Home Sweet Home
And Dear Abby must be someone's grandmother
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Today is Friday, March 29th, 2024, which is also…
International Mermaid Day
Good Friday
World Piano Day
Retirement Rethink: Unlocking Home Equity's Hidden Treasures
As the retirement curtain rises, it's time to switch from hoarding those pennies to figuring out the cash flow conundrum. While we often gab about 401(k)s and IRAs, don't forget the value of home ownership. That's right, your home isn't just your castle; it's potentially your retirement goldmine. A 2023 Pew Research Center study reveals a typical nest egg of $174,000 in home equity, overshadowing retirement accounts at $76,000.
But here's the twist: your prized possession is also your biggest bill, gobbling up 35% of retirement bucks. With more folks retiring under the shadow of a mortgage, the plot thickens.
Enter stage left: reverse mortgages, the unsung heroes of retirement planning. A WSFS Mortgage study spotlights this financial wizardry, yet many are clueless about its charm. Only 7% feel savvy about these tools, while a whopping 31% are in the dark.
Jeffrey M. Ruben of WSFS Mortgage hints at a knowledge gap, advocating for a better grasp of reverse mortgages to bolster retirement coffers. With enlightenment, seniors see the sparkle in this strategy, eyeing it for home tweaks, income boosts, and cushioning daily costs.
So, before taking the retirement bow, consider unlocking your home's hidden treasure to keep the golden years truly golden!
Blowing out one more candle today…
80: John Major, British Prime Minister from 1990 to 1997
80: Eric Idle, English actor, member of comedy group Monty Python
68: Brendan Gleeson, Irish actor and film director