Category Archives: Financial

SMART MONEY MOVES TO MAKE BEFORE A SECOND MARRIAGE

Are you about to embark on a second marriage? Congratulations! It’s wonderful to rediscover wedded bliss after divorce or the loss of a spouse. However, in the midst of planning for the celebration, there’s another plan you need to make – a financial plan. Protecting your assets, for yourself and your heirs, is vital, and…

WSJ: Reverse Mortgage Could Help Boost Retirement Income By 30%

by Emily Study Taking out a reverse mortgage could help increase retirees’ annual income by 30% when done in conjunction with a few other retirement planning steps, according to a recent Wall Street Journal article. The strategy comes at a time when retirement fears plague the nation, as reports indicate that few Americans are truly…

Top Ten Reasons To Consider A Reverse Mortgage

1. When the homeowner doesn’t need it. One of the most powerful aspects of the FHA HECM is the option of a “stand by” line of credit. For very little cost the reverse mortgage Line of Credit, with its built in growth factor, can create a line of Tax Free funds that in 8 to…

The Future of Social Security – Social Security Board of Trustees Annual Report

By Kirk Larson Social Security Western Washington Public Affairs Specialist The Social Security Board of Trustees released its annual report on the long-term financial status of the Social Security Trust Funds.  The combined asset reserves of the Old-Age and Survivors Insurance, and Disability Insurance (OASDI) Trust Funds are projected to become depleted in 2034, one…

The 4 steps you need to take if you inherit a brokerage account

Brokerage accounts allow an individual investor to deposit funds and place investment orders through a licensed brokerage firm. Through a brokerage account, you can buy or sell stocks, bonds, mutual funds, etc. Brokerage firms must abide by strict legal guidelines governing access to account information. The result is that sometimes heirs can’t even see account…

Preparing for the disappearing Social Security advantage

The Social Security advantage for married women is shrinking. Much of the focus of Social Security and retirement experts concentrates on describing ways to maximize Social Security benefits. The majority of those options realize benefits for a spouse, usually a woman, who didn’t work much if at all, outside the home and therefore saw little…

Is a reverse mortgage the right tool for you?

If you are over 62, you know you are eligible for a reverse mortgage because you can’t turn around without someone telling you that you are. There’s nothing wrong with reverse mortgages as long as you realize they are a tool. Just as a screwdriver isn’t the tool you need when you need to hammer…

The financial cost of having mom or dad move in

Thinking about moving Mom or Dad in with you? Often the consideration to do so hinges on Mom or Dad’s poor health or your need for a built in baby sitter for your own children. You may have already considered whether you have enough bathrooms or whether or not you can stand to be in…

A reverse mortgage can provide extra income when the death of a spouse leaves you financially strapped

By Tamara Sevigny of Kiel Mortgage Maria was in the midst of a crisis. Her husband passed away suddenly, leaving her with no life insurance. Maria’s income dramatically changed. The passing of her husband left her with just her Survivor’s benefit from Social Security. However, their home was paid in full. Her Pastor suggested she…

Financial advisors warn of possible debt crisis at the Bank of Mom and Dad

A Wall Street Journal article recently reported that withdrawals from 401(k) plans exceeded new contributions in 2013 (the survey is a biennial survey with reports conveyed on odd years) after decades of expansion. That trend is expected to continue as Baby Boomers reach retirement age and begin drawing down their retirement savings. Of concern isn’t…