more....
No matter how you define Early Retirement, it is not advisable for most people -- especially given the current economic situation. Consider the following:
-- If you delay the start of Social Security until the maximum retirement age, your monthly benefits wil increase significantly. Learn more about delaying Social Security here:
http://www.newretirement.com/Services/Social-Security-Benefits.aspx
-- Private health insurance is incredibly expensive. And, seniors are not eligible for Medicare until age 65.
-- Amassing adequate income to reliably support yourself until you die -- not knowing when that is of course -- is more difficult than most people realize. This is especially true when you consider the potential for inflation and other financial uncertainties.
Learn more about the risks of retirement planning here: http://www.newretirement.com/Planning101/Financial_Risks.aspx
Working past your retirement age can be quite fulfilling. Explore reasons to work here:
http://www.newretirement.com/Services/Working_In_Retirement_Reasons.aspx
The financial meltdown underway currently in the United States should make anyone pause before retiring -- at any age. Learn more about the meltdown and retirement, here:
http://www.newretirement.com/Services/FinancialCrisis2008.aspx |
| One of the many positive things about a Reverse Mortgage is that securing one is not dependent on yo... (Show entire answer) |
| One of the many positive things about a Reverse Mortgage is that securing one is not dependent on your income or assets.
You need to be careful though if you are eligible for Medicaid (Medicaid -- low income assistance... not Medicare). Extra income from a Reverse Mortgage could potentially exclude you from eligibility for Medicaid and maybe other low income assistance.
Learn more about Reverse Mortgage eligibility here:
https://www.newretirement.com/Services/Reverse_Mortgage_Who_Should_Consider.aspx
Or, if you wish to speak with a prescreened Reverse Mortgage lender, NewRetirement can connect you with one here:
https://www.newretirement.com/Services/Reverse_Mortgage_Advice.aspx
|
| You are probably not alone with this problem. The answer to this question would depend on numerous ... (Show entire answer) |
| You are probably not alone with this problem. The answer to this question would depend on numerous factors. And, frankly no one will have a definitive answer: the type of investments you have, your time horizon for needing that money and many other details will impact the right course of action.
Your best bet at this juncture would probably be to talk with a Retirement Financial Advisor -- particularly one who can take a holistic approach to analyzing all of your assets and all of your retirement goals.
NewRetirement can match you to a prescreened advisor at:
https://www.newretirement.com/Services/Professional_Financial_Advisors_Advice.aspx
I would also strongly encourage you to consider your work options for retirement. You may enjoy scanning the articles found here:
http://www.newretirement.com/Services/Working_In_Retirement.aspx
Today's retirees are facing increasingly long life spans and the prospect of inflation, increasing medical costs and other attacks on your lifetime income.
Great advice as well as some extra income can only strengthen your retirement plan.
I wish you all the best! |
| They key with securing a Reverse Mortgage with regards to the type of home seems to be whether or no... (Show entire answer) |
| They key with securing a Reverse Mortgage with regards to the type of home seems to be whether or not you own the land on which the home is located. It is also necessary that you actually reside in that home.
If you own the land on which the home is located and you live there, you should be able to secure a Reverse Mortgage -- assuming you have enough equity.
To speak with a prescreened Reverse Mortgage lender about your particular situation and to find out how much money a Reverse Mortgage could give you, continue here:
https://www.newretirement.com/Services/Reverse_Mortgage_Advice.aspx |
| Well, there is no way to definitively answer your question.
Any insurance product is only as good... (Show entire answer) |
| Well, there is no way to definitively answer your question.
Any insurance product is only as good as the company that stands behind it and makes those guarantees. You probably need to speak directly with your provider.
If you haven't already, it may also be advisable to speak with a Certified Financial Planner. A holistic financial planner should look at your overall risk profile, your overall retirement needs and your overall asset and income structure. A good planner should also help you purchase financial products from only the most highly rated providers and -- depending on your overall asset structure, they may help you diversify your funds to multiple companies which might decrease your exposure to risk.
NewRetirement can connect you with a prescreened planner who should be able to strengthen your overall retirement plan. Continue here, if you are interested:
https://www.newretirement.com/Services/Professional_Financial_Advisors_Advice.aspx |
| I realize that you do not wish to lose your home.
However, downsizing to a less expensive resid... (Show entire answer) |
| I realize that you do not wish to lose your home.
However, downsizing to a less expensive residence can have huge financial benefits as well as the potential for improving your quality of life.
Many families your age will want to consider downsizing as an important option for making retirement work.
You can learn more about downsizing here:
http://www.newretirement.com/Services/Relocation.aspx
Another option for you might be Home Equity Conversion. Home Equity Conversion is an agreement between a Real Estate Investment Company and a homeowner. With Home Equity Conversion, the homeowner receives immediately available cash by selling the Real Estate Investment Company a percentage of their house’s future change in value. In other words, the homeowner gets cash now in exchange for sharing an agreed upon percentage of the home's future appreciation. And, if the home decreases in value, some Real Estate Investment Companies will even share in the loss.
NewRetirement can connect you with a Home Equity Conversion Investment Company. If you wish to learn more about this option, continue here:
http://www.newretirement.com/Services/Home_Equity_Conversion.aspx |
| There are annuity products that can be purchased using qualified funds (protecting your capital from... (Show entire answer) |
| There are annuity products that can be purchased using qualified funds (protecting your capital from taxes).
There are also numerous financial strategies to protect your capital from the high costs of long term care.
These are sophisticated strategies that require a holistic approach to retirement financial planning -- not just an off the shelf solution.
Have you spoken with a financial advisor about your concerns? NewRetirement can connect you with a prescreened advisor who can look at your overall situation and goals and create a plan tailored to your needs and aspirations.
Continue here to find the right advisor for you: https://www.newretirement.com/Services/Professional_Financial_Advisors_Advice.aspx |
| Regardless of your plans to take Social Security, you should probably rollover your pension into a q... (Show entire answer) |
| Regardless of your plans to take Social Security, you should probably rollover your pension into a qualified account like an IRA. Withdrawals on a Traditional IRA (also known as distributions) can begin at age 59 1/2 and are mandatory by 70 1/2. (Withdrawals before age 59 and a half are usually subject to a 10 percent penalty.)
NewRetirement can connect you with a prescreened rollover advisor: https://www.newretirement.com/Services/Find_Rollover_3_Steps.aspx
You should also carefully consider your plans to begin Social Security at age 62.
-- Learn more about the benefits of delaying Social Security here: http://www.newretirement.com/Services/Social-Security-Benefits.aspx
-- Learn more about working past retirement, here.
http://www.newretirement.com/Services/Working_In_Retirement.aspx
-- Remember that you will not be eligible for Medicare until you are age 65. If you are not working, private medical insurance will likely be prohibitively expensive. |
| Your question would best be answered by the Social Security Administration. You can locate your lo... (Show entire answer) |
| Your question would best be answered by the Social Security Administration. You can locate your local office at the following web address:
https://secure.ssa.gov/apps6z/FOLO/fo001.jsp |
| You would need to contact the Social Security Administration directly to learn the answer to that qu... (Show entire answer) |
| You would need to contact the Social Security Administration directly to learn the answer to that question.
You can locate a local office, here:
https://secure.ssa.gov/apps6z/FOLO/fo001.jsp |
| You can work while you receive Social Security retirement (or survivors) benefits. When you do, it c... (Show entire answer) |
| You can work while you receive Social Security retirement (or survivors) benefits. When you do, it could mean a higher benefit for you in the future. Higher benefits can be important to you later in life and increase the future benefit amounts your family and your survivors could receive.
While you are working, your earnings will reduce your benefit amount only until you reach your full retirement age. After you reach full retirement age the SSA recalculates your benefit amount to leave out the months when SSA reduced or withheld benefits due to your excess earnings.
The SSA uses a formula to determine how much your benefit must be reduced:
If you are under full retirement age for the entire year, $1 is deducted from your benefit payments for every $2 you earn above the annual limit.
For 2008, that limit is $13,560.
In the year you reach full retirement age, SSA deducts $1 in benefits for every $3 you earn above a different limit, but only counts earnings before the month you reach your full retirement age.
If you will reach full retirement age in 2008, the limit on your earnings for the months before full retirement age is $36,120.
(If you were born in 1943, your full retirement age is 66 years.)
Starting with the month you reach full retirement age, you can get your benefits with no limit on your earnings.
If you are not already receiving benefits, be sure to contact SSA at the beginning of the year you reach full retirement age. Even if you are still working, you may be able to receive some or all of your benefits for the months before you reach full retirement age.
To find out if you can suspend Social Security when you return to work, please contact Social Security directly to discuss your circumstances. You can locate your local office here:
https://secure.ssa.gov/apps6z/FOLO/fo001.jsp
|
| My understanding is that a life estate is a legal arrangement that allows one person to have possess... (Show entire answer) |
| My understanding is that a life estate is a legal arrangement that allows one person to have possession of property (typically land, a home or buildings on the land) during his or her lifetime and, after his or her death, for another person or entity to gain ownership of the property.
It would depend on the terms of the life estate. When you get a a Reverse Mortgage, all liens against the house must be paid in full. There can be no other debts against the house and the life estate might count as a lien.
You may wish to speak directly with a Reverse Mortgage lender. NewRetirement can connect you with a prescreened HUD-approved lender:
https://www.newretirement.com/Services/Reverse_Mortgage_Advice.aspx |
| I am not sure I understand your question.
You must live in the home in order to have a Reverse Mo... (Show entire answer) |
| I am not sure I understand your question.
You must live in the home in order to have a Reverse Mortgage on it. So, you can not have a Reverse Mortgage on two homes at one time.
But, if you are interested in using your Reverse Mortgage loan amount to purchase a second home, that is indeed possible... assuming you can get the proper financing, etc... |
| I think you may be asking how much money can you earn in a job while you are collecting Social Secur... (Show entire answer) |
| I think you may be asking how much money can you earn in a job while you are collecting Social Security without penalty.
Visit the Social Security Administration to see exactly how your Social Security benefits could be impacted by additional work:
http://www.socialsecurity.gov/retire2/whileworking.htm
It is important to note that if you delay the start of Social Security until your maximum retirement age, then any additional income will not be impacted at all and you will receive a higher monthly Social Security check.
|
| If you jointly own the home, then no. All legal homeowners must be 62 years of age to qualify for a... (Show entire answer) |
| If you jointly own the home, then no. All legal homeowners must be 62 years of age to qualify for a Reverse Mortgage.
There are other ways to access your home equity. Most notably, you might want to look at a Home Equity Conversion product.
Learn more about this emerging product here:
http://www.newretirement.com/Services/Home_Equity_Conversion.aspx
|
| I am sorry, but I do not have any information on this.
You may want to contact the Fleet Reserve ... (Show entire answer) |
| I am sorry, but I do not have any information on this.
