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Your older years can be one of the most rewarding life stages, provided that they are not filled with debt. If you have properly prepared your finances, you may find that you have time and money to travel, spend time with family and enjoy your hobbies. But if debt is an issue, you may find that your retirement years are not as comfortable as you would have liked. Here are some tips for dealing wi ...
CHARLOTTE, N.C., October 16, 2006 - After years of saving and careful planning, seniors finally get to enjoy what they have earned. However, financial planning doesn’t stop in these years because important budget adjustments need to be made for issues such as rising health care costs and fixed incomes.
As part of its ongoing mission to empower borrowers, LendingTree offers the following tip ...
Even seniors can find themselves in need of credit repair. At this stage of your life, inflation causes expenses to rise, but your income does not follow. It is fixed. The following borrowing tips can help you repair your credit.
1. Lose the credit cards. If you are in need of credit repair, the first thing that you must do is get rid of your credit cards. You must pay off your credit card ...
Debt management is an important skill to master, no matter what life stage you are in. As a senior, your financial situation has probably changed dramatically. You may not have the same debt obligations you did in years past, but you also may not have the same income. If you are retired, that means your income remains fixed even if expenses go up. Now, more than ever, you need to understand the d ...
If your children are out of the house and you’ve reached, or are approaching, retirement age, you may need to reassess your finances, especially when it comes to your home. Here are a few ideas to consider: Downsizing your home It’s easy to grow attached to a home you have lived in for years, especially if it’s where your children grew up or you’ve put a lot of work into it. But it can be qu ...
CHARLOTTE, N.C., July 5, 2007 – Regardless of how you plan to spend your retirement – starting a new career, traveling, or golfing the days away – you’ll need savings socked away to fund your activities as well as meet your day-to-day living expenses.
How much is enough? Most experts recommend you will need 70-85 percent of your pre-retirement income during your retirement years. So if you’ ...
As a senior, you are probably either very close to retirement or already there. Congratulations on your hard work and preparation! Retirement is a great time to kick back and enjoy the fruits of your labor, but planning your finances doesn’t end when you give notice to your boss. You’ll need to give yourself periodic retirement checkups to be sure you are on the right path to keeping up with your ...
CHARLOTTE, N.C., January 27, 2009 - If you’re over 62 and a homeowner you have a unique opportunity to get significant, spendable value from your home, even if you still hold an existing mortgage. Recently, LendingTree launched a reverse mortgage service for interested senior homeowners looking to talk with lenders who can help them consider using the equity they have built in their ...
Here comes your retirement and you can’t wait. You’re going to cash in your 401(k), draw on your pension, live on your investments and quit work permanently. Life could be carefree -- but plan carefully. Here are some tips for living well in retirement. Plan on spending less With no paycheck coming in, you will likely need to cut down on expenses. Here are a few suggestions on how to keep co ...
You’ve probably seen commercials and advertisements of attractive senior citizens enjoying their vacation home while knitting, fishing and playing with the grandkids. We should all be so lucky, but what if you haven’t been diligent about saving for your retirement? Here are some things to help you pad your retirement account.
Set reasonable goals If you haven’t saved enough money for retire ...
If your children are out of the house and you have reached retirement age, you may need to reassess your finances, especially when it comes to your home. Here are a few things to keep in mind as you grow older.
Downsizing your house and your payments It is easy to grow attached to a home you’ve had for awhile, especially if it is where your children grew up or you put a lot of work into it. ...
Successful money management starts with a commitment to living within your means. In our culture of instant gratification, it can be hard to distinguish wants from needs. As an older adult, you have probably reached the milestone of retirement. To make your retirement dollars stretch as far as possible, it is particularly important that you sacrifice wants for needs. Good money management can hel ...
You’re ready to enjoy your retirement and your hard-earned savings. The good news is that today’s seniors live longer in retirement than the previous generation – on average, to age 78 for men and 82 for women, according to federal government estimates. The flip side of that equation is that you probably need more retirement savings than previous generations. If you’re a senior and are still wor ...
A growing number of homeowners are carrying a mortgage into retirement. According to the Federal Reserve, more than 32 percent of households headed by someone aged 65 to 74 had a mortgage on their primary residence in 2004, up from less than 19 percent in 1992. If you expect to be carrying a mortgage after you’ve retired, it makes sense to start planning now. Here are some questions to ask your ...
How can you get cash out of your home? One way is to sell – but then you have to move. Another is to take out a home equity loan . But you’ll have to pay it back. The third option—for those 62 and older, at least—is a reverse mortgage , which requires neither a move nor loan payments. Reverse mortgages are gaining in popularity, but are not well understood. They are like conventional mortgage ...
As an older adult, it’s important to be smart about your credit card use. Retirement can be one of the happiest times of your life. You get to reap the rewards of your hard work and have the spare time to visit family and friends. But one of the challenges of retirement is increasing costs due to inflation. These credit card basics can help you enjoy a comfortable retirement.
Pay more than th ...