Senior finances | SRES®

Senior finances

Facilitate Life Planning with 3 Vital Steps

Spotting Cognitive Decline: Red Flags that Parents Need Help with Money Management

Problems managing money—missed mortgage or tax payments, unpaid and unopened bills, for instance—are often early indications of cognitive decline you may notice in a loved one. It also may signal that your parents or loved one needs help managing their finances. Other behaviors to watch for, according to the National Institute on Aging, include: Lots of new purchases on a credit card Unusual new merchandise Money is missing from the person’s bank account Also, watch for signs that your loved one has been scammed or financially abused. They may include: Signatures on checks or papers that don’t

Retirement dreams with senior couple's hands holding a pink piggy bank symbolizing their shared commitment to saving for future and retirement pension

Underestimating Longevity Could Undermine Your Retirement Nest Egg

Maybe you’ve done all the right things—saving, investing, and managing debt—to build a solid nest egg to live out your retirement comfortably and cover critical issues like housing, medical costs, long-term care, vacations, and hobbies. But have you considered how long you’ll live? Will your plans and finances be sufficient to take you to 90 or 100 years old?

Front view of diverse senior couple sitting on a white couch in beach house

Ideal Retirement May Include Working. Indefinitely.

Though many people spend their working years fantasizing about retirement and decades of relaxation, a recent study by Empower on redefining the ideal retirement finds that many still want to continue working.

Top Investment Mistakes to Avoid

Top Investment Mistakes to Avoid

If inflation and a chilly stock market are making you nervous about the viability of your long-term financial plan, you're not alone. Even millionaires say they're feeling pinched, and some no longer feel confident that they're prepared for retirement, according to "The Million Dollar Question," a global survey by Natixis Investment Managers. Some millionaires, 35% of survey respondents, said they'd need a miracle to secure retirement. In the report, investment advisors outline the top five mistakes investors make in their retirement plans. Here are three to avoid: 1. Inflation – Don't

Shop Around for Better Home Insurance Rates

Shop Around for Better Home Insurance Rates

During this time of inflation, you try to save money wherever possible. Since the cost of homeowners insurance can vary, it may be worth looking for better rates to protect your home. Here are three considerations. Shop around. Get quotes from at least three companies, and be sure to make apples-to-apples comparisons among them. Learn more about how to size up policies. Multi-policy discounts. Buy your home, car, and other insurance from the same company. Insurers often offer multi-policy discounts when you get more than one policy from them. Ask about discounts. Some companies may lower your

Three Ways to Benefit from Low Interest Rates

Three Ways to Benefit from Low Interest Rates

Even if you’re not in the market for a new primary home, you can still cash in on the historically low interest rates we’re experiencing. Start with an online calculator (here’s one: https://www.bankrate.com/calculators/mortgages/refinance-calculator.aspx ) to see whether it makes sense to refinance or take money out of your home. Here are three possible uses for your home equity. Buy a vacation or investment property. If you’ve been longing to be a snowbird or become a landlord, find the down payment for a purchase. Make your home age-friendly. Invest in some of the higher-ticket aging-in

Estate Planning, Financial Considerations for Multigenerational Households

Estate planning, Financial Considerations for Multigenerational Households

When you’re creating a multigenerational household, you focus so much on finding the right neighborhood and home and determining the renovations that will make aging in place safe for your loved ones. What often gets overlooked are financial and estate planning considerations. After all, just divvying up routine expenses like groceries, dinners out, home repairs, insurance, and utilities can be challenging and may entail uncomfortable conversations. A column by Ilyce Glink https://www.washingtonpost.com/business/2021/07/12/family-living-multigenerational-household-seeks-advice-about-finances

Where’s My Second Stimulus Check?

Where’s My Second Stimulus Check?

Remember the coronavirus relief package passed by Congress in late December? It included a second round of Economic Impact Payments. According to the IRS, eligible individuals will automatically receive an Economic Impact Payment of up to $600 for individuals or $1,200 for married couples and up to $600 for each qualifying child. The money started landing in people’s accounts on Dec. 29, 2020, and paper checks started mailing on the 30th. But if you’ve not yet received a direct deposit or a check, you have a couple of options. First, visit the IRS’s Get My Payment site ( https://bit.ly/35RO4cf

2021 Retirement Plan Contribution Limits

2021 Retirement Plan Contribution Limits

Now is the time of year when you’re taking a hard look at your financial picture and developing a plan for the year. Before you start, check the all-important Internal Revenue Service (IRS) contribution limits for 2021. For details, visit the IRS site at https://bit.ly/3mUplK4 and https://bit.ly/2JpWZK5 . For individuals contributing to a 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan, the contribution limits stay at $19,500. For those over the age of 50, the catch-up contribution stays at $6,500. The maximum contribution limits for individual retirement

Avoid reverse mortgage shopping scams

Avoid reverse mortgage shopping scams

The COVID-19 pandemic has affected many Americans’ financial and retirement plans. If you’re a homeowner over age 62, you may be thinking about a reverse mortgage. A reverse mortgage is a loan that allows older homeowners to use the equity in their homes. Unlike a traditional mortgage, there is no monthly mortgage payment, and the loan is usually repaid when the borrower sells or no longer lives in the home. As a result of the economic uncertainty caused by the COVID-19 pandemic, scammers may be targeting older homeowners through reverse mortgage schemes. These schemes can include: A trusted