Retirement Habits

You’re probably well aware that car insurance rates for young people are very high. This isn’t surprising, given that they’re inexperienced and more likely to get into accidents. They may be able to drive a car, but there’s a difference between that and really knowing how to drive a car. They have to think about split-second decisions, whereas an experienced driver does so automatically.

How to Transition Into Retirement

Ready! Set! Reinvent! That’s the title of our new two-module, 12-lesson course on the topic of pre-retirement. Retirement is something that requires a lot of planning, and if you’re thinking you will be retiring in the next few years, there are five key things to consider to help you plan.

Which Game Are You Playing With Your Money?

Board games and card games can be a whole lot of fun, and they can be especially appealing when you’re looking for something to do on these cold winter nights, but don’t want to leave the house. Of course, they’re not very much fun if you’re playing with the wrong set of rules or if you’re just confused about how to play the game.

Are You In Charge of Your Retirement?

In the military, you always know who’s in charge and who’s in control. There’s a chain of command that everyone understands, there are orders to follow, and strict accountability for following those orders. It makes things clear because the “who, what, when, where, and why” are laid out for you.

Big Changes Coming to the HECM Market in October

If you have been thinking about establishing an expanding line of credit on your primary residence (aka Home Equity Conversion Mortgage), now is the time to do it! The rules will change on October 2nd resulting in a substantial increase in associated upfront costs.

Downsizing the HECM Way

There comes a time in most baby boomer couples’ lives, where your kids have flown the coop and start families of their own. Initially they come visit you while their children are young and not in school or organized activities. Then comes your grandchildren’s middle school, and typically at this point, they come to visit less due to life’s busyness.

Not Your Father’s Reverse Mortgage

Last year I was meeting with a baby boomer client couple in the suburbs of Chicago. They were in their early 60s, and we were discussing “What’s Next?” for them as they transition from vocation to avocation (aka semi-retirement yet engaged in life). They mentioned they might like to relocate to the Carolinas, where the cost of living is lower, the climate’s better, and to be closer to family. I advised them to establish a standby expanding line of credit which is a Home Equity Conversion Mortgage (HECM).  This could give them tax free cash on their home equity in the event they found a property in the Carolinas sooner than later and needed to act fast to seize the opportunity. 

Ignoring home equity in retirement could leave your loved ones with less

The Employee Benefits Research Institute (ERBI) reports that Social Security benefits provide about two-thirds of retirees with over half of their income during retirement. Defined contribution benefit plans typically make up the remainder of retirement income. According to ERBI projections, many Americans have not saved enough to last through retirement, suggesting that  44%, or more, of baby boomers and generation Xers will find themselves short of money at some point after age 62.

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