Connect with us

financial wellness

How to Get the Most Out of Your Retirement

Retiring from the workforce provides opportunities you may have been unable to take advantage of during your working years, including discovering new passions and devoting more time to the people you love.

Published

on

16670 detail intro image

(Family Features) Retiring from the workforce provides opportunities you may have been unable to take advantage of during your working years, including discovering new passions and devoting more time to the people you love.

Even though your income might be lower than when you were working full-time, being free of financial burdens like credit card debt or a mortgage may provide extra disposable income that allows you to explore hobbies, develop new skills or focus on spending time living life to the fullest.

In fact, if you’re over the age of 62, own a home and have equity in it, you can extend your retirement runway by borrowing against that equity. A home equity conversion mortgage, like those available from Guaranteed Rate, a leader in mortgage lending and digital financial services with more than 850 branches across the United States, can flip the roles of lender and borrower. Homeowners can remain on their property and generate income, provided they own at least 60% of their home’s equity and it is FHA eligible.

“These mortgages fit a very specialized segment of the marketplace, but for those seeking financial flexibility, they can be a game-changer,” said Jim Hettinger, executive vice president of operations, Guaranteed Rate. “Equity build-up over time is one of the most compelling reasons to purchase a home. These loans give long-time homeowners a way to enjoy the benefits of that equity in their retirement years – all while retaining ownership and continuing to live in the house they call home.”

While this type of loan shares many similarities with home equity loans, the requirements generally allow for more flexible terms for homeowners, who remain responsible for property taxes, home insurance and home maintenance. Over time, the loan balance increases with the understanding the mortgage will one day be paid off, usually by selling the home, providing the homeowner more flexibility and comfort during retirement. Meanwhile, homeowners receive money from their homes in the form of a lump sum payment or line of credit without making monthly mortgage payments.

Consider these ways to take advantage of a home equity conversion mortgage and get the most out of your retirement.

Travel
With minimal limitations on vacation time in retirement, it’s possible to get out and explore both domestically and internationally. With the flexibility to take extended leave, retirees can even enjoy trips dedicated to a specific hobby or pastime, such as golfing, shopping, biking, attending sporting events, appreciating the arts and more. You could also consider purchasing a boat or motorhome to take your exploration to the next level.

Pick Up a New Hobby
With more time now available, it’s possible to expand on hobbies you enjoyed while working or pick up an entirely new pursuit altogether. The possibilities are nearly endless, but some options to consider include gardening, dancing, reading, baking, hiking, collecting antiques, restoring furniture, golfing, bird watching, sculpting or wine or beer making, among others.

Advertisement
Find your perfect chandelier for living room, bedroom, dining room. Shop now

Learn a New Skill
Devoting time to pick up a new skill can help keep your mind and body sharp. Whether through formal classes or watching videos online to learn, speaking a new language, playing a musical instrument or cooking a new cuisine are popular options for enhancing your skills later in life.

To find more ideas to live better in retirement, or access the free education guide, visit rate.com.

Benefits of a Home Equity Conversion Mortgage (HECM)
HECMs can provide peace of mind during retirement if you’re worried about making ends meet. Using the equity you’ve already put into your home opens up new sources of income while letting you stay in your own home. Consider these additional benefits:

  • Offers flexibility in drawing and repaying borrowed funds
  • No pressure to make a payment, even if interest rates increase
  • Untouched funds in your line of credit grow tax-free over time
  • Any remaining equity at maturity can be released to borrower or heirs
  • The line of credit stays the same, even if the home’s market value drops
  • Money spent on conventional mortgage payments can go to other needs

Photos courtesy of Getty Images

This is not a commitment to lend. The borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, fees, and hazard insurance. The borrower must maintain the home. If the borrower does not meet these loan obligations, then the loan will need to be repaid. Otherwise, the loan must be repaid when the last borrower passes away or sells the home. Prices, guidelines and minimum requirements are subject to change without notice. Some products may not be available in all states. Subject to review of credit and/or collateral; not all applicants will qualify for financing. It is important to make an informed decision when selecting and using a loan product; make sure to compare loan types when making a financing decision. This material has not been reviewed, approved or issued by HUD, FHA or any government agency. Guaranteed Rate, Inc. is not affiliated with or acting on behalf of or at the direction of HUD, FHA or any other government agency. To find a Reverse Mortgage counselor near you, search the HECM Counselor Roster at https://entp.hud.gov/idapp/html/hecm_agency_look.cfm or call (800) 569-4287.

collect?v=1&tid=UA 482330 7&cid=1955551e 1975 5e52 0cdb 8516071094cd&sc=start&t=pageview&dl=http%3A%2F%2Ftrack.familyfeatures
SOURCE:
Guaranteed Rate

https://q5i.09c.myftpupload.com/category/lifestyle/

Author


Discover more from Daily News

Subscribe to get the latest posts sent to your email.

