The Biggest Retirement Concern...

By
Mortgage and Lending with PS Mortgage Lending 305-791-4874 or 888-845-6630 365768

The Biggest Retirement Concern...

Financial Security

The finance problem continues to be...well, a problem. Older Americans are looking at their finances and starting to worry more about their income during retirement than the deterioration of their health. 

It's shocking to say the least, especially because health problems can often lead to financial problems, because of high health-care and prescription medicine costs, but a recent United States of Aging survey says otherwise, according to an article published in Reverse Mortgage Daily

In fact, 53% of the participants are concerned about whether or not their savings and income will be sufficient to last them the rest of their lives, reports the article, while 33% remained unconcerned about their future finances.

The point being, future and current retirees are seeing the future of their retirement and it looks bleak, especially considering 43% of the participants relied on Social Security as their primary source of retirement income. More troubling is the fact that 41% planned to rely on Social Security during retirement.

In the current financial climate, it seems older Americans have not saved enough, allowing the retirement savings gap to reach $14 trillion, putting at risk their financial stability during retirement. In the end, 19% said t was difficult to afford monthly living expenses while 18% reported a reduction in their regular spending. 

On top of all this, 23% predict that their health will continue to worsen in the next 5-10 years while 13% thought their health would improve. However, 18% reported having five or more chronic health conditions and 65% reported suffering from two or more. In the face of these statistics, it's surprising that 51% haven't set any specific goals to manage health this past year and 43% have taken no steps in order to prevent falls.

It's like everyone is holding their breath and waiting for what is going to happen in the future. 

Bad idea.

Planning for retirement is essential for enjoying retirement. The plans you make now, and how you plan to achieve those plans, are crucial in determining whether or not your retirement will run as smoothly as you want it to. 

A reverse mortgage can serve as a planning tool for retirees looking to reinforce their retirement income. A line of credit option, for example, can serve as a safeguard, if and when, it is necessary, not before. The borrower has complete control over the how much and when the funds are used. Not to mention, it is a source of income that can never be frozen as long as there are funds in the account.

Sudden financial hardships are difficult to overcome so planning how you will receive your income during retirement is essential for a relaxing, worry free retirement.

It's crucial not to wait though, as there are changes coming to the reverse mortgage program, soon. If you think a reverse mortgage is right for you or simply want more information, give PS Financial Services a call at (888) 845-6630 or email us at info@PSReverseMortgage.com. We do not pressure those who inquire. We are simply here to help.

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Information and content in this blog is original to Phil Stevenson

Please click the "SUBSCRIBE TO MY BLOG" button on the right, and receive more Traditional and Reverse Mortgage information in Florida and other parts of the US & Puerto Rico.

 

Phil Stevenson

PS Financial Services

Owner and Principal Mortgage Originator

Certified Reverse Mortgage Professional (CRMP)

LO #365768

NMLS #968090

Cell: 888.845.6630

Miami Mortgages & Florida Mortgages

Copyright © 2013 by Phil Stevenson & PS Financial Services, LLC

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Rainmaker
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Ginger Harper
Coldwell Banker Sea Coast Advantage~ Ginger Harper Real Estate Team - Southport, NC
Your Southport~Oak Island Agent~Brunswick County!

YOu did such a nice job on  this blog.  I learned a lot from this and will bookmark this for future reference.

Sep 06, 2013 11:05 AM #1
Ambassador
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Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

Phil, this is good information for people to consider in their financial and retirement planning.  Thanks!

Sep 06, 2013 10:32 PM #2
Rainmaker
271,427
Phil Stevenson, CRMP
PS Mortgage Lending 305-791-4874 or 888-845-6630 - Miami, FL
"Mortgage Nerd" in Miami, Florida and Texas

Ginger, thanks so much! It was brand new information for me, glad I could share it.

Silvia, you're welcome. Retirement is right around the corner for some, for the rest of us, it's time to get moving and get prepared.

Sep 07, 2013 04:09 AM #3
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Rainmaker
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Phil Stevenson, CRMP

"Mortgage Nerd" in Miami, Florida and Texas
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