You may want to contact the Fleet Reserve Association:
http://www.fra.org/
Or, perhaps your local Veteran's Administration Office:
http://www1.va.gov/directory/guide/home.asp?isFlash=1
They should be able to help you identify income sources as well as insurance. |
| I assume you are asking about a Reverse Mortgage. In order to get funds from a Reverse Mortgage, al... (Show entire answer) |
| I assume you are asking about a Reverse Mortgage. In order to get funds from a Reverse Mortgage, all liens (mortgages, equity loans, etc..) must be paid in full.
Most people use part of the proceeds of a Reverse Mortgage to pay off the loans and then use the balance for their retirement needs.
If you would like NewRetirement to connect you with a prescreened Reverse Mortgage lender, continue here:
https://www.newretirement.com/Services/Reverse_Mortgage_Advice.aspx |
| I am very interested in more specific information on your query and what seemed optimistic.
We ... (Show entire answer) |
| I am very interested in more specific information on your query and what seemed optimistic.
We have actually tried to be more conservative than most as we feel that adequate lifetime income and sufficient insurance are absolutely necessary for a secure retirement.
If you would like to contact me directly -- rather than publishing specifics in this public forum, please submit your inquiry to this forum: http://www.newretirement.com/Contact_Us.aspx
To insure it is routed to me, please put to: "Editor CKC" |
| The following Social Security web page should be useful to you:
http://www.socialsecurity.gov/ret... (Show entire answer) |
| The following Social Security web page should be useful to you:
http://www.socialsecurity.gov/retire2/whileworking.htm
Working past age 62 can be an excellent idea. More on the benefits of working past 62 are available here:
http://www.newretirement.com/Services/Working_In_Retirement_Reasons.aspx |
| Well, the good news is that you seem to have a good working knowledge of some of the constraints and... (Show entire answer) |
| Well, the good news is that you seem to have a good working knowledge of some of the constraints and issues surrounding retirement. Retiring with financial security is challenging. But, you indeed have a very good base.
To start, the biggest issue that I have not seen you address is healthcare. If you retire at age 57, health insurance may be a very very very substantial out of pocket cost. I strongly encourage you to investigate your healthcare options -- either by extending your employer's healthcare with Cobra or by purchasing private insurance.
Medicare is not available to you until age 65. However, you may have veteran's benefits. Another resource for you is your local Veteran's Administration Office.
To more specifically answer your questions:
1) Yes, you should be able to leave your job without drawing on your 401k. However, it is probably a good idea to roll it over into an IRA. This article discusses many of the issues surrounding 401k Rollovers and I encourage you to review it: http://www.newretirement.com/Services/Rollover_Guide.aspx
2 and 3) Withdrawals on a Traditional IRA (also known as distributions) can begin at age 59 1/2 and are mandatory by 70 1/2. (Withdrawals before age 59 and a half are usually subject to a 10 percent penalty.) So, you probably don't want to withdraw anything until that age.
Retirement planning is not really something that you should do all on your own. It is just too risky. And, you have sufficient assets to warrent some outside help.
NewRetirement offers a few services that may interest you. We have put together a matching calculator to help you find the right 401k Rollover product. Use the calculator here:
https://www.newretirement.com/Services/Find_Rollover_3_Steps.aspx
You may also want to get matched to a Financial Planner:
https://www.newretirement.com/Services/Professional_Financial_Advisors_Advice.aspx
Finally, please review our general guide to retirement financial planning. It may make you more aware of some of the main issues you will be facing:
http://www.newretirement.com/Services/Retirement_Risks.aspx
|
| Yes, this sounds like it is true.
However, you should definitely consult Social Security.
Yo... (Show entire answer) |
| Yes, this sounds like it is true.
However, you should definitely consult Social Security.
You might want to visit your local Social Security office. You can locate it here: https://secure.ssa.gov/apps6z/FOLO/fo001.jsp You can also call the toll-free Social Security number 1-800-772-1213.
However, when you call, you might want to ask them about the benefits of delaying Social Security. If you wait until your maximum retirement age, then your monthly payments could be much higher than those started at age 62. And, since Social Security is lifetime income, the larger payments, started later could ultimately be more valuable.
Learn more about the benefits of delaying Social Security here: http://www.newretirement.com/Services/Social-Security-Benefits.aspx |
| If you were married 10 years or longer, then your spouse can collect Social Security based on your e... (Show entire answer) |
| If you were married 10 years or longer, then your spouse can collect Social Security based on your earning history. |
| While not a traditional Reverse Mortgage, mobile homes are eligible for a Family Reverse Mortgage...... (Show entire answer) |
| While not a traditional Reverse Mortgage, mobile homes are eligible for a Family Reverse Mortgage...
A Family Retirement Mortgage is a flexible alternative to a traditional Reverse Mortgage. Your family or friends act as the lender, not a bank. Whether you need a few hundred dollars a month or a few thousand, a Family Retirement Mortgage enables you to formalize a loan with family or friends -- using the house as collateral.
You create the terms of the loan while protecting important relationships and keeping wealth in the family
If you have a family member or friend who could and would fund your Reverse Mortgage, you can be connected to a bank who will facilitate this loan for you here:
https://www.newretirement.com/Services/Multi_Gen.aspx?vrm=true& |
| While not a traditional Reverse Mortgage, mobile homes are eligible for a Family Reverse Mortgage...... (Show entire answer) |
| While not a traditional Reverse Mortgage, mobile homes are eligible for a Family Reverse Mortgage...
A Family Retirement Mortgage is a flexible alternative to a traditional Reverse Mortgage. Your family or friends act as the lender, not a bank. Whether you need a few hundred dollars a month or a few thousand, a Family Retirement Mortgage enables you to formalize a loan with family or friends -- using the house as collateral.
You create the terms of the loan while protecting important relationships and keeping wealth in the family
If you have a family member or friend who could and would fund your Reverse Mortgage, you can be connected to a bank who will facilitate this loan for you here:
https://www.newretirement.com/Services/Multi_Gen.aspx?vrm=true& |
| While not a traditional Reverse Mortgage, mobile homes are eligible for a Family Reverse Mortgage...... (Show entire answer) |
| While not a traditional Reverse Mortgage, mobile homes are eligible for a Family Reverse Mortgage...
A Family Retirement Mortgage is a flexible alternative to a traditional Reverse Mortgage. Your family or friends act as the lender, not a bank. Whether you need a few hundred dollars a month or a few thousand, a Family Retirement Mortgage enables you to formalize a loan with family or friends -- using the house as collateral.
You create the terms of the loan while protecting important relationships and keeping wealth in the family
If you have a family member or friend who could and would fund your Reverse Mortgage, you can be connected to a bank who will facilitate this loan for you here:
https://www.newretirement.com/Services/Multi_Gen.aspx?vrm=true& |
| While not a traditional Reverse Mortgage, mobile homes are eligible for a Family Reverse Mortgage...... (Show entire answer) |
| While not a traditional Reverse Mortgage, mobile homes are eligible for a Family Reverse Mortgage...
A Family Retirement Mortgage is a flexible alternative to a traditional Reverse Mortgage. Your family or friends act as the lender, not a bank. Whether you need a few hundred dollars a month or a few thousand, a Family Retirement Mortgage enables you to formalize a loan with family or friends -- using the house as collateral.
You create the terms of the loan while protecting important relationships and keeping wealth in the family
If you have a family member or friend who could and would fund your Reverse Mortgage, you can be connected to a bank who will facilitate this loan for you here:
https://www.newretirement.com/Services/Multi_Gen.aspx?vrm=true& |
| If you own the land on which your mobile home resides, then you may be eligible for a Reverse Mortga... (Show entire answer) |
| If you own the land on which your mobile home resides, then you may be eligible for a Reverse Mortgage.
However, long term leases on property are not eligible for a traditional Reverse Mortgage. |
| You might want to visit your local Social Security office. You can locate it here: https://secure.ss... (Show entire answer) |
| You might want to visit your local Social Security office. You can locate it here: https://secure.ssa.gov/apps6z/FOLO/fo001.jsp You can also call the toll-free Social Security number 1-800-772-1213 |
| You might want to visit your local Social Security office. You can locate it here: https://secure.ss... (Show entire answer) |
| You might want to visit your local Social Security office. You can locate it here: https://secure.ssa.gov/apps6z/FOLO/fo001.jsp You can also call the toll-free Social Security number 1-800-772-1213 |
| You might want to visit your local Social Security office. You can locate it here: https://secure.ss... (Show entire answer) |
| You might want to visit your local Social Security office. You can locate it here: https://secure.ssa.gov/apps6z/FOLO/fo001.jsp You can also call the toll-free Social Security number 1-800-772-1213 |
| In general, most people can start Social Security at age 62. However, your monthly payments will be ... (Show entire answer) |
| In general, most people can start Social Security at age 62. However, your monthly payments will be less than if you delay until your maximum retirement age.
-- To determine your maximum retirement age (the age at which you could maximize your monthly income), please visit:
http://www.ssa.gov/retire2/agereduction.htm
-- If you would like more information about the many benefits of working when you are of retirement age, continue here: http://www.newretirement.com/Services/Working_In_Retirement_Reasons.aspx
-- Learn more about the benefits of delaying Social Security here:
http://www.newretirement.com/Services/Social-Security-Benefits.aspx
You might want to visit your local Social Security office. You can locate it here:
https://secure.ssa.gov/apps6z/FOLO/fo001.jsp
|
| 62 years of age is usually the earliest you can file for Social Security.
In general, most people... (Show entire answer) |
| 62 years of age is usually the earliest you can file for Social Security.
In general, most people can start Social Security at age 62. However, your monthly payments will be less than if you delay until your maximum retirement age.
-- To determine your maximum retirement age (the age at which you could maximize your monthly income), please visit:
http://www.ssa.gov/retire2/agereduction.htm
-- If you would like more information about the many benefits of working when you are of retirement age, continue here: http://www.newretirement.com/Services/Working_In_Retirement_Reasons.aspx
-- Learn more about the benefits of delaying Social Security here:
http://www.newretirement.com/Services/Social-Security-Benefits.aspx
You might want to visit your local Social Security office. You can locate it here:
https://secure.ssa.gov/apps6z/FOLO/fo001.jsp
|
| If you own the land on which your mobile home resides, then you may be eligible for a Reverse Mortga... (Show entire answer) |
| If you own the land on which your mobile home resides, then you may be eligible for a Reverse Mortgage.
However, long term leases on property are not eligible.
If you do own the land, you can connect with a prescreened Reverse Mortgage lender here:
https://www.newretirement.com/Services/Reverse_Mortgage_Advice.aspx |
| The following web page should help you know how to collect the Social Security death benefit.
h... (Show entire answer) |
| The following web page should help you know how to collect the Social Security death benefit.
http://www.ssa.gov/pubs/10084.html#3
You may also wish to call the Social Security Administration directly. They can be reached by calling 1-800-772-1213. You can speak to a Social Security representative between 7 a.m. and 7 p.m. Monday through Friday.
