Rock'n'Roll Never Forgets

That's the Bob Seger I fell in love with in the '70s.......the long-haired sexy dude who could turn-you on just with his sensuous voice and seductive words!

I recently saw him at the Pepsi Center, Denver, and just like the rest of us he's changed quite a bit (see picture below), but his voice is as fabulous as ever.

I loved his show as he just doesn't need all the props, lights and other hoopla that some current singers need because, let's face it, their voices aren't that great.  They are more into the 'production' side of a concert; whereas, Seger's voice and a piano or guitar is all he needs.

Seger became an even bigger hit after his song "Seems Like that old time Rock & Roll" made Tom Cruise's career skyrocket in the movie "Risky Business".    http://www.youtube.com/watch?v=SsSVcRYh8dE

He's still on tour so check out his schedule at:  http://www.bobseger.com/

Is a Reverse Mortgage for you?

The FONZ -- we all know and love him from Happy Days fame and now he's back on the small screen trying to sell us on Reverse Mortgages.  

But before you jump out there and use your home as a "piggy bank", do you really know what you're getting into?

A reverse mortgage is a loan for senior homeowners that uses a portion of the home’s equity as collateral. The loan does not have to be repaid until the last surviving homeowner permanently moves out of the property or passes away.

At that time, the estate has approximately 6 months to repay the balance of the reverse mortgage or sell the home to pay off the balance.  All remaining equity is inherited by the estate. The estate is not personally liable if the home sells for less than the balance of the reverse mortgage.

However, an extremely critical factor for married couples is to ensure that BOTH spouses are listed on the reverse mortgage -- otherwise, the surviving spouse can be kicked out of their own home.

Image the trauma of losing your spouse, only to find out that now, in your golden retirement years, you don't even have a place to live?

There's an excellent article in the May 2013 issue of the AARP Bulletin on Mr. Robert Bennett who's in danger of losing his home because when his wife applied for the Reverse Mortgage no one informed her that her husband's name had to be on the loan. 

 Another good article is at:
http://www.cbsnews.com/8301-505146_162-57423099/reverse-mortgages-dont-let-the-fonz-sell-you/

AM I PROTECTED?

 Are you one of us Boomers who willingly spent the last 40 years working a 40-hour work week in exchange for the dream of a carefree retirement? 

So, let's say that your dream came true and now you and your spouse are enjoying the fun-filled days of retirement, traveling, visiting friends, grand kids and overall, very satisfied with your golden years.

 

BUT, you are depending on your spouse's pension to make your dreams come true, so what happens when one of you die?   ARE YOU PROTECTED?

 

I felt compelled to write about this as I recently met 2 ladies who I feel are representative of the surviving spouses (mostly women)  who up until the day their spouse died thought they had covered all bases in retirement planning.   Little did they know that when he died, they might be forced to visit free food kitchen like the poor little, old lady shown above.

 

One lady had knowingly agreed to and accepted that her husband's pension would run out when he died and had hoped that she would still be young enough to find work.  Unfortunately, she's been looking 2 years for a job.

 

The other assumed that she was covered by her husband's pension and would receive 55% of his base pension upon his death only to find out that he had never changed his beneficiary from WIFE #1.   I can only imagine her shock when she found out.

 

LADIES -   it's in your best interests to ensure that your husband has totally protected your financial security. 

 

PAY ATTENTION:  Many companies now require your signature on his retirement papers if he is waiving your right to a partial pension upon his death.    Thoroughly read those retirement papers and know what you're signing before you accidentally forfeit your rights to any or all of his pension.  I say "LADIES" because most of you will outlive your husband.

 

 

 

 

7 Deadly Sins!

WILL I HAVE ENOUGH MONEY??

 

That's definitely the number one concern of anyone facing retirement.      We all like to think that we have adequately planned for our retirement, but for most Boomers, it's frightening to think that I might outlive my money.  A new book, "The 7 Deadly Retirement Sins" by Ryan Zacharczyk, CFP offers some excellent tips to ensure your money doesn't expire before you do.    The first part of the book is a fictional account of a compilation of many retirees who have faced several of the same issues we all do in retirement.   It's just to give you a little insight into what others are facing.

 

The 7 Sins according to Mr. Zacharczyk are:

1.  Retiring too early or living above your means.

2.  Improper Investment Asset Allocation.

3.  Collecting Social Security at the wrong time

4.  Working with the Wrong Advisor or No Advisor

5.  Paying too much in Fees and Expenses

6.  Trying to Time the Market

7.  Lack of Health Insurance

 

Overall, I felt he made some excellent points regarding retirement planning and the only one I disagree with is # 3.   He advocates holding off as long as possible to take Social Security (SS).  I disagree as in most cases it will take a person 7 to 8 years to recoup what they could have gained in taking SS as soon as possible.   My thoughts on taking it early are:

 

1.  You may not live until full retirement age.

2.  SS may no longer be available.

3.  The present value of money.

 

Obviously, if SS is going to be your only retirement income, you may want to postpone it as long as possible.

 

BOTTOM LINE:   You can never over plan for your financial security in retirement; so, why not take a few hours and read his book.   It's an easy read with some very insightful tips.

 

For additional info go to:

www.amazon.com/The-7-Deadly-Retirement-Sins/dp/1938686004