Smart Seniors: Planning Your Final Years

Smart Seniors: Planning Your Final Years

RECBL - Real Estate News

If you’re in or approaching retirement, you’re likely dreaming of days filled with friends, family, and hobbies. But you should also consider planning for your final years.

Final years planning can bring families comfort and ease. Home Instead, Inc., along with experts at Genworth Financial, developed the following questions for seniors to consider when planning for their final years:

How do you want to live your final years? Seniors should consider what they want to do during their final years.

Where do you want to live? Older adults should consider if they want to spend their final years at home and, if so, what type of assistance might be required to help them do so.

What’s your plan if you need help? Many seniors will need long-term care at some point in their lives and they need to consider how they will be able to afford that care.

Do you know the cost? Older adults should consider the cost of care and anything else they would like in their final years.

Are products and services in place to support a plan? Seniors and their families should explore the long-term care plans that exist to help them meet their needs.

Is your plan flexible? Seniors and their families should ensure their plans are adaptable to the changes that may occur as time goes on.

Does your family know about your plans? Families should have conversations and take the time to share specifics about their plans and the types of products and services they have in place.

Source: Home Instead, Inc., Genworth Financial.





Jason Grace is AZ Social Realty's content editor. Email him your real estate news ideas at jason@cashbuyerslists.com.



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Home Equity Major Retirement Asset for Most

Home Equity Major Retirement Asset for Most

Cash Buyers Lists News

One of the most significant advantages of owning a home is the ability to build wealth-and according to a recent report from the Employee Benefit Research Institute (EBRI), home equity is one of the top two assets households rely on in retirement, barring pension or Social Security benefits.

The report, "Importance of Individual Account Retirement Plans and Home Equity in Family Total Wealth," compared assets in households headed by those between the ages of 25 and 64, computing the share of assets comprised of home equity and retirement plans (e.g., 401(k), IRA)-the other key source of income in retirement.

The median share was 78.2 percent, and even higher when focused in on the 55-64 age range: 87.4 percent.  "The data show that it is overwhelmingly the case that individual account (IA) retirement plan assets, plus home equity, represent almost all of what families have to use for retirement expenses outside of Social Security and traditional pensions," said Craig Copeland, author of the report and senior research associate at EBRI, in a release.

Markedly, the presence of an IA can be an indicator of a households assets overall. More than three-quarters (79.6 percent) of households without an IA have less than $10,000 in assets, according to the report, suggesting some link between having an IA and owning a home.

"Those families without IA assets typically have very low overall assets, so they have almost nothing to draw from for retirement expenses (outside of Social Security)," Copeland said.

Source: Employee Benefit Research Institute (EBRI)

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