If Mrs Pool had a life insurance policy on her you would also want to contact the life insurance company to collect benefits from them.
|
| This is outside my realm of knowledge. It seems like you might want to consult a lawyer to see if t... (Show entire answer) |
| This is outside my realm of knowledge. It seems like you might want to consult a lawyer to see if the terms of your divorce might be altered when you retire or by your and your former spouses current financial situation. |
| Social Security benefits are based on your lifetime earnings. Your actual earnings are adjusted or “... (Show entire answer) |
| Social Security benefits are based on your lifetime earnings. Your actual earnings are adjusted or “indexed” to account for changes in average wages since the year the earnings were received. Then Social Security calculates your average indexed monthly earnings during the 35 years in which you earned the most. We apply a formula to these earnings and arrive at your basic benefit, or “primary insurance amount” (PIA). This is how much you would receive at your full retirement age—65 or older, depending on your date of birth.
Monthly benefits are also higher if you opt to delay the start of Social Security until your maximum retirment age.
Many seniors are now opting to work in retirement. Learn more here:
http://www.newretirement.com/Services/Working_In_Retirement.aspx
Reverse Mortgages are another way retirees are bumping up their monthly income:
http://www.newretirement.com/Services/Reverse_Mortgage.aspx |
| Unfortunately, to qualify for a Reverse Mortgage, you must own both the land and the structure. Lon... (Show entire answer) |
| Unfortunately, to qualify for a Reverse Mortgage, you must own both the land and the structure. Long term leases from the park do not qualify. |
| Most likely not. You must own the land as well as the structure to qualify for a Reverse Mortgage. |
| To qualify for a Reverse Mortgage you must:
Be 62 years of age or older.
Be eligible for a loa... (Show entire answer) |
| To qualify for a Reverse Mortgage you must:
Be 62 years of age or older.
Be eligible for a loan amount sufficient to pay off all mortgages and liens on your property. In order to get a Reverse Mortgage, you must be able to qualify for at least enough money to pay off all existing mortgages or other liens that already exist on the property.
The amount of money you can get from a Reverse Mortgage is determined using a calculation that takes into account your age, county, current interest rates, and the total value of your property. The amount of money you can get from a Reverse Mortgage must be more than what you owe on your home.
Typically, you will probably qualify for a Reverse Mortgage if you owe less than 50 percent of your home's value, but some people qualify owing as much as 90 percent of their mortgage. If you would like to find out how much you are eligible for and verify whether or not you have sufficient equity to qualifiy, try our Reverse Mortgage Calculator:
https://www.newretirement.com/Services/Reverse_Mortgage_Calculator.aspx |
| The dictionary defines retirement as "To withdraw from one's occupation, business, or office; stop w... (Show entire answer) |
| The dictionary defines retirement as "To withdraw from one's occupation, business, or office; stop working."
However, I think that perhaps you are interested in starting your Social Security while you are still working.
A few things:
1) You can not start Social Security until you are at least 62 years of age.
2) There are numerous financial benefits related to delaying the start of Social Security until your maximum retirement age. Learn more here:
https://www.newretirement.com/Services/Social-Security-Benefits.aspx
3) You may continue working after you start taking Social Security, but your Social Security earnings may be impacted and taxed. Learn more here:
https://www.newretirement.com/Services/Working_In_Retirement.aspx
And, there are so many benefits to working as long as possible. Learn more here:
https://www.newretirement.com/Services/Working_In_Retirement_Reasons.aspx |
| Well there are numerous factors to consider when contemplating a withdrawal from a 401k or IRA.
T... (Show entire answer) |
| Well there are numerous factors to consider when contemplating a withdrawal from a 401k or IRA.
The most important consideration will be early withdrawal penalties. You will want to find out if the withdrawal penalties will be more expensive than the interest you are paying on your debt.
It also sounds like you should speak with a rollover professional to help you get your money out of the control of your former company.
NewRetirement can refer you to a pre-screened rollover advisor. Continue here:
https://www.newretirement.com/Services/Find_Rollover_3_Steps.aspx
|
| Well... to really answer your question, I would need more information.
Ideally you are moving fro... (Show entire answer) |
| Well... to really answer your question, I would need more information.
Ideally you are moving from a state with high housing values, high state taxes, high cost of living to a state with lower housing values, lower state taxes and a lower cost of living.
You can hopefully also move to an area with activities, jobs and/or family and friends that interest you.
If you wish to learn more about downsizing or to find a real estate professional, continue here: https://www.newretirement.com/Services/Relocation.aspx
|
| You might want to peruse the information provided by the Social Security web site.
They have a pa... (Show entire answer) |
| You might want to peruse the information provided by the Social Security web site.
They have a page titled Social Security International Operations. There you can locate an international Social Security office and those resources should be able to help you.
http://www.socialsecurity.gov/foreign/index.html
Also, many questions related to Social Security and living abroad are answered here:
http://ssa-custhelp.ssa.gov/cgi-bin/ssa.cfg/php/enduser/std_alp.php?p_page=1&p_cv=1.24&p_pv=&p_prods=&p_cats=24 |
| In general, two things to remember:
1) Stocks are considered to be on the risky side as far as inve... (Show entire answer) |
| In general, two things to remember:
1) Stocks are considered to be on the risky side as far as investments go.
2) As you approach retirement and as you retire, your investments are supposed to become more and more conservative.
Many retirement planners want retirees to insure that they have adequate lifetime income -- guaranteed income that covers your expenses indefinitely -- and have insured themselves against unforseen risks like healthcare crises, inflation and fluctuations in financial markets.
Stocks can and often do play a part in a retirement strategy, but should most often be part of a holistic financial plan.
Retirement is not really something that should be planned by amatuers. You might want to consider working with a financial planner.
Learn more about financial planners here: http://www.newretirement.com/Services/Professional_Financial_Advisors.aspx
Or, learn more about financial planning for retirement... http://www.newretirement.com/Services/Retirement_Planning.aspx
And, the risks retirees face:
http://www.newretirement.com/Services/Retirement_Risks.aspx
|
| According to the Social Security Administration's web site you can keep receiving your deceased husb... (Show entire answer) |
| According to the Social Security Administration's web site you can keep receiving your deceased husband's benefits when you remarry since you are over the age of 60.
You can read more here: http://www.ssa.gov/ww&os2.htm
This is the relevant information: "You cannot receive survivors benefits if you remarry before the age of 60 unless the latter marriage ends, whether by death, divorce, or annulment.
However, if you remarry after age 60 (50 if disabled), you can still collect benefits on your former spouse's record. When you reach age 62 or older, you may get retirement benefits on the record of your new spouse if they are higher." |
| This is probably a question for the Social Security Administration themselves.
You can locate you... (Show entire answer) |
| This is probably a question for the Social Security Administration themselves.
You can locate your local Social Security office here: https://secure.ssa.gov/apps6z/FOLO/fo001.jsp
You can also call the toll-free Social Security number 1-800-772-1213 |
| I would encourage you to immediately speak with a financial advisor.
It sounds like perhaps your ... (Show entire answer) |
| I would encourage you to immediately speak with a financial advisor.
It sounds like perhaps your money was re-invested in vehicles that are performing terribly in the current market conditions. A good certififed financial planner can look at your overall asset position and help you plan not only for a large nest egg -- but also advantageous tax conditions, retirement income and more.
NewRetirement can match you to an institution offering the type of advice you might need.
https://www.newretirement.com/Services/Professional_Financial_Advisors_Advice.aspx
You may also want to look at benefitscheckup.com. |
| According to the Social Security Administration, No.
SSA counts only the wages you earn from a j... (Show entire answer) |
| According to the Social Security Administration, No.
SSA counts only the wages you earn from a job, or your net profit if you're self-employed. Non-work income such as pensions, annuities, investment income, interest, capital gains and other government benefits are not counted and will not affect your Social Security benefits.
HOWEVER, depending on your income levels and the type of 401k or IRA you have, the withdrawls could impact your taxes. You will also want to be VERY careful that your withdrawals are within the distribution guidelines for your plan in order to avoid penalties.
FURTHERMORE, before you make any withdrawals, I would urge you to make sure that you have a comprehensive retirement plan that -- most importantly -- guarantees you adequate lifetime income for the rest of your life, as well as covers your insurance needs.
If you have not already, you may want to consult with a financial planner. Most people only retire once. It is a very BIG deal and having an expert to help you create an overall plan for your money can be incredibly helpful.
If you would like NewRetirement to match you to a prescreened retirement planner, continue here:
https://www.newretirement.com/Services/Professional_Financial_Advisors_Advice.aspx
Also, you mention that you have a 401k. Most financial experts do recommend that you rollover your 401k to an IRA when you retire. Learn more about rollovers here:
http://www.newretirement.com/Services/Rollover.aspx
|
| If you are interested in applying for Social Security, you can locate your local Social Security off... (Show entire answer) |
| If you are interested in applying for Social Security, you can locate your local Social Security office here: https://secure.ssa.gov/apps6z/FOLO/fo001.jsp
You can also call the toll-free Social Security number 1-800-772-1213
If you think you might qualify for low income assistance, then you could try visiting benefitscheckup.com for more information,. |
| Tricky question!
The rates and fees on financial products can be mind boggling. I recently heard... (Show entire answer) |
| Tricky question!
The rates and fees on financial products can be mind boggling. I recently heard an interview with a Harvard University finance professor who said that in most cases she found it completely impossible to really figure out what consumers were being charged by finance companies.
Fidelity is a large brokerage which sells annuities, mutual funds as well as other kinds of accounts.
And no matter who is selling you the annuity, the fees will vary tremendously depending on the riders and features included in the product. For example, NewRetirement recommends that retirees consider lifetime annuity products with inflation protection to seniors who have a gap between their income and expenses.
However, NewRetirement also recommends that any financial product considered by seniors be part of a holistic mix -- part of an overall financial plan for retirement that accounts for income planning, insurance needs (in particular a way to fund long term care should the need arise) as well as estate and lifestyle planning.
NewRetirement tries to identify the most reputable providers of financial services for seniors and match retirees with providers that can meet their needs.
If you would like to consult with a financial planner associated with NewRetirement, please continue with the link below:
http://www.newretirement.com/Services/Professional_Financial_Advisors.aspx |
| You probably can not get a home equity loan. Many seniors find home equity loans and even refinanc... (Show entire answer) |
| You probably can not get a home equity loan. Many seniors find home equity loans and even refinancing difficult due to their fixed income -- and a poor credit rating compounds the problem.
However, you may be eligible for a Reverse Mortgage. Learn more here:
http://www.newretirement.com/Services/Reverse_Mortgage.aspx |
| The exact timeframes for how quickly the Reverse Mortgaged home must be sold when the owner has move... (Show entire answer) |
| The exact timeframes for how quickly the Reverse Mortgaged home must be sold when the owner has moved to an assisted living facility may vary according to the exact terms of each loan.
