Your home equity could help you receive 7-8% more in social security benefits

HECM offers another option to delay taking Social Security benefits until age 70.

One of the most significant financial decisions baby boomers will make involves deciding when to begin taking Social Security Agency (SSA) benefits. Making the wrong decision could end up costing an individual hundreds of thousands of dollars over his or her retirement lifetime. It’s essential that those approaching retirement study their benefit options and understand how each will impact their financial future. There’s no one-size-fits-all answer as to when to begin receiving SSA benefits. It all depends on each individual’s unique financial landscape and retirement goals.

The decision to begin receiving Social Security benefits will impact a number of financial aspects, such as:

Ever-Expanding Cash Flow

Key Takeaways

  • Financial freedom is about diversifying your income from as many sources as possible.
  • Everyone from college students to working people to retirees can take part in the gig/e-commerce economy.
  • Life circumstances and economic cycles never stop changing—make sure you are protected.

The Learning Cycle

Key Takeaways

  • When you commit to writing down and discussing your goals with others, you increase your odds of achieving them.
  • A learning cycle is a great technique for personal performance optimization—it requires you to think about and discuss your goals, write them down, and then plan and execute them.
  • Don’t forget our Open House on November 9 at our new Naples, Florida, office.

Financial Planning for Those Who Don’t Want to Think About a Retirement Community for Another 10 Years

Why Thinking about Financing a Continued Care Retirement Community now Might Reduce your Risks

Image source: https://denver.viliving.com/how-vi-works/what-is-vi

As the leading edge baby boomers enter their 70s, they’re beginning to plan for the next phase of life.  Ensuring their assets survive them and not becoming a burden to their children represent two of their top financial planning priorities. Experts estimate that as people advance past age 65, 70% will experience a long term medical need during their lifetime (US Dept. of Health & Human Services). On average, men have a long term care need of 2.2 years and women 3.7 years.