Seniors and SS benefits before retirement age 65

Seniors and SS benefits before retirement age 65

A recent survey of over 600 seniors shows that many people are planning on accessing their Social security benefits before age 65 to cover routine living expenses, healthcare, mortgages and utilities. This is a serious concern to me because it will reduce the SS benefits paid for the life of the senior. Tapping into SS benefits significantly reduces the amount you receive every month for life. It should only be utilized as a LAST RESORT in an Emergency situation. Several other measures should be evaluated before this drastic action is taken. Several steps we can evaluate include a HUD HECM Reverse Mortgage which improves cash flow by stopping mortgage payments as long as you and or your spouse are able to remain in your home. Another step is to review your existing life insurance policies, or increase income from your current assets.

If your assets are not currently growing by 6-7.2% per year you may be positioning your assets unwisely. If none of your assets are positioned to guarantee you a lifetime income stream you cannot outlive I Must ask Why not?? If you have lost money in the market turbulence of 2008 Let me ask why put up with that? None of the assets I manage for my clients have lost money this year! Let me repeat that NONE of my clients assets under management have suffered a market loss of value!

We can help clients with all of these things. How can we help you?
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MSN Money video article Family In Financial Crisisn

MSN had an article and video on a woman and her family in financial crisis. Laurie Cook has been caught between a rock and a hard place. Her Mother has Alzheimers and her brother has significant medical problems as well. I had a client in St Louis with a similar situation.
They were facing foreclosure. The solution for my St Louis Client was a HUD HECM Reverse Mortgage. We stopped the foreclosure, paid off back taxes and set up a cash reserve to help pay the next couple of years taxes and condo fees. As a bonus they got to stop making mortgage payments as long as Mother was able to stay at home. This same approach might just work here as well. It is not perfect and only about 60-70 percent of people who want one are able to qualify for a reverse mortgage, in my experience.

If you know anyone in this type of situation there may be an alternative.
We can help!

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www.columbusfinancialplanningpros.com
e-mail
polarisfinancialservices@gmail.com

Financial Crunch Hiitting Seniors

There was a great article that I just came across. I meant to include it in my blog over a week ago. My apologies for the delay in commenting on it. The article by Steve Wartenberg appeared in the Columbus Dispatch on july 20th, 2008. Many of you already know the financial difficulty he speaks about that is hitting seniors. In fact it is significantly impacts most of us. It is especially hard for those of us who are not at the peak of their earning years. It hurts the seniors most because of fixed incomes, The surplussed generation being discarded by irresponsible corporate management, and the young just starting out.

In any period of rapid price increases, like 2008, without a rapid rise in income much of the population is going to get creamed by the inflationary spiral of rising gasoline, rising home energy prices rising food prices etc. The article talks about the increasing percentage of bankruptcies that are filed by seniors over age 55. The percentage has actually doubled since 1991. General filings are up almost 18 % in 2008 alone. Inflation is eating them out of house and home!! Then there is the impact of medical expenses which another study not mentioned in this article indicated is responsible for almost 45 % of bankruptcies in the US.

If you know someone who is struggling let them know that seniors over age 62 years old who own their own homes may be able to get some relief. It might be possible to reduce their home expenses and even free up some of their income to help pay for unexpected medical expenses or repairs.

In many cases we Can help.

www.columbusfinancialplanningpros.com