However, you are generally correct. The home must be sold when the owner no longer occupies the home.
The loan ends when the homeowner dies, sells the house, or, depending on the loan conditions, moves out of the house for 12 consecutive months (for example, to go into an assisted living home or due to physical or mental illness the borrower is not able to live in the property on which the loan has been taken.
At that point, the reverse mortgage can be paid off with the proceeds of the sale of the house, or if the borrower has died, the property can be refinanced by the heirs of the homeowner's estate with a regular mortgage.
If the proceeds exceed the loan amount including compounded interest and fees, the owner of the house receives the difference. If the owner has died, the heirs receive the difference. For cases where the proceeds are not sufficient to pay off the loan, then the bank (or insurance which the bank has on the loan) absorbs the difference. |
| I believe that all you need to do is to contact your local Social Security office with his Social Se... (Show entire answer) |
| I believe that all you need to do is to contact your local Social Security office with his Social Security number.
They should be able to advise you.
You can locate your local Social Security office here: https://secure.ssa.gov/apps6z/FOLO/fo001.jsp
You can also call the toll-free Social Security number 1-800-772-1213
|
| I believe that all you need to do is to contact your local Social Security office with his Social Se... (Show entire answer) |
| I believe that all you need to do is to contact your local Social Security office with his Social Security number.
They should be able to advise you.
You can locate your local Social Security office here: https://secure.ssa.gov/apps6z/FOLO/fo001.jsp
You can also call the toll-free Social Security number 1-800-772-1213 |
| There are a few fixed rate reverse mortgages available.
We can connect you directly to the instit... (Show entire answer) |
| There are a few fixed rate reverse mortgages available.
We can connect you directly to the institutions offering those options. If you are interested, please call us at: 866-441-0246. |
| You can request a statement from the Social Security Administration at this link:
http://www.ssa.... (Show entire answer) |
| You can request a statement from the Social Security Administration at this link:
http://www.ssa.gov/mystatement/
However, consider the benefits of delaying the start of Social Security:
In general, most people can start Social Security at age 62. However, your monthly payments will be less than if you delay until your maximum retirement age.
-- To determine your maximum retirement age (the age at which you could maximize your monthly income), please visit:
http://www.ssa.gov/retire2/agereduction.htm
-- If you would like more information about the many benefits of working when you are of retirement age, continue here: http://www.newretirement.com/Services/Working_In_Retirement_Reasons.aspx
-- Learn more about the benefits of delaying Social Security here:
http://www.newretirement.com/Services/Social-Security-Benefits.aspx
|
| Your situation sounds complicated.
For your concerns about age discrimination, you may want to ... (Show entire answer) |
| Your situation sounds complicated.
For your concerns about age discrimination, you may want to contact the US Equal Employment Opportunity Commission (EEOC). http://www.eeoc.gov/
They have information and guidance for discrimination based on both disability and age.
Guidance for Age Discrimination: http://www.eeoc.gov/types/age.html
Guidance for Disability Discrimination: http://www.eeoc.gov/types/ada.html
While complicated, the situation you face is not at all uncommon. Many seniors are realizing that they simply do not have enough money for retirement.
A few additional resources that may be helpful to you:
1) A reverse mortgage is giving many seniors additional funds for retirement. Learn more about Reverse Mortgages here: http://www.newretirement.com/Services/Reverse_Mortgage.aspx
2) Downsizing and moving to a less expensive residence is also a popular option: http://www.newretirement.com/Services/Relocation.aspx
3) Explore all government benefit programs: www.benefitscheckup.org
|
| You might try contacting Medicare and Medicaid directly.
The phone number for Medicare is: 1-800-... (Show entire answer) |
| You might try contacting Medicare and Medicaid directly.
The phone number for Medicare is: 1-800-MEDICARE Toll-Free Number: 1-800-633-4227
Medicaid is a state-run system. I assume from your posting that you live in NY. In New York, you may be covered by Medicaid if:
-- You have high medical bills.
-- You receive Supplemental Security Income (SSI).
-- You meet certain income, resource, age, or disability requirements.
You can locate your local Medicaid office and their phone number, here:
http://www.health.state.ny.us/health_care/medicaid/ldss.htm |
| Unfortunately you probably do not qualify for a Reverse Mortgage unless you own the land on which th... (Show entire answer) |
| Unfortunately you probably do not qualify for a Reverse Mortgage unless you own the land on which the home is located.
|
| Hi -- We at NewRetirement do not offer any kind of accounts nor annuities directly.
NewRetirement... (Show entire answer) |
| Hi -- We at NewRetirement do not offer any kind of accounts nor annuities directly.
NewRetirement helps retirees to learn about retirement products (like annuities) and we connect retirees with prequalified companies that offer these products.
It sounds like you might benefit from speaking with a Financial Advisor. You can get matched to an appropriate advisor by completing the form here:
https://www.newretirement.com/Services/Find_Financial_Advisor.aspx
Congratulations on actively managing your retirement accounts. This is a wise thing to do.
Good Luck!
|
| All people on the mortgage must be 62 years of age to qualify for a Reverse Mortgage.
You are eli... (Show entire answer) |
| All people on the mortgage must be 62 years of age to qualify for a Reverse Mortgage.
You are eligible for a Reverse Mortgage as soon as both of you are of age.
For more information on eligibility, please visit:
http://www.newretirement.com/Services/Reverse_Mortgage_Who_Should_Consider.aspx |
| Each situation is unique and you should consult a tax advisor, but generally, reverse mortgages prov... (Show entire answer) |
| Each situation is unique and you should consult a tax advisor, but generally, reverse mortgages provide tax-free income through the equity release from your home.
If you wish to be connected with a prequalified Reverse Mortgage lender, please call 866-441-0246 or complete NewRetirement's online form at:
https://www.newretirement.com/Services/Reverse_Mortgage_Advice.aspx
Or, learn more about Reverse Mortgage eligibility here:
http://www.newretirement.com/Services/Reverse_Mortgage_Who_Should_Consider.aspx |
| To speak directly with a Reverse Mortgage lender, please complete the online form here:
https://www... (Show entire answer) |
| To speak directly with a Reverse Mortgage lender, please complete the online form here:
https://www.newretirement.com/Services/Reverse_Mortgage_Advice.aspx
You may also call us at NewRetirement, toll free at: 866-441-0246.
If you do not owe more on your home than it is worth, then you are probably eligible for a Reverse Mortgage. To learn more about eligibility, please visit this page:
http://www.newretirement.com/Services/Reverse_Mortgage_Who_Should_Consider.aspx |
| I think that your understanding of whose benefits you may take and when is correct.
The main prob... (Show entire answer) |
| I think that your understanding of whose benefits you may take and when is correct.
The main problem you will encounter with retiring at age 62 is probably the issue of health insurance. Private health insurance for someone age 62 can be prohibitively expensive and you will not be eligible for Medicare until age 65.
In general, most people can start Social Security at age 62. However, your monthly payments will be less than if you delay until your maximum retirement age.
-- To determine your maximum retirement age (the age at which you could maximize your monthly income), please visit:
http://www.ssa.gov/retire2/agereduction.htm
-- If you would like more information about the many benefits of working when you are of retirement age, continue here: http://www.newretirement.com/Services/Working_In_Retirement_Reasons.aspx
You might also want to visit a local Social Security office to explore your individual situation more thoroughly. You can find your local office here:
You might want to visit your local Social Security office. You can locate it here:
https://secure.ssa.gov/apps6z/FOLO/fo001.jsp
|
| Not to my knowledge. However, you may ask the Social Security Administration your question directly... (Show entire answer) |
| Not to my knowledge. However, you may ask the Social Security Administration your question directly.
You might want to visit your local Social Security office. You can locate it here: https://secure.ssa.gov/apps6z/FOLO/fo001.jsp
You can also call the toll-free Social Security number 1-800-772-1213
However, you do have the option of collecting your own benefits or collecting your previous spouse's benefits, if they are higher than your own -- assuming you were married for at least 10 years.
|
| You can request a statement from the Social Security Administration at this link:
http://www.ssa.... (Show entire answer) |
| You can request a statement from the Social Security Administration at this link:
http://www.ssa.gov/mystatement/
|
| In general, most people can start Social Security at age 62. However, your monthly payments will be ... (Show entire answer) |
| In general, most people can start Social Security at age 62. However, your monthly payments will be less than if you delay until your maximum retirement age.
-- To determine your maximum retirement age (the age at which you could maximize your monthly income), please visit:
http://www.ssa.gov/retire2/agereduction.htm
-- If you would like more information about the many benefits of working when you are of retirement age, continue here: http://www.newretirement.com/Services/Working_In_Retirement_Reasons.aspx
-- Learn more about the benefits of delaying Social Security here:
http://www.newretirement.com/Services/Social-Security-Benefits.aspx
You might want to visit your local Social Security office. You can locate it here:
https://secure.ssa.gov/apps6z/FOLO/fo001.jsp
|
| This can be a complicated question. You may want to consult a lawyer to advise you on your situati... (Show entire answer) |
| This can be a complicated question. You may want to consult a lawyer to advise you on your situation. |
| Yes, you absolutely may apply for a Reverse Mortgage.
To expedite your request and to insure that... (Show entire answer) |
| Yes, you absolutely may apply for a Reverse Mortgage.
To expedite your request and to insure that your inquiry is passed along to a reputable and qualified Reverse Mortgage broker, please call NewRetirement toll free at: 866-441-0246 and we will match you someone who can advise you and guide you through the process.
Or, you can complete an online form at:
https://www.newretirement.com/Services/Reverse_Mortgage_Advice.aspx
|
| You can request a statement from the Social Security Administration at this link:
http://www.ssa.... (Show entire answer) |
| You can request a statement from the Social Security Administration at this link:
http://www.ssa.gov/mystatement/
Or, you might want to visit your local Social Security office. You can locate it here: https://secure.ssa.gov/apps6z/FOLO/fo001.jsp You can also call the toll-free Social Security number 1-800-772-1213 |
| You can request a statement from the Social Security Administration at this link:
http://www.ssa.... (Show entire answer) |
| You can request a statement from the Social Security Administration at this link:
http://www.ssa.gov/mystatement/ |
| Yes, Reverse Mortgage regulations were recently changed so that in NY State, co-op owners are now el... (Show entire answer) |
| Yes, Reverse Mortgage regulations were recently changed so that in NY State, co-op owners are now eligible for a Reverse Mortgage.
NewRetirement can refer you to a prequalified agent, follow this link:
https://www.newretirement.com/Services/Reverse_Mortgage_Advice.aspx |
| I don't think that the loan could be "switched."
However, she may be eligible for a Reverse Mortg... (Show entire answer) |
| I don't think that the loan could be "switched."
However, she may be eligible for a Reverse Mortgage which could be used to pay off the home equity loan.
