seniors: Seniors in Kansas City: Long Term Care the Unbearable Burden on Your Family.
- 07/22/08 01:42 AM
Do you have a clearly defined plan to handle any potential Long Term Care needs you may have? Have you been taking advice regarding long term care from your friends, neighbors, family, or financially based TV or radio shows? Well doing nothing about it is very irresponsible of you, maybe even childish, and listening to the advice of people that are not experts in something so important is likely unwise. When you don't have a clearly defined plan for long term care, it will likely fall back onto your family, the government, or a combination of the two. If it falls … (2 comments)
seniors: Seniors in Kansas City: Is the Medicare Medicaid Combo the Best Plan for Your Long Term Care?
- 07/21/08 02:14 AM
The great unknown for all of us will we need to be cared for in our later years? A Gallup poll said 76% of Americans believe they will never need nursing home care, assisted living or any other long term care service. Unfortunately, the reality of the situation paints a much different picture. Life expectancies are up. According to the Center for Disease Control in 2004 the life expectancy for a 65 year old male is 82.1 and a 65 year old female is 85. So if you make it to retirement age the chances of living a long life are … (2 comments)
seniors: Seniors in Kansas City: Would Having a Growing Nest Egg to Fall Back on Give you Additional Security and Peace of Mind?
- 07/17/08 02:21 AM
One of the biggest concerns of seniors in Kansas City is having an emergency fund that they could easily tap if needed. Many feel it would give them additional security and more importantly peace of mind so they can sleep better at night. What if there was a way to have an emergency fund or nest egg that is "GUARANTEED" to grow tax free every year? (The 20 year average growth rate is 6.54%) Would that give you the peace of mind to allow you to sleep better at night? Imagine living your "Golden Years" without the stress of living with … (0 comments)
seniors: Seniors in Kansas City: Is Staying in Your Home for Life Still Important?
- 07/16/08 06:02 AM
One survey said 80% of seniors want to stay in their home for the rest of their life. Really, only 80%, I would have thought it would be 100%. Is staying in your home for the rest of your life important to you? If it is then continue reading. Staying in your home for life is much tougher to do now that it was for your parents or grandparents. Life expectancies are up- a 65 year old woman has a life expectancy of 83 and a 90 year old today is expected to live almost another 8 years. With that longer … (0 comments)
seniors: Seniors in Kansas City: Do You Find Yourself Dipping into Savings to Make Ends Meet?
- 07/15/08 02:00 AM
The stock market is in Bear territory and the cost of just about everything is up. Are you like millions of seniors that are finding themselves dipping into their savings more than they planned to at the worst possible time- when their accounts are taking a beating? What is it doing to your retirement plan? Are you now even more concerned that you could run out of money before you die? Will you have to cut back on your spending and thus your lifestyle or worse yet go back to work? I know, I know you already know that and I'm … (0 comments)
seniors: Seniors in Kansas City: Do You Still Have a Mortgage Payment?
- 07/14/08 12:35 AM
Even though so many seniors in Kansas City struggled their working years trying to pay off their homes, many failed to accomplish that goal. To compound the problem these same folks didn't have a clearly defined savings plan for their retirement years. So now they are in their "Golden Years" and aren't able to enjoy retirement. Too many seniors are struggling financially because they still have a mortgage payment. Making matters worse is the fact that inflation has been making living much more expensive. All you have to do is look at the pump, the prices at the grocery store, your … (0 comments)
seniors: Seniors in Kansas City: Is Paying Off Your Home Still a Sign of Success?
- 07/10/08 01:42 AM
Ever since the Great Depression the goal of just about every homeowner was to pay off their house as fast as possible. It was thought to be a sign of success because it kept the house safe from foreclosure, having no payment is really the only way to live in retirement and the goal of leaving something to the kids. All are fine goals, but why then do so many seniors in Kansas City with paid off houses struggle monthly to pay their bills, eat and buy their prescription drugs? You see it all the time and thanks to the recent … (0 comments)
seniors: Seniors in Kansas City: Should I sell my home and rent something smaller?
