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Financial Issues Related to Growing Older

Financial Issues Related to Growing Older. Roxie Rodgers Dinstel Tanana District HHFD Faculty. Topics. Choosing a financial advisor Reverse mortgages Living wills and other end of life issues Making the money last. Choosing a Financial Advisor. Verify Experience Evaluate credentials

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Financial Issues Related to Growing Older

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  1. Financial Issues Related to Growing Older Roxie Rodgers Dinstel Tanana District HHFD Faculty

  2. Topics • Choosing a financial advisor • Reverse mortgages • Living wills and other end of life issues • Making the money last

  3. Choosing a Financial Advisor • Verify • Experience • Evaluate credentials • Compatible investment pattern • No conflict of interest

  4. Reverse Mortgages The reverse mortgage allows you to convert a part of the equity in your home to cash. Proceeds can be paid as a lump sum or as monthly payments. No payback until you no longer use the home as a principal residence.

  5. Requirements • 62 years or older • Own your house or have a low mortgage balance that can be paid off by loan proceeds • Live in the house

  6. Reverse mortgage or home equity loan? Traditional second mortgage or home equity loan, must have income and be able to pay the loan back Reverse mortgage pays regardless of income and you don’t pay back until you no longer live in home

  7. Yeas Able to get needed money Can stay in your house Nays High upfront costs May have an adjustable rate Overall costs are high Monthly service charge Do I want a reverse mortgage?

  8. Living Will Includes medical treatments you want when you are incapicitated (what) Can include a durable power of attorney for health care issues (who)

  9. Five wishes • Wish 1-The person I want to make decisions for me when I can’t • Wish 2-The kind of medical treatment I want or don’t want • Wish 3-How comfortable do I want to be • Wish 4-How I want people to treat me • Wish 5-What I want my loved ones to know

  10. Making the Money Last? • People are living longer • Plan, Plan, Plan • Health is an unpredictable factor • Social Security Choices • Consider working And if the money is going to last and you are concerned about passing it on, make a gift.

  11. What do you do?

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