To speak with a prequalified reverse mortgage lender, follow this link:
https://www.newretirement.com/Services/Reverse_Mortgage_Advice.aspx |
| When retiring, the first thing you need to do is make sure that you have enough assets and income to... (Show entire answer) |
| When retiring, the first thing you need to do is make sure that you have enough assets and income to last the rest of your life -- however long that might be.
Use the Retirement Calculator to help determine this information:
https://www.newretirement.com/Plan/Retirement_Planner.aspx
You will want to assess when to take and apply for Social Security. Learn about the benefits of delaying Social Security here:
https://www.newretirement.com/Services/Social-Security-Benefits.aspx
And, if you think you are reading to apply for Social Security benefits, visit:
http://www.socialsecurity.gov/r&m2.htm
You may also want to explore other strategies for extending your retirement funds:
https://www.newretirement.com/Services/Retirement_Services.aspx
|
| Well... your best course of action would be to consult with a tax accountant.
I think that you on... (Show entire answer) |
| Well... your best course of action would be to consult with a tax accountant.
I think that you only have to pay taxes on the capital gains part of your distribution -- since you already paid tax on the principal part.
So you put $100 in - then earned $200 in cap gains on top (which you haven't paid taxes on inside the IRA) - then when you take $300 out - you pay tax on $200 of it, but not the first $100
You should definitely double check that. |
| Not only can you use a Reverse Mortgage to pay off both of these loans. It is in fact REQUIRED that... (Show entire answer) |
| Not only can you use a Reverse Mortgage to pay off both of these loans. It is in fact REQUIRED that you use your Reverse Mortgage funds to pay off ALL liens (loans) against your home.
As such, it may be difficult for you to qualify for a Reverse Mortgage. You owe $162,000 on a home worth $178,000.
Learn more about qualifying for a Reverse Mortgage here:
http://www.newretirement.com/Services/Reverse_Mortgage_Who_Should_Consider.aspx
Or
Get matched to a Reverse Mortgage lender here:
https://www.newretirement.com/Services/Reverse_Mortgage_Advice.aspx |
| The Social Security web site has a page that should be able to help you answer your question.
Ple... (Show entire answer) |
| The Social Security web site has a page that should be able to help you answer your question.
Please visit: "About Ticket to Work"
http://www.ssa.gov/work/aboutticket.html |
| I do not have any insight into this situation.
Your best course of action is to continue talking ... (Show entire answer) |
| I do not have any insight into this situation.
Your best course of action is to continue talking directly with your local Social Security office. |
| Yes, any homeowner listed on the contracts must be 62 years of age to be eligible for a Reverse Mort... (Show entire answer) |
| Yes, any homeowner listed on the contracts must be 62 years of age to be eligible for a Reverse Mortgage. |
| I am very sorry to hear of your situation.
There are a few options available that you might not h... (Show entire answer) |
| I am very sorry to hear of your situation.
There are a few options available that you might not have heard of nor considered:
Life Settlements: If you have a life insurance policy, this might be an option: https://www.newretirement.com/Services/Life-Settlement.aspx
Home Equity Conversion: https://www.newretirement.com/Services/Home_Equity_Conversion.aspx
Downsizing/Relocation: https://www.newretirement.com/Services/Relocation.aspx
You may also want to explore government benefits. www.benefitscheckup.org might be able to help you learn of options. |
| The entire package is probably eligible for a Reverse Mortgage only if it is considered to be the "s... (Show entire answer) |
| The entire package is probably eligible for a Reverse Mortgage only if it is considered to be the "same" property by the county land office.
You might consult your local government about this issue. |
| I do not believe that a disability has any bearing on your ability to qualify for a Reverse Mortgage... (Show entire answer) |
| I do not believe that a disability has any bearing on your ability to qualify for a Reverse Mortgage.
However, you must be at least 62 years of age. |
| First, in order to protect yourself from increased amounts of spam, please change your user name fro... (Show entire answer) |
| First, in order to protect yourself from increased amounts of spam, please change your user name from your email address to another name.
Your question is difficult to answer without additional detail. In general, most people are advised to delay the start of Social Security for as long as possible as living on fixed government benefits is extremely challenging.
Furthermore, health insurance can be a major concern for anyone not yet eligible for Medicare.
I am not sure about the details of your situation, but you may want to consult benefitscheckup.com and/or consult with some kind of financial planner. |
| I am sorry, but this is outside the realm of NewRetirement's expertise. You might contact the appro... (Show entire answer) |
| I am sorry, but this is outside the realm of NewRetirement's expertise. You might contact the appropriate government office and ask your question there.
|
| You can request a Social Security statement at:
http://www.ssa.gov/online/ssa-7004.html |
| Any reverse mortgage company can refinance a reverse mortgage, but it's generally an expensive propo... (Show entire answer) |
| Any reverse mortgage company can refinance a reverse mortgage, but it's generally an expensive proposition. You wind up paying the fees twice, not to mention the fact that as it's a reverse amortization loan, the longer you've had the first RM, the harder it is to refinance it. |
| Your minimum retirement distributions will likely be determined by the type of product you have. Do... (Show entire answer) |
| Your minimum retirement distributions will likely be determined by the type of product you have. Do you have a Roth IRA, Traditional IRA or other? |
| In general, most people can start Social Security at age 62. However, your monthly payments will b... (Show entire answer) |
| In general, most people can start Social Security at age 62. However, your monthly payments will be less than if you delay until your maximum retirement age.
-- To determine your maximum retirement age (the age at which you could maximize your monthly income), please visit:
http://www.ssa.gov/retire2/agereduction.htm
-- If you would like more information about the many benefits of working when you are of retirement age, continue here: http://www.newretirement.com/Services/Working_In_Retirement_Reasons.aspx
-- Learn more about the benefits of delaying Social Security here:
http://www.newretirement.com/Services/Social-Security-Benefits.aspx
I would also encourage you to look for ways to eliminate your mortgage. Have you considered downsizing your home or a Reverse Mortgage?
|
| You can receive full benefits while working when you reach your maximum retirement age.
To determ... (Show entire answer) |
| You can receive full benefits while working when you reach your maximum retirement age.
To determine your maximum retirement age, please visit:
http://www.ssa.gov/retire2/agereduction.htm
If you would like more information about the many benefits of working when you are of retirement age, continue here: http://www.newretirement.com/Services/Working_In_Retirement_Reasons.aspx
Or, if you are interested in learning more about how your benefits would be affected if you work and are taking benefits before your "Full Retirement Age," visit: http://www.socialsecurity.gov/retire2/whileworking.htm
|
| Social Security and Medicare are not impacted by a Reverse Mortgage.
However, beware if you are e... (Show entire answer) |
| Social Security and Medicare are not impacted by a Reverse Mortgage.
However, beware if you are eligible for government low-income assistance.
If you are currently or will be eligible to receive low-income assistance from the Federal or State government (like Medicaid), you will want to be careful that income from a reverse mortgage does not disqualify you from that assistance. |
| This would be a question for a Reverse Mortgage broker.
NewRetirement can connect you with a pr... (Show entire answer) |
| This would be a question for a Reverse Mortgage broker.
NewRetirement can connect you with a prescreened broker who should be able to answer this and any other questions you might have.
Complete the form here: https://www.newretirement.com/Services/Reverse_Mortgage_Advice.aspx
|
| You can request a statement from the Social Security Administration at this link:
http://www.ssa.... (Show entire answer) |
| You can request a statement from the Social Security Administration at this link:
http://www.ssa.gov/mystatement/ |
| You can receive full benefits while working when you reach your maximum retirement age.
To determ... (Show entire answer) |
| You can receive full benefits while working when you reach your maximum retirement age.
To determine your maximum retirement age, please visit:
http://www.ssa.gov/retire2/agereduction.htm
If you would like more information about the many benefits of working when you are of retirement age, continue here: http://www.newretirement.com/Services/Working_In_Retirement_Reasons.aspx
Or, if you are interested in learning more about how your benefits would be affected if you work and are taking benefits before your "Full Retirement Age," visit: http://www.socialsecurity.gov/retire2/whileworking.htm
|
| You can receive full benefits while working when you reach your maximum retirement age.
To determ... (Show entire answer) |
| You can receive full benefits while working when you reach your maximum retirement age.
To determine your maximum retirement age, please visit:
http://www.ssa.gov/retire2/agereduction.htm
If you would like more information about the many benefits of working when you are of retirement age, continue here: http://www.newretirement.com/Services/Working_In_Retirement_Reasons.aspx
Or, if you are interested in learning more about how your benefits would be affected if you work and are taking benefits before your "Full Retirement Age," visit: http://www.socialsecurity.gov/retire2/whileworking.htm
|
| Retiring with debt is not advised.
You can not really retire when carrying high-interest credit... (Show entire answer) |
| Retiring with debt is not advised.
You can not really retire when carrying high-interest credit card debt. Most people in retirement are living off of a fixed income – meaning that you will not have more money tomorrow to pay off the debt than you do today. You will simply be paying more interest – wasting money every month you carry the debt. The average family between the ages of 55 and 64 who carry credit card debt spend 31 percent of their income on servicing the debt. In retirement, particularly, that is akin to throwing money out of the window.
Learn more here:
https://www.newretirement.com/Planning101/Debt.aspx
A couple of notes:
-- Working past retirement age is becoming more and more of a necessity for most people and will become the norm. Learn more about work and reitrement here: https://www.newretirement.com/Services/Working_In_Retirement.aspx
And, delaying Social Security here:
https://www.newretirement.com/Services/Social-Security-Benefits.aspx
She may also want to look at:
-- A Reverse Mortgage: https://www.newretirement.com/Services/Reverse_Mortgage.aspx
A Reverse Mortgage can be used to pay off debt.
A home equity loan could also be used to pay off debt and it might be an acceptable option if the interest rate on the home equity loan was significantly lower than the interest rate on the debt.
https://www.newretirement.com/Services/Mortgage_Refinancing.aspx |
| You can request a statement from the Social Security Administration that will describe your benefits... (Show entire answer) |
| You can request a statement from the Social Security Administration that will describe your benefits at the following url.
http://www.socialsecurity.gov/mystatement/ |
| Does "WIN Penalty" refer to work incentive penalties?
I have not found anything related to changi... (Show entire answer) |
| Does "WIN Penalty" refer to work incentive penalties?
I have not found anything related to changing the way Social Security views work.
Social security benefits are based on your top 35 earning years. Depending on your work history, working past the traditional retirement age could have a significant impact on your Social Security benefit payments. By working longer, you could insure a bigger monthly Social Security check. And, working full or part time after retirement does not impact receiving your benefits after you have reached your "Full Retirement Age" as defined by the Social Security Administration. You can claim full Social Security benefits after you have reached your "Full Retirement Age" and still work full time.