Lifestyle

A How-To Guide for Participating in Clinical Trials

Published

on

17283 OL detail intro image

(Family Features) Clinical trials help researchers studying chronic conditions answer important questions about the diseases and their treatment options. However, uncertainty about what to expect and a lack of knowledge about how to get started can prevent patients from joining a clinical trial.

Choosing to take part in a clinical trial means helping a study team figure out if a new method of diagnosis, treatment or prevention is effective. If you live with a chronic condition, such as Crohn’s disease or ulcerative colitis, and want to help find answers for others who share your experience, a clinical trial is an option to consider.

Once you identify a study that interests you, you’ll want to talk with the professionals involved in your ongoing treatment, a clinical research coordinator and your family to gather information necessary to determine whether the clinical trial is a good fit.

To find additional information about clinical trials and begin exploring trials in your area, visit crohnscolitisfoundation.org, and consider these steps for participating in a trial.

Clinical Trials

1. Talking with Your Doctor
Your gastroenterologist and other care providers can help determine whether a clinical trial is right for you and may be able to help point you toward recommended trials. It’s important to ask if or how your doctor will continue to be involved in your care if you participate in a trial.

17283 OL detail image embed2
2. Finding a Study
If you need help beyond your care team in identifying clinical trial opportunities in your area, organizations dedicated to your condition can be a good resource. For example, the Crohn’s & Colitis Foundation offers an online Clinical Trial Finder for individuals with inflammatory bowel disease.

17283 OL detail image embed3
3. Talking with the Research Coordinator
A clinical trial research coordinator can provide details specific to your circumstances and needs. You can discuss potential benefits and risks, why the trial is being conducted and who is involved in the health care team. You can talk about past treatments and how this study may differ from your previous experiences. Other questions you might ask include what your options are if the trial doesn’t work, any costs you might expect and what your personal commitment will be.

17283 OL detail image embed4
4. Evaluating the Fit for You
Once you have the necessary information, you’ll be able to consider whether you’re ready to move forward with registering for the trial. You’ll want to weigh factors like your time commitment, travel distance and whether the trial will affect your personal or professional obligations.

Photos courtesy of Shutterstock

collect?v=1&tid=UA 482330 7&cid=1955551e 1975 5e52 0cdb 8516071094cd&sc=start&t=pageview&dl=http%3A%2F%2Ftrack.familyfeatures
SOURCE:
Crohn’s & Colitis Foundation


Discover more from Daily News

Subscribe to get the latest posts sent to your email.

Continue Reading

Consumer Corner

Trump’s opening tariff salvo will hurt US consumers − following through on Canada, Mexico threats will increase the price pain

Published

on

tariff

Jason Reed, University of Notre Dame

If U.S. voters reelected Donald Trump hoping for relief from higher prices, his recent threats to impose tariffs on America’s three largest trade partners might make them think again.

On Saturday, Feb. 1, Trump announced 25% tariffs on Canada and Mexico and 10% tariffs on China, which he said would take effect on Tuesday, Feb. 4. While markets braced for the news to some degree, they still saw a steep premarket sell-off on Monday, Feb. 3, followed by morning volatility.

While Canada and Mexico negotiated monthlong reprieves on Monday, the new tariffs on China went into effect as expected Tuesday, Feb. 4. And while the ultimate shape of Trump’s tariff policy remains to be seen, the president warned that American consumers could feel “some pain” as a result.

Given my training as an economist and finance professor, I think Trump could be right on that score. In fact, if the tariffs go into effect, they could spell disaster for the Federal Reserve’s inflation reduction efforts.

From grocery stores to homes

U.S. consumers might be surprised to find out that almost every economic sector could be affected by this opening salvo of tariffs, should they go ahead in March. Imports from Mexico and Canada reached close to US$1 trillion in 2024, almost double the amount the U.S. imports from China.

The U.S. is particularly reliant on Mexico for fresh fruits and vegetables, and on Canada for lumber. So if the tariffs go into effect, Americans who have been waiting for home prices to ease may have to continue waiting, as tariffs on lumber and other building materials could worsen the affordable-housing crunch. And let’s not even talk about avocado prices.

Meanwhile, the 10% tariffs on Chinese goods will likely boost the price of electronics, and China has already imposed retaliatory measures. Trump has also proposed 25% tariffs on Taiwan and its semiconductor industry, in an attempt to push Taiwanese companies to invest more in U.S. manufacturing. If that tariff were to go into effect, prices for U.S. consumers would be even higher.

