Mid-Life Career Change

  • It appears that many of us are choosing not to retire at age 62 or 65. Whether it's because we enjoy working or because we need the money, you'll find many of us working at least part-time until 70 or even later.

     

    With that in mind it's logical to ask: Are companies making it easier for workers to retire later?

     

    According to an article in BenefitNews.com: "only 39% of employers offer flexible schedules to pre-retirees, and even fewer allow pre-retirees to change from full-time to part-time positions or take on less stressful or demanding jobs with the company, according to new Transamerica research "

     

    Because of that many are choosing to work for themselves or join the so-called 'gig economy'. If you're considering that route, you'll want to read What You Need to Know If You Work In the Gig Economy and Creating a Side Income In Retirement.

     

    On a separate note was some troubling news about reverse mortgages. "A HUD report issued last fall found that nearly 90,000 reverse mortgage loans held by seniors were at least 12 months behind in payment of taxes and insurance and were expected to end in “involuntary termination” in fiscal 2017. That’s more than double the number the year before." source: HUD

     

    That's troubling because "involuntary termination" is a polite way of saying that those people will lose their homes! That shouldn't be. If you take out a reverse mortgage make sure that you set aside enough to pay your taxes and insurance.

     

    If you're thinking of a reverse mortgage for yourself or your parents please read Understanding Reverse Mortgages and Can a Reverse Mortgage Safely Boost Retirement Income.

     

    Keep on Stretching those Dollars!
    Gary

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