Plan for the Future!

Plan for the Future!
Jim Doyle Loan Officer
by Jim Doyle

According to the 2018 Retirement Health Care Costs Data Report, retirees can expect their health care costs to rise annually by about 4.22%. The means that a healthy 65-year-old couple who retires this year and lives into their late 80s can expect to pay $363,946 in retirement healthcare costs, not including long-term care.

Are you prepared? A study from the Aspen Leadership Forum on Retirement Savings published in September 2018 says that about 40% of American workers have less than $10,000 in retirement savings.

Perhaps you have already entered retirement and have been living on a fixed income for some time. Perhaps you have been drawing down your retirement accounts to make ends meet.

What if there were a way to convert a portion of your home’s value into a reserve fund that has a built-in, guaranteed, tax-free minimum growth factor…that couldn’t be frozen, canceled or reduced…and could be accessed at any time in the future, regardless of your home’s value or your income, assets or credit? Would you want to know about it?

A government insured reverse mortgage is such a product. When strategically used to eliminate a mortgage payment or to create a retirement account that grows at about 5% a year compounding annually, a reverse mortgage may be used to cover any expenses. The loan proceeds can be used for any purpose and are not taxable by the government.

You owe it to yourself and your family to look into your options with a reverse mortgage and plan for your future!

This article first appeared in My Primetime News, November 25, 2018.

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