- 07/09/08 03:18 AM
Another option given by the media and other financial advisors to the question of how can seniors in Kansas City make ends meet in retirement is to sell their house and rent something smaller. Assuming you have an $180,000 house if sold would net 90% after selling costs and seller concessions that would leave you with $162,000. If that was invested into a conservative investment that earned 5% after taxes and the strategy is to use that money to pay the rent every month plus pull out the amount the taxes and insurance would have been on the house. If you … (0 comments)
seniors: Seniors in Kansas City: Should I sell my home and buy something cheaper?
- 07/08/08 04:17 AM
There are many options to consider when seniors in Kansas City are trying to make ends meet in retirement. Selling and buying something cheaper is one of the options that many including The Financial Industry Regulatory Authority (FINRA) tells you to consider. Let's see if this is a "good" option. Let's assume you have a $180,000 house, you want to sell and buy a $90,000 maintenance provided townhome. Your costs to sell are likely to be at least 6% for real estate commissions, plus typical seller's costs, plus any closing costs the buyer may request paid and do you think you … (0 comments)
seniors: Seniors in Kansas City Are Reverse Mortgages Too Good To Be True?
- 07/06/08 06:40 AM
Advertisers attempt to make you think they are all that and then some while the media and some financial advisors make them sound like they are a horrible way to go. Let's see if we can help you decide for yourself. Reverse mortgages are for homeowners 62 years or older that either have their home paid for or have a mortgage balance 50% or less of the value of the house. Reverse mortgages work opposite of traditional loans. On traditional loans you make payments every month on reverse mortgages the bank pays you monthly, or in a lump sum, or a … (0 comments)
seniors: Seniors in Kansas City Struggling to Make Ends Meet: Could a Reverse Mortgage Help?
- 07/04/08 04:05 AM
Prices in Kansas City keep going up. Investment accounts keep dropping. When will it stop? For most seniors/retirees the options to overcome this financial problem are limited. • Turn to family: Families are struggling financially. So is that a viable option? • Get a job to make ends meet. Is that the way live their retirement years? • Look to an asset that has been off limits. The house. Traditionally, the focus was to leave it to the kids. A noble sentiment, but in today's world where pensions are dwindling, social security benefits are not what many expected and so many … (0 comments)
seniors: The Costs of Reverse Mortgages for Seniors in Kansas City, Missouri too High? (Part 2)
- 06/24/08 01:27 AM
It has been said that the cost of Reverse Mortgages can be too high, even here in Kansas City, Missouri. Really? The costs are high? Compared to what? Remember our first installment was a sixty-two year old with a $250,000 house would qualify for an $118,033 Line of Credit (LOC). Their closing costs would be about $10,180 so their available LOC is $107,853. She needed $100,000 for something very important. She has many other assets she could access. (I'm not a Tax advisor always consult a tax advisor). If she pulled a net $100,000 out of a Mutual Fund and she had held the … (0 comments)
seniors: Reverse Mortgages Cost Seniors too Much in Kansas City, Missouri (Part 1)
- 06/24/08 01:23 AM
"Reverse Mortgages cost too much." "Don't get a Reverse Mortgage because they cost too much." That's the message the media pundits want you to believe. So when someone says that Reverse Mortgages for seniors cost too much in Kansas City, Missouri. I ask them "compared to what?" Let's do what the media hasn't taken the time to do, let's examine this more thoroughly. In our example a 62 year old with a $250,000 house would qualify for an $118,033 Line of Credit (LOC). Their closing costs would be about $10,180 so their available LOC is $107,853. Let's say this person needed $100,000 for … (1 comments)
Do you have a clearly defined plan to handle any potential Long Term Care needs you may have? Have you been taking advice regarding long term care from your friends, neighbors, family, or financially based TV or radio shows? Well doing nothing about it is very irresponsible of you, maybe even childish, and listening to the advice of people that are not experts in something so important is likely unwise.
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