To learn more about what your full retirement age is, visit Find Your Retirement Age. http://www.ssa.gov/retire2/agereduction.htm
If you are interested in learning more about how your benefits would be affected if you work and are taking benefits before your "Full Retirement Age," visit Work and Social Security. http://www.socialsecurity.gov/retire2/whileworking.htm |
| Each situation is unique and you should consult a tax advisor, but generally, reverse mortgages prov... (Show entire answer) |
| Each situation is unique and you should consult a tax advisor, but generally, reverse mortgages provide tax-free income through the equity release from your home.
However, a Reverse Mortgage does require that you pay off your mortgage before you receive any funds. So, you will no longer have the interest paid as a deduction. |
| You probably will not be able to take Social Security until you are 62 -- and if you take it at 62, ... (Show entire answer) |
| You probably will not be able to take Social Security until you are 62 -- and if you take it at 62, then you will be taking early retirement -- meaning that your monthly benefits will be less than what you could receive if you waited until age 65.
I would encourage you to continue a search for employment. Many retirees find that even very low paying jobs provide financial help as well as social and intellectual benefits.
You might try this Social Security Calculator to determine how your monthly benefits would be impacted by taking early retirement.
https://www.newretirement.com/Services/Social_Security_Start_Age_Calculator.aspx
And, you can find more information about retirement jobs and working as an older adult, here:
https://www.newretirement.com/Services/Working_In_Retirement.aspx
|
| I am sorry, but I don't really have enough information to answer your question.
You can borrow fr... (Show entire answer) |
| I am sorry, but I don't really have enough information to answer your question.
You can borrow from your 401k to help buy a home, but that money must be paid back with interest. The advantage is that you are growing your 401k this way, but it can be expensive.
And, the answer to your question would be largely dependent on your age and financial situation. Retiring with debt, for example, is not a great idea.
You might explore the Retirement Calculator here:
https://www.newretirement.com/Plan/Retirement_Planner.aspx
And, get an overview of retirement planning here:
https://www.newretirement.com/Services/Retirement_Planning.aspx
Or, learn about retirement risks, here:
https://www.newretirement.com/Services/Retirement_Risks.aspx |
| I am assuming that you are referring to Social Security.
You can ask to receive a Social Security... (Show entire answer) |
| I am assuming that you are referring to Social Security.
You can ask to receive a Social Security statement at this address:
http://www.ssa.gov/mystatement/ |
| I would strongly ecommend that you contact you employer for this information. |
| You can earn Social Security while earning other income.
Whether or not you receive your maximum... (Show entire answer) |
| You can earn Social Security while earning other income.
Whether or not you receive your maximum benefits will be determined by your age and earnings.
You can learn more here:
http://www.socialsecurity.gov/retire2/whileworking.htm |
| You can receive full benefits while working when you reach your maximum retirement age.
To determ... (Show entire answer) |
| You can receive full benefits while working when you reach your maximum retirement age.
To determine your maximum retirement age, please visit:
http://www.ssa.gov/retire2/agereduction.htm
If you would like more information about the many benefits of working when you are of retirement age, continue here: http://www.newretirement.com/Services/Working_In_Retirement_Reasons.aspx
Or, if you are interested in learning more about how your benefits would be affected if you work and are taking benefits before your "Full Retirement Age," visit: http://www.socialsecurity.gov/retire2/whileworking.htm |
| You can request a statement from the Social Security Administration at this link:
http://www.ssa.... (Show entire answer) |
| You can request a statement from the Social Security Administration at this link:
http://www.ssa.gov/mystatement/ |
| Interesting question.
The following link has information about railroad benefits and Social Secur... (Show entire answer) |
| Interesting question.
The following link has information about railroad benefits and Social Security.
http://www.rrb.gov/opa/qa/pub_0608.asp |
| Absolutely!
The amount of money you can get from a Reverse Mortgage is determined using a calcula... (Show entire answer) |
| Absolutely!
The amount of money you can get from a Reverse Mortgage is determined using a calculation that takes into account your age, county, current interest rates, and the total value of your property. The amount of money you can get from a Reverse Mortgage must be more than what you owe on your home.
To find out your Reverse Mortgage loan amount, go here:
http://www.newretirement.com/Services/Reverse_Mortgage_Calculator.aspx |
| The amount you get from Social Security depends on how long you have worked and how much you have ea... (Show entire answer) |
| The amount you get from Social Security depends on how long you have worked and how much you have earned.
In general, however, your monthly Social Security checks will be less if you start at a ge 62 than if you delay until your maximum retirement age.
Learn more about the benefits of delaying Social Security here:
http://www.newretirement.com/Services/Social-Security-Benefits.aspx |
| Yes, a complicated question. And, as I see it, there are TWO distinct issues: 1) Social Security an... (Show entire answer) |
| Yes, a complicated question. And, as I see it, there are TWO distinct issues: 1) Social Security and 2) Medical Insurance.
1) Social Security: You may indeed be able to collect benefits based on the earnings of one of your dead husbands' earnings. You should contact your local Social Security office directly to explore this option. You can find a local office here:
You might want to visit your local Social Security office. You can locate it here: https://secure.ssa.gov/apps6z/FOLO/fo001.jsp You can also call the toll-free Social Security number 1-800-772-1213
2) Medical Insurance. Loosing your medical insurance from your current estranged husband could be disastrous for you.
-- I don't think that you will not be eligible for Medicare until age 65.
-- Private medical insurance for someone your age and with your pre-existing conditions will be prohibitively expensive if even available.
For these reasons, I would STRONGLY recommend that you seek employment at a job that offers medical benefits. This will be your only route to affordable health insurance.
Working would also enable you to delay the start of Social Security which will increase the amount of your monthly benefits when you start at a later date.
Please consider working. You can learn more about retirement jobs here.
http://www.newretirement.com/Services/Working_In_Retirement.aspx
And, learn more about the benefits of delaying Social Security here:
http://www.newretirement.com/Services/Social-Security-Benefits.aspx |
| If you are divorced after at least 10 years of marriage, you can collect retirement benefits on your... (Show entire answer) |
| If you are divorced after at least 10 years of marriage, you can collect retirement benefits on your former spouse's Social Security record if you are at least age 62 and if your former spouse is entitled to or receiving benefits. If you remarry, you generally cannot collect benefits on your former spouse's record unless your later marriage ends (whether by death, divorce, or annulment).
|
| Every situation is unique. You may want to contact your local Social Security office for more infor... (Show entire answer) |
| Every situation is unique. You may want to contact your local Social Security office for more information on your family's benefits eligibility.
You can locate your local Social Security office here:
https://secure.ssa.gov/apps6z/FOLO/fo001.jsp
|
| Congratulations on the job! It is a great idea to earn as much income as you can before full retire... (Show entire answer) |
| Congratulations on the job! It is a great idea to earn as much income as you can before full retirement.
I could not find any specific information about suspending your benefits.
You can learn more about Social Security and working here:
http://www.ssa.gov/pubs/10069.html
Included on that page is a link to finding your local Social Security office who could answer your questions. |
| Whether you can retire at 41 or not depends on a variety of factors, including:
-- how much you h... (Show entire answer) |
| Whether you can retire at 41 or not depends on a variety of factors, including:
-- how much you have saved
-- how much it costs you to live each year
-- how inflation will impact your savings
-- health care costs
-- how long you will live
It is important to note that you will not be eligible for Social Security for at least another 20 years.
To learn more about when you might be able to retire, use the FREE Retirement Planning Calculator found here:
https://www.newretirement.com/Plan/Retirement_Planner.aspx
|
| Usually the spouse can only draw benefits when he or she themself reach retirement age.
You may w... (Show entire answer) |
| Usually the spouse can only draw benefits when he or she themself reach retirement age.
You may want to contact your local Social Security office for more details:
https://secure.ssa.gov/apps6z/FOLO/fo001.jsp |
| If you wait to start Social Security until your maximum retirement age, you can earn as much as you ... (Show entire answer) |
| If you wait to start Social Security until your maximum retirement age, you can earn as much as you like. However, there are restrictions on how much you earn if you start your benefits early -- at age 62.
If you are interested in learning more about how your benefits would be affected if you work and are taking benefits before your "Full Retirement Age," visit Work and Social Security.
-- http://www.socialsecurity.gov/retire2/whileworking.htm
To learn more about what your full retirement age is, visit Find Your Retirement Age. http://www.ssa.gov/retire2/agereduction.htm
And, here is a pitch for delaying the start of Social Security:
if you wait until age 70 to start Social Security, your monthly benefit could be more than double what it was at 62. To maximize retirement income, many experts recommend retirees consider the following rule of thumb:
-- Don’t take Social Security at age 62 unless you have a very short life expectancy.
-- If you think that you will likely die before 80, start Social Security sometime between ages 65 and 67.
-- If you think that you will live beyond 85, delay the start of Social Security until you are 70.
|
| If you wait to start Social Security until your maximum retirement age, you can earn as much as you ... (Show entire answer) |
| If you wait to start Social Security until your maximum retirement age, you can earn as much as you like. However, there are restrictions on how much you earn if you start your benefits early -- at age 62.
If you are interested in learning more about how your benefits would be affected if you work and are taking benefits before your "Full Retirement Age," visit Work and Social Security.
-- http://www.socialsecurity.gov/retire2/whileworking.htm
To learn more about what your full retirement age is, visit Find Your Retirement Age. http://www.ssa.gov/retire2/agereduction.htm
And, here is a pitch for delaying the start of Social Security:
if you wait until age 70 to start Social Security, your monthly benefit could be more than double what it was at 62. To maximize retirement income, many experts recommend retirees consider the following rule of thumb:
-- Don’t take Social Security at age 62 unless you have a very short life expectancy.
-- If you think that you will likely die before 80, start Social Security sometime between ages 65 and 67.
-- If you think that you will live beyond 85, delay the start of Social Security until you are 70.
|
| Yes, essentially a line of credit is indeed a bank account.
You earn interest on the money in you... (Show entire answer) |
| Yes, essentially a line of credit is indeed a bank account.
You earn interest on the money in your line of credit and the money can be withdrawn.
Best of all, you only pay interest on the funds you withdraw, not on the entire balance. |
| Neither NewRetirement nor other retirees and retirement experts who read and answer these questions ... (Show entire answer) |
| Neither NewRetirement nor other retirees and retirement experts who read and answer these questions would know the answer to your question.
You might want to visit your local Social Security office. You can locate it here:
https://secure.ssa.gov/apps6z/FOLO/fo001.jsp
You can also call the toll-free Social Security number 1-800-772-1213 |
| No, I do not believe that there is any difference in Social Security benefits based on where you liv... (Show entire answer) |
| No, I do not believe that there is any difference in Social Security benefits based on where you live.
This is an interesting point since the cost of living in various locals within the United States varies GREATLY.
Retirees might do well to consider relocating to less expensive parts of the country in order to stretch their income.
|
| I am not entirely clear about what you are asking.
However, in general, whether or not children s... (Show entire answer) |
| I am not entirely clear about what you are asking.
However, in general, whether or not children should contribute to their parents' retirement is a familial and philosophical question. Each family's circumstances will be unique and there are different philosophical and cultural issues t hat would impact each family's decisions.