Advertisement
Find your perfect chandelier for living room, bedroom, dining room. Shop now

A tax by any other name …

Tariffs are an import tax. They’re passed through the supply chain in the form of higher prices and are eventually paid by consumers. Traditionally, governments have used tariffs as a fiscal tool to encourage businesses and consumers to move away from foreign-made products and support domestic businesses instead.

In theory, new tariffs could encourage foreign businesses to invest in the U.S. and make more stuff on American soil. Unfortunately, domestic manufacturing has seen a systemic decline since the 1980s, resulting in lower prices for consumers but severely limiting U.S.-produced products. In the short term, at least, import taxes on Canadian, Mexican and Chinese products would ultimately be paid by U.S. consumers.

Although this round of tariff threats may seem arbitrary to some, the Trump administration says it considers tariffs deeply intertwined with national security concerns. Stephen Miran, Trump’s pick to chair the president’s Council of Economic Advisers, has laid out a path for Trump’s tariff plan, which he says is aimed at putting American industry on fairer ground against the rest of the world.

In the long term, it’s unclear whether Trump’s threatened trade war will bring domestic manufacturing back to the U.S. and start a new industrial renaissance. In the meantime, American consumers will likely be stuck holding the bag.

Jason Reed, Associate Teaching Professor of Finance, University of Notre Dame

This article is republished from The Conversation under a Creative Commons license. Read the original article.

Advertisement
Find your perfect chandelier for living room, bedroom, dining room. Shop now


Discover more from Daily News

Subscribe to get the latest posts sent to your email.

Continue Reading

Business and Finance

Reasons to Consider an Up-and-Coming Career in 2025

Published

on

Career

(Family Features) If you’re thinking about making a career change, re-evaluating your long-term career path or looking for a career with purpose, there is one path you may not have considered – and it might be the perfect fit: funeral service.

Consider this: Funeral service is facing a critical shortage of skilled professionals in the next decade due to retiring funeral home owners and rising death rates. In fact, the National Funeral Directors Association (NFDA) estimates 5,700 openings for funeral service workers during each of the next 10 years.

In a world where Gen Zers said having a sense of purpose is important to their overall job satisfaction and well-being, according to a study by Deloitte, there’s an opportunity for business-minded individuals, young professionals and those seeking second career paths to explore this distinguished and fulfilling profession. While 1 in 10 (12%) adults would consider a career as a funeral director, Gen Zers (44%) and Millennials (38%) admit they do not know enough about the profession based on a survey by the NFDA.

There are several reasons to consider funeral service as a career, whether you’re a new grad, a young professional looking to get your foot in the door or someone with years of experience who’d like to test your transferable skills in a new career.

1. Fulfillment and Purpose
Funerals and memorial services are an important part of the grieving process and an opportunity for family and friends to gather to comfort one another and say goodbye to their loved one.

Funeral directors are not just in charge of logistics. They play a vital role in helping families navigate one of the most challenging times in their lives. They provide emotional support, guide families through funeral arrangements and ensure the service honors the deceased’s life.

2. Community Involvement
Funeral directors are often deeply involved in the communities they serve, volunteering with local nonprofit and community organizations, sponsoring little league teams and organizing collections for troops overseas. This sense of community extends beyond the immediate responsibilities of the job, as many funeral directors take on the role of mentors and leaders, guiding the next generation of professionals.

“As I look ahead to the next 15 years of my career and beyond, I ask myself one question and encourage others to do the same, no matter what career they are in: Are you doing the work to inspire a new generation of leaders and being the person you needed when you first started out?” said Allyse Worland, CFSP, licensed funeral director. “For me, the answer is always yes, and I am excited to see what the future holds.”

Advertisement
Find your perfect chandelier for living room, bedroom, dining room. Shop now

3. Ability to Own a Business
A career in funeral service offers the opportunity to own your own funeral home. With experience and business skills, you can manage and grow a company that provides essential services to your community. It’s a unique blend of compassion and entrepreneurship, allowing you to make a meaningful impact while running a successful business.

If you’re looking for a meaningful career that combines purpose, community and the opportunity for growth, funeral service might be the path for you. With the occupation’s demand for skilled professionals on the rise, now is the time to consider how you can make a difference in the lives of others while shaping the future of a growing profession.

Learn more about the career path and take a quiz to determine whether it’s right for you by visiting rememberingalife.com/careers.

Photo courtesy of Shutterstock

collect?v=1&tid=UA 482330 7&cid=1955551e 1975 5e52 0cdb 8516071094cd&sc=start&t=pageview&dl=http%3A%2F%2Ftrack.familyfeatures
SOURCE:
National Funeral Directors Association


Discover more from Daily News

Subscribe to get the latest posts sent to your email.

Continue Reading

Trending