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SafeMoney.com Blog
Understanding Reverse Mortgages for Retirement Planning
Once, reverse mortgages were considered to be the financial stepchild of retirement income sources. But respected authorities like Wade Pfau have shed new light on its potential uses in a retirement strategy. Now, growing shares of financial professionals, retirees, and other Americans see their benefits for certain situations.
If you have any pre-conceived notions about reverse mortgages, you might have formed them while watching those TV commercials with Tom Selleck, Robert Wagner, Henry Winkler, or one of many other well-known personalities.
You might ask, "What roles might a reverse mortgage play in my retirement income plan?" That is a good question. Let’s take a look at some potential uses for a reverse mortgage, including what it may involve.
Will Future Retirees Be More Vulnerable to Market Downturns?
If you are a retiree in your 70s or older, you may feel well positioned to weather potential financial shocks. But if you have yet to enter your golden years, you may face more difficulty maintaining your future retirement standard of living in the aftermath of financial shocks.
That is the consensus of a 2018 report from the Center for Retirement Research (CRR) at Boston College. Unveiled back in February of 2018, the report is entitled "Will the Financial Fragility of Retirees Increase?"
Its conclusion? Future retirees may not be able to rebound from financial jolts, such as those from unexpected medical expenses or the death of a spouse.
That brings up an important question. Why would tomorrow’s retirees be at a greater disadvantage than those who have already retired?
Current retirees may be benefitting from company-sponsored retirement plans in addition to their own retirement assets. Not so for future retirees who face "inadequate savings and the limited income that safe withdrawal rates provide, reducing the cushion between their incomes and fixed expenses," according to the report.
Another alarm sounded in the report: "If households choose to hold a significant portion of their savings in equities to increase the income their savings provide, they will be more exposed to sharp market downturns that arrive early in retirement."
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"I recommend Mike Marrone, and Marrone Financial, for their professionalism, financial experience, and knowledge of the retirement planning space. Mike is exemplary in his dedication to consumer education and in helping his clients find solutions that fit their complete financial picture."
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