As a loving child of parents' approaching retirement age. I strongly believe that I should not have to provide financial assistance to my parents. My parents are healthy (knock on wood) and they should work as long as necessary to insure that they have a secure retirement.
I am working as hard as I can to take care of myself and my own children in an increasingly difficult economic climate.
It used to be that people worked within years of the end of their lives. Today, people are living 20 plus years in retirement. That seems overly indulgent to me.
I would always try to step in and help in a dire situation, but I do not believe that my generation should fund years and years of leisure for retiring baby boomers.
|
| I have heard of this scheme, but do not know too much about it.
Typically you must have lived in ... (Show entire answer) |
| I have heard of this scheme, but do not know too much about it.
Typically you must have lived in a home for one year before qualifying for a Reverse Mortgage. So, I can only guess at how this scenario would work.
Perhaps this strategy is that the house seller provides financing for the first year, and then the buyer (a senior) gets a Reverse Mortgage after the year to refinance the motgage and pay off the seller.
No matter how it works, this is probably a slightly murky situation and you will want to be very careful to understand the contract and trust and respect the person or company making this offer.
It is also important to note that congress is currently working on passing a bill that -- among other things -- would enable you to finance the purchase of a home with a Reverse Mortgage. But, again, that has not yet been passed. If you are interested in learning more, it is called the FHA Modernization Bill. |
| I also wanted to mention that there are many many benefits for seniors who choose to work part time ... (Show entire answer) |
| I also wanted to mention that there are many many benefits for seniors who choose to work part time -- beyond the additional income.
It is not always possible for seniors to work... but you can find more information on retirement jobs here:
http://www.newretirement.com/Services/Working_In_Retirement.aspx |
| Mmmm... This is a very complex question. One resource I can recommend is the Benefits Checkup calcu... (Show entire answer) |
| Mmmm... This is a very complex question. One resource I can recommend is the Benefits Checkup calculator which was put together by the National Council on Aging.
You can find it here: http://www.benefitscheckup.org/
Other ways to maximize your income include:
-- Delaying the start of your Social Security benefits. Delaying your benefits for a few years can significantly increase your monthly income. Learn more here: http://www.newretirement.com/Services/Social-Security-Benefits.aspx
-- If you own your home, you might also want to look at using your home equity. Many seniors use a Reverse Mortgage to boost their retirement income. Although you will want to be careful that the additional income from a Reverse Mortgage does not impact eligibility for Medicaid. (A Reverse Mortgage does not impact Social Security or Medicare.)
Learn more about Reverse Mortgages here: http://www.newretirement.com/Services/Reverse_Mortgage.aspx |
| To maintain your Reverse Mortgage, you must reside in that property.
If you wish to relocate (and... (Show entire answer) |
| To maintain your Reverse Mortgage, you must reside in that property.
If you wish to relocate (and rent out your current home), you will need to pay off your Reverse Mortgage. You should contact your Reverse Mortgage lender for more information about terminating your agreement.
You should also investigate whether or not you qualify for a forward mortgage on your property. Many seniors do not have the income necessary to qualify for forward mortgages. |
| If you wait to start Social Security until your maximum retirement age, you can earn as much as you ... (Show entire answer) |
| If you wait to start Social Security until your maximum retirement age, you can earn as much as you like. However, there are restrictions on how much you earn if you start your benefits early -- at age 62.
If you are interested in learning more about how your benefits would be affected if you work and are taking benefits before your "Full Retirement Age," visit Work and Social Security.
-- http://www.socialsecurity.gov/retire2/whileworking.htm
To learn more about what your full retirement age is, visit Find Your Retirement Age. http://www.ssa.gov/retire2/agereduction.htm
And, here is a pitch for delaying the start of Social Security:
if you wait until age 70 to start Social Security, your monthly benefit could be more than double what it was at 62. To maximize retirement income, many experts recommend retirees consider the following rule of thumb:
-- Don’t take Social Security at age 62 unless you have a very short life expectancy.
-- If you think that you will likely die before 80, start Social Security sometime between ages 65 and 67.
-- If you think that you will live beyond 85, delay the start of Social Security until you are 70.
|
| In order to protect your identity from theft -- which can ruin your finances -- please do not ever p... (Show entire answer) |
| In order to protect your identity from theft -- which can ruin your finances -- please do not ever publish your Social Security number nor give it out to anyone who you don't know and trust.
We have deleted that information from your question and our records.
To answer your question:
The amount you earn from Social Security is based on your top 35 earning years and the amount changes depending on whether you take your Social Security early (at age 62) or wait until you have achieved the maximum retirement age. If you wait, your monthly benefits will be greater.
Based on the birthdates you gave, your husband died when he was 43 years old. (I am very sorry for your loss.) He probably only worked for approximately 20 of those years. It is not clear whether you have worked or not.
In your situation, I would recommend that you visit your local Social Security office. You can locate one here: https://secure.ssa.gov/apps6z/FOLO/fo001.jsp
You can request information on how much your benefit will be, how much your husband's will be and compare that information.
I would also recommend that you consider at what age you choose to start your benefits. At the office, you can ask them how much your and your husbands benefits would be if you start at age 62 or later.
Because Social Security is a lifetime benefit. It is very important for you to consider when to start it. To maximize retirement income, many experts recommend this rule of thumb to retirees:
-- Don’t take Social Security at age 62 unless you have a very short life expectancy.
-- If you think that you will likely die before 80, start Social Security sometime between ages 65 and 67.
-- If you think that you will live beyond 85, delay the start of Social Security until you are 70.
|
| Your question is particularly tricky and probably best answered by the Social Security Administratio... (Show entire answer) |
| Your question is particularly tricky and probably best answered by the Social Security Administration.
In general, the longer you delay receiving benefits, the higher your monthly check will be -- up until your maximum retirement age.
Rule of thumb for when to take Social Security
An associate of mine suggested the following rule of thumb for when to start taking Social Security:
1) Don't take it at 62, unless you have a very short life expectancy due to illness.
2) If you think that you'll pass away (die) before 80 then start taking it at your full retirement age ~65-67.
3) If you think that you'll live beyond 85, then wait until 70.
There are many women in their 80s that wish they had waited to take Social Security and have a lower income because they took it earlier.
You can also learn more about the benefits of delaying Social Security here:
http://www.newretirement.com/Services/Social-Security-Benefits.aspx
|
| Yes -- in most cases, the longer you work the higher your Social Security check will be.
Social s... (Show entire answer) |
| Yes -- in most cases, the longer you work the higher your Social Security check will be.
Social security benefits are based on your top 35 earning years. Depending on your work history, working past the traditional retirement age could have a significant impact on your Social Security benefit payments. By working longer, you could insure a bigger monthly Social Security check. And, working full or part time after retirement does not impact receiving your benefits after you have reached your "Full Retirement Age" as defined by the Social Security Administration. You can claim full Social Security benefits after you have reached your "Full Retirement Age" and still work full time.
To learn more about what your full retirement age is, visit Find Your Retirement Age on the SSA web site: http://www.ssa.gov/retire2/agereduction.htm
If you are interested in learning more about how your benefits would be affected if you work and are taking benefits before your "Full Retirement Age," visit Work and Social Security: http://www.socialsecurity.gov/retire2/whileworking.htm
You might also want to consider working full or part time as a way to delay the start of Social Security benefits. The longer you delay the start of Social Security up until the age of 70, the bigger your monthly Social Security check will be. Review the Maximum-Taxable Earnings table to see how your Social Security benefits might increase with additional years in work.
|
| Yes you may most definitely do a Reverse Mortgage if your home is already paid for.
In fact, if y... (Show entire answer) |
| Yes you may most definitely do a Reverse Mortgage if your home is already paid for.
In fact, if you owe money on your home, you MUST pay it off with the proceeds from your Reverse Mortgage and you only get to use the balance of those funds for retirement.
You can learn more about qualifying for a Reverse Mortgage here:
http://www.newretirement.com/Services/Reverse_Mortgage_Who_Should_Consider.aspx
And, find out how much you qualify for here:
http://www.newretirement.com/Services/Reverse_Mortgage_Calculator.aspx
|
| You must be living in your home to qualify for and keep your Reverse Mortgage. |
| Establishing the value of a property -- without selling it is part art/part science.
When you sel... (Show entire answer) |
| Establishing the value of a property -- without selling it is part art/part science.
When you sell your home on the open market, you are likely to get a fair price and an accurate value. The true value of your property is whatever someone is willing to pay.
However, realtors and mortgage lenders must use various criteria when pricing a home. Perhaps the most compelling way to value a home is to look at the average price per square foot of recently sold homes. You can apply these averages to your own home's square footage and lot size. Appraisers also assess upgrades and maintenance issues on a property. Your school district, neighborhood, style of home and other criteria will ultimately impact the value of your home.
www.zillow.com is an interesting web site that uses these types of criteria to help individuals figure out what their home should be valued at.
I am not sure why you think your home is currently valued at the price you mention. However, to get a Reverse Mortgage, your property would have to be appraised and your ultimate loan amount would be driven by that appraisal.
You can estimate your Reverse Mortgage loan amount by playing with a Reverse Mortgage calculator here:
http://www.newretirement.com/Services/Reverse_Mortgage_Calculator.aspx
Or, talk with a pre qualified Reverse Mortgage lender by sending your information, here:
https://www.newretirement.com/Services/Reverse_Mortgage_Advice.aspx?ReverseMortgageAdviceTab.DateOfBirth=1/1/1943&ReverseMortgageAdviceTab.HouseValue=150000&ReverseMortgageAdviceTab.MortgageBalance=50000
|
| Not sure what your question might be.
If you are looking for where or how to apply, the Social Se... (Show entire answer) |
| Not sure what your question might be.
If you are looking for where or how to apply, the Social Security Administration's web site should have all the information you need:
http://www.ssa.gov/
You can also learn more about the benefits of delaying Social Security here:
http://www.newretirement.com/Services/Social-Security-Benefits.aspx
You might also want to consider working full or part time as a way to delay the start of Social Security benefits. The longer you delay the start of Social Security up until the age of 70, the bigger your monthly Social Security check will be. Review the Maximum-Taxable Earnings table to see how your Social Security benefits might increase with additional years in work. |
| You shouldn't have any problem with having a Reverse Mortgage and running a business out of your per... (Show entire answer) |
| You shouldn't have any problem with having a Reverse Mortgage and running a business out of your personal residence.
However, there are limits on Reverse Mortgages in multi unit buildings and mixed use property (property that is both commercial and residential), but it doesn't sound like this applies to you.
You can learn more from a Reverse Mortgage lender. You can find a prequalified lender here: https://www.newretirement.com/Services/Reverse_Mortgage_Advice.aspx?ReverseMortgageAdviceTab.DateOfBirth=1/1/1943&ReverseMortgageAdviceTab.HouseValue=150000&ReverseMortgageAdviceTab.MortgageBalance=50000 |
| A reverse mortgage can impact your eligibility for medicaid. If you are receiving medicaid, please ... (Show entire answer) |
| A reverse mortgage can impact your eligibility for medicaid. If you are receiving medicaid, please investigate carefully whether or not a reverse mortgage will raise your income or assets enough to take away this valuable program.
Medicaid usually offers its benefactors long term care coverage and other valuablel benefits that you probably would not want to lose in exchange for the funds from a reverse mortgage.
I would suggest that you learn about the eligibility requirements and speak with a medicaid expert about how a reverse mortgage would impact you. |
| Probably not. In fact, in many cases a home must be at least one year old to qualify for a Reverse ... (Show entire answer) |
| Probably not. In fact, in many cases a home must be at least one year old to qualify for a Reverse Mortgage.
Some Mobile Homes are eligible for a Reverse Mortgage. In most cases, you must meet the following criteria:
-- All borrowers must be over age 62
-- Own your land (technically also if they have 99 year lease)
-- Home manufactured after June 15 1976
-- On a fixed foundation
-- Must have a HUD (Department of Housing & Urban Development) Seal affixed to the manufactured home (this is done by the manufacturer, not a retrofit)
-- Owner is willing to pay for a structural engineering report, which the property must pass (Costs range between $200-$500 depending upon location).
However, I would suggest that you meet with a Reverse Mortgage lender before you commit any funds to updating your property. |
| You would need to contact the Social Security Administration for an accurate response to this inquir... (Show entire answer) |
| You would need to contact the Social Security Administration for an accurate response to this inquiry.
You can contact the Social Security Administration with information here:
http://www.ssa.gov/reach.htm
Or, find a local Social Security office here: https://secure.ssa.gov/apps6z/FOLO/fo001.jsp |
| I think that the answer to your question would depend on your state as well as the terms of your emp... (Show entire answer) |
| I think that the answer to your question would depend on your state as well as the terms of your employment.
Perhaps you could consult the Office of the Governor of your state. They should be able to direct you toward finding your answer. |
| Very interesting question.
Unfortunately, I think that all parties on the mortgage must be over 6... (Show entire answer) |
| Very interesting question.
Unfortunately, I think that all parties on the mortgage must be over 62 to qualify for a Reverse Mortgage.
There are though other options:
-- Home Equity Loan
-- Home Equity Conversion
-- Downsizing to a less expensive residence
You can compare these ways to tap into your home equity here:
https://www.newretirement.com/Services/Home_Equity_Solutions.aspx |
| Baby Boomers
Boomers have experienced some great contemporary music.... Do you think these artists... (Show entire answer) |
| Baby Boomers
Boomers have experienced some great contemporary music.... Do you think these artists will revise their hits as they age?
The Bee Gees - How Do You Mend a Broken Hip
Bobby Darin - Splish, Splash, I Was Havin' a Flash
The Beatles - I Get By With a Little Help from Depends
Paul Simon - Fifty Ways to Lose Your Liver
Leo Sayer - You Make Me Feel Like Napping
Abba - Denture Queen
Leslie Gore - It's My Procedure and I'll Cry if I Want To
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| I don't think I have sufficient information to answer your question. However, to qualify for most r... (Show entire answer) |
| I don't think I have sufficient information to answer your question. However, to qualify for most reverse mortgages you must:
1) Have sufficient equity in your home. (The actual amount of equity required to qualify for a Reverse Mortgage varies depending upon your county, your age and the current interest rates. In most cases you must not owe more than 75 percent of your home’s current value. For example, if your home is valued at $200,000, then your outstanding mortgage would need to be less than $150,000 – in most cases.)
Furthermore, second homes, apartment buildings and homes less than a year old are not usually eligible for a Reverse Mortgage though some condominiums do qualify.
For more on whether a reverse mortgage is right for you, go here:
http://www.newretirement.com/Services/Reverse_Mortgage_Who_Should_Consider.aspx |
| You should consult with the human resources department at the company who gave you the pension. The... (Show entire answer) |
| You should consult with the human resources department at the company who gave you the pension. They are probably the only ones who can definitively answer your important question.
We'd love to hear back from you after you speak with them. Share your information with other retirees! |
| You should be able to enter the start dates for your pension into the calculator. To the right of t... (Show entire answer) |
| You should be able to enter the start dates for your pension into the calculator. To the right of the box where you enter your pension income is a box that says: "start at age."
If you are the one entering the data, put the age you will be when your wife's pension begins.
The Retirement Calculator is here: https://www.newretirement.com/Plan/Retirement_Planner.aspx
If you saved your data last time you used it, remember to log in to retrieve your information.
|
| Well... technically you can do anything you set your mind to do.
There are no rules against retir... (Show entire answer) |
| Well... technically you can do anything you set your mind to do.
There are no rules against retiring and then returning to full time work. But, there are a few things to consider:
1) Social Security Benefits: There are disadvantages to starting Social Security benefits too early. And, there are further disadvantages to taking your benefits before your maximum retirement age if you are also earning income from a job.
Learn more here:
https://www.newretirement.com/Services/Working_In_Retirement.aspx
https://www.newretirement.com/Services/Social-Security-Benefits.aspx
2) You will also want to consider the loss of momentum in your career. It may be more difficult to find a job after you have taken some time off. And some seniors report particular difficulties getting hired. Although, many seniors are retiring and starting new careers in areas that interest them.
However, the most important consideration for retirement is probably making sure that you have sufficient income for the rest of your life -- no matter how long that may be. I encourage you to try the NewRetirement Retirement Planning Calculator to help you estimate how well prepared you are:
https://www.newretirement.com/Plan/Retirement_Planner.aspx
|
| If you wish to receive the free informational dvd on reverse mortgages, please complete the informat... (Show entire answer) |
| If you wish to receive the free informational dvd on reverse mortgages, please complete the information here:
https://www.newretirement.com/Services/Reverse_Mortgage_Advice.aspx |
| I don't think I have enough information to answer your question.
However, before the homeowner re... (Show entire answer) |
| I don't think I have enough information to answer your question.
However, before the homeowner receives any proceeds from a Reverse Mortgage, all liens (debt) that are secured by your home must be paid in full.... (The Reverse Mortgage can be used to pay off those debts -- including your mortgage.)
|
| Retirement and Social Security and Working in Retirement.....
Technically you can earn as much ... (Show entire answer) |
| Retirement and Social Security and Working in Retirement.....
Technically you can earn as much as you like or are able to do while taking Social Security benefits.
However, your benefits can be reduced -- depending on your age and the amount of money you are earning.
Your Social Security earnings can be reduced only until you reach your "full retirement age." (If you were born in 1943, your full retirement age is 66 years.) After your full retirement age you can get all of your Social Security benefits with no limit on your earnings.
A more detailed answer to your question can be found on the Social Security Administration's web site -- on this page about work and Social Security:
http://www.socialsecurity.gov/retire2/whileworking.htm
|
| According to the Social Security Administration's web site, you can receive benefits based on your ... (Show entire answer) |
| According to the Social Security Administration's web site, you can receive benefits based on your ex husband's work history if:
-- Your marriage lasted 10 years or longer;
-- You are unmarried;
-- You are age 62 or older;
-- The benefit you are entitled to receive based on your own work is less than the benefits you would receive on your husband’s work; and
-- Your ex-husband is entitled to Social Security retirement or disability benefits.
If he has not applied for benefits, but can qualify for them and is age 62 or older, you can receive benefits on his work if you have been divorced from him for at least two years.
|
| What did the newly retired man say to his wife?
“If this is what they call a fixed income, I’d ha... (Show entire answer) |
| What did the newly retired man say to his wife?
“If this is what they call a fixed income, I’d hate to see one that’s still broken. “
|
| "President Bush made his case with Social Security reform. He said if you have a Social Security che... (Show entire answer) |
| "President Bush made his case with Social Security reform. He said if you have a Social Security check you might want to cash it first thing in the morning." --Jay Leno
"According to the Congressional Budget Office, Social Security will be completely depleted by 2052, completely broke. Again I don't think President Bush understands these issues. He says '2052 -- well, that's all right, by then all our old people will be dead.'" --Jay Leno
|
| Old is when....
-- you get compliements on your alligator shoes and you are barefoot
-- going with... (Show entire answer) |
| Old is when....
-- you get compliements on your alligator shoes and you are barefoot
-- going without a bra pulls the wrinkles out of your face
-- you are happy to have a flabby tummy, cause it covers the flabby thighs |
| Most interest rates on reverse mortgages are indeed adjustable. Although, they are capped.
For d... (Show entire answer) |
| Most interest rates on reverse mortgages are indeed adjustable. Although, they are capped.
For details on the rates and caps, please see the following articles:
http://www.newretirement.com/Services/Jumbo-Reverse-Mortgage.aspx
http://www.newretirement.com/Services/Reverse_Mortgage_Fees.aspx
However, the Bank of New York does offer the Prime Advantage Fixed Rate Jumbo Reverse Mortgage -
This jumbo Reverse Mortgage product offers a fixed rate. This rate is determined by the bank, rather than an index. The rate does not adjust, it is fixed.
On July 26, 2007, the interest rate on the Prime Advantage Fixed Rate product was: 9.265% and that rate would remain fixed for the life of the loan.
|
| Typically you must reside in your home in order to get a reverse mortgage on it.
If you wish to a... (Show entire answer) |
| Typically you must reside in your home in order to get a reverse mortgage on it.
If you wish to access cash from the equity you have in your second home, you might consider:
home equity conversion - http://www.newretirement.com/Services/Home_Equity_Conversion.aspx
OR
a home equity loan -- http://www.newretirement.com/Services/Mortgage_Refinancing.aspx |
| You may also want to look at a comparison of different ways of getting cash out of your home equity.... (Show entire answer) |
| You may also want to look at a comparison of different ways of getting cash out of your home equity....
http://www.newretirement.com/Services/Home_Equity_Solutions.aspx |
| You may have at least two options for getting $12,000 out of your home.
-- A reverse mortgage might... (Show entire answer) |
| You may have at least two options for getting $12,000 out of your home.
-- A reverse mortgage might be a good option especially since you will never owe more than the value of your home.
However, if you sons are living in your home and wish to stay there after you die, a Reverse Mortgage might be an expensive option. You can estimate the interest on a reverse mortgage with a calculator here:
http://www.newretirement.com/Services/Reverse_Mortgage_Calculator.aspx
You can also learn more about reverse mortgages generally, here:
http://www.newretirement.com/Services/Reverse_Mortgage.aspx
-- Another option might be a home equity loan. Learn more about home equity loans, here:
http://www.newretirement.com/Services/Mortgage_Refinancing.aspx |
| All of your questions should be answered at:
http://www.socialsecurity.gov/retire2/whileworking.ht... (Show entire answer) |
| All of your questions should be answered at:
http://www.socialsecurity.gov/retire2/whileworking.htm |
