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Wednesday, August 10, 2022

Myths about money in retirement punctured

We haven’t saved enough, too many of us retire without financial security, and we may need to work longer to achieve it — assuming we can hang onto our jobs or find new ones. No wonder that workers and retirees are more pessimistic about their future prospects than they’ve been in years.

How to talk to your parents about long-term care planning

While more people do estate planning earlier in their lifetimes today, there are many who have yet to take that important step.

Reverse Mortgages: What’s the buzz?

Reverse mortgages are a unique, government insured loan program that allows eligible homeowners 62 years old or older to access their home equity for immediate cash, a line of credit, a monthly check, or a combination of the three. In all cases, the homeowner has the right to never again make a monthly mortgage payment, as long as the real estate taxes and insurance are paid and other requirements are met.

Learn from Groundhog Day: Stop making these 5 money mistakes

Many of us are like Bill Murray’s weatherman in the movie Groundhog Day, when it comes to managing our own money. We’re searching for a way to break through repeating the same financial mistakes and reckless habits.

Durable Powers of Attorney: Not so durable after all?

By Linda T. Cammuso A Durable Power of Attorney (DPOA), sometimes called just a “Power of Attorney,” is a legal document that allows you to...

Will you be able to afford to ‘age in place’?

I love my home. It is familiar, cozy and the place where I feel most secure and comfortable. I never want to leave. In fact, few people are eager to make a change in where they live, even as they grow older and their needs change. Studies have shown that 90 percent of adults over the age of 65 would prefer to stay in their current residence as they age.

Retirement: How much can I live on?

The days of being able to count on averaging 10 percent annual returns from the stock market are over. So, it is important for retirees to know just how much they can take out of their portfolios every year without drawing them down too fast.

Older birthdays offer extra reasons to rejoice

Even if the candles don’t all fit on the cake, there’s extra reason to celebrate some key older birthdays in the post-meltdown economy.

Seeking a softer retirement landing

“They say you have the retirement party one day and you come back to work the next,” said Mary Jo Finchum, spokeswoman for the Muscatine, Iowa-based company.

Retirees turn more attention to personal legacies

Life histories, ethical wills and video recordings are just some of the ways people are leaving their personal legacies for loved ones. Their use is becoming more common and small businesses are emerging to meet the demand.