My Comments: In all my years as a financial planner, the mantra has been to make sure the mortgage goes to zero at about the time you retire and quit working for money. The crash of 2008-2009 has made this very difficult for a lot of people. Another strategy, not referenced by Kiesnoski, is to …
Continue reading Should You Pay Off That Mortgage Before Retirement? Not Necessarily
My Comments: I’ve been talking about retirement with clients for the past 30 years. From day one I’ve stressed that I have no idea what I’m having for supper tonight, much less how much money they will need 30 years from now. We can make projections and predictions until the cows come home but it’s …
Continue reading Your Retirement Plan Could Be Seriously Flawed
My Comments: I had the pleasure, and the good fortune, to know Dr. Cade personally. Along with other friends and associates, we enjoyed lunch together over countless days. We told stories, talked business, sports, and shared gossip. He was delightful to be with and those days leave lasting good memories for me. The headline of …
My Comments: There is a fundamental truth to be gleaned from demographics. A great majority of us live well into our 80’s and beyond. And given the nature of our society, it’s better to have more money than less money. Accounts like an IRA, or a 401k or any number of other titles, implies that …
My Comments: In many circles, a FIA, or fixed index annuity, is an evil thing. As a professional retirement income planner, I believe they can be a lifesaver for many people. That billions of dollars flow into FIAs annually tells me nothing; we have less than sophisticated buyers being sold stuff by self-serving salesmen just …
Continue reading Fixed Indexed Annuities: Good, Bad or Ugly?
I follow an internet magazine that can be described politically as progressive. Early last month a summary of articles appeared in my email inbox that included one entitled Reverse Mortgages: The Final Blow Killing Middle Class Wealth by Egberto Willies. The date it first appeared was August 18, 2013. The author claims that reverse mortgages …
My Comments: My monthly Social Security benefits, coupled with Medicare, are a critical element contributing to our peace of mind as the years roll by. I don’t care if others argue against us becoming a socialist society. To some degree, we’ve been one since 1776. Aug 14, 2015 | By Suzanne Woolley (Bloomberg Business) -- …
My Comments: People of my age are living a lot longer than before, and many of us are still distressed by what we now call the Great Recession. Whatever your financial circumstances, it’s proven once again that in our society, having more money is better than having less money. Many of us are increasingly frustrated …
Continue reading Does the Government Steal Your House When You Get a Reverse Mortgage?
My Comments: As a financial planner, my job is to identify existential financial threats faced by a client and attempt to remedy the potential problem before it becomes a real problem. For the record, an existential threat is something bad that might happen. The idea is to take steps to keep them far in the …
My Comments: Did you know you can choose from any one of 96 months to start your Social Security benefits? If you live to normal life expectancy, your choice of month can mean as much as several extra $100k for you and your family. The message: don’t sign up without first exploring what is in …
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