5 Signs You Might Be Better Prepared for Retirement Than You Think

5 Signs You Might Be Better Prepared for Retirement Than You Think

Article Excerpt: "...you don’t necessarily have to be alarmed if you aren’t sporting a seven-figure balance in your retirement nest egg. In fact, there are plenty of retirees that not just survive but actually thrive with much less in savings. Here are some of the signs that you might be better prepared for retirement than you think. You’ve Paid Off Your Mortgage Housing is the biggest monthly expense for most Americans. If you’ve paid off your mortgage by the time you retire, however, you eliminate that huge expense from your monthly budget. ...average payment on a mortgage initiated in 2023 being $2,317"

Resource: yahoo.com

Average Retirement Debt

Average Retirement Debt

Article Excerpt: "...According to an earlier survey from the Boston College Center for Retirement Research, 8 in 10 middle-income Boomers currently have some debt. Three in 10 devote more than 40% of their monthly income to debt and a quarter have a mortgage with more than 20 years remaining on it. More than half say they intend to enter retirement debt free, but only one-quarter of retired Boomers actually are debt free. ..."

Resource: www.newretirement.com

Mortgage Debt,Debt in Retirement,

How much income do you need to qualify for a mortgage in retirement?

How much income do you need to qualify for a mortgage in retirement?

Article Excerpt: "...Can you get a mortgage if you’re retired, even though you no longer receive a regular paycheck? The good news: Yes, you can. Though, qualifying for a mortgage with retirement income comes with specific requirements. Similar to getting a mortgage before retirement, you’ll need to have reliable income now and the foreseeable future that shows you can repay the mortgage, you must have good credit, and have little debt. ..."

Resource: mymortgageinsider.com

Nearly 10 Million Homeowners 65 And Older Are Still Saddled With Mortgage Debt

Nearly 10 Million Homeowners 65 And Older Are Still Saddled With Mortgage Debt

Article Excerpt: "...The largest share of 65-and-older homeowners with a mortgage is concentrated in Miami, Los Angeles and Sacramento, California. Across these three metros, an average of nearly a quarter — 23.64% — of homeowners 65 and older have a mortgage. That’s about five percentage points higher than the 50-metro average of 18.91%. ..."

Resource: www.forbes.com

Mortgage Debt,

The Pros and Cons of Renting vs. Owning in Retirement

The Pros and Cons of Renting vs. Owning in Retirement

Article Excerpt: "Americans want to retire early — at or around 62, according to a survey from Natixis Investment Managers. ...At first, it could seem like the obvious answer is that it is better to own, but there is actually a strong argument for both renting and owning. ..."

Resource: www.gobankingrates.com

Renting Flexibility,Mortgage Debt,Own vs Rent, Rent vs Own, Homeowners Have Higher Net Worth, Home-Ownership Can Be Cheaper Than Renting,

6 Considerations For Retirees To Pay Off Your Mortgage Early

Article Excerpt: "...If you plan to pay off your loan by taking a withdrawal from a 401(k) or IRA, you may want to reconsider for tax purposes. For example, if your current income puts you in the 12% tax bracket and taking a large distribution puts you in the next tax bracket (22%)..."

Resource: www.forbes.com

Read This Before You Tap Your TSP to Pay Off Your House

Article Excerpt: "...One misconception that I see is that some feds assume that traditional TSP distributions will be taxed at capital gains tax rates, but this is not the case. These distributions are simply added to your income in whatever year you take the money out. It is also important to note that the TSP is required to withhold 20% of any traditional TSP distributions to cover taxes..."

Resource: www.govexec.com