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Social Security Benefits
It’s Getting Harder to Qualify for Social Security Benefits in Retirement. Here’s the Reason Why To qualify for Social Security benefits, you need to accumulate 40 work credits in your lifetime. You can accrue a maximum of four credits per year. The value of a single work credit is rising in 2025, so part-time workers…
Read MoreMortgage Rate Forecast
Mortgage Rate Forecast For 2024: Experts Predict How Much the Mortgage Rate Will Drop. Mortgage rates just can’t seem to get into a sustainable downward groove. After hitting a 2024 high of 7.22% to start May, the average 30-year fixed mortgage rate dropped 19 basis points over the course of the month before rising above…
Read MoreInflation scare
Ron Insana: The 2024 inflation scare has arrived, but there are still signs of hope for investors. U.S. Federal Reserve Chair Jerome Powell holds a press conference following a two-day meeting of the Federal Open Market Committee on interest rate policy in Washington, U.S., March 20, 2024. U.S. Federal Reserve Chair Jerome Powell holds a press…
Read MoreSocial Security crisis
BlackRock’s Larry Fink sees Social Security crisis, says 65 retirement age ‘a bit crazy’ KEY POINTS In his annual letter to shareholders, Fink called the decreasing ability to retire in a financially sound way one of the biggest economic challenges of the mid-21st century. “Today in America, the retirement message that the government and companies…
Read MoreBoomers are pushing millennials out of the housing market
Boomers are pushing millennials out of the housing market as they hit the road for retirement. It’s no secret that baby boomers are vastly wealthier than millennials, but just how much helps explain the state of America’s gerontocratic housing market. While most millennials have now reached the “peak” homebuying age, their parents’ generation is keeping…
Read MoreRunning out of retirement money
Scarier than death? Running out of retirement money Old age is the trickiest part of life to navigate financially, with its unpredictable care expenses and unknowable longevity. It’s also the point at which cognitive decline can scupper even the savviest financial plan. Why it matters: A recent American Economic Association paper surveyed Americans in or…
Read MoreDenied Mortgage Loans
Data shows older adults more likely to be denied mortgage loans Older people are denied mortgages loans at a higher rate while younger borrowers have higher HECM rejection rates: NYT Older adults tend to have higher credit ratings than any other age group in the nation. However, older Americans are also more likely to be…
Read MoreRetirement without a penny in savings
Millions of older Americans are nearing retirement without a penny in savings If you ask Americans how much they’ll need for a comfortable retirement, they’ll throw out a big number: $1.25 million, to be exact. But in reality, most workers are far from reaching that goal — and there’s a significant chunk of older people who…
Read MoreBenefits of a reverse mortgage
Benefits of a reverse mortgage. Is a reverse mortgage worth it? Moneywatch. CBS News Reverse mortgages provide some unique benefits compared to other home equity options. If you’re a senior looking to reduce expenses or have extra income, you may have come across a product known as a reverse mortgage. Reverse mortgages are a funding source…
Read MoreNow’s a great time for a reverse mortgage
Now’s a great time for a reverse mortgage In today’s economic climate, clients need financial solutions that make sense. Today’s economic circumstances are taking a toll on retirees. From delaying major purchases and driving less, to cancelling or curtailing travel plans, many are sacrificing to make ends meet. Retirees need solid financial options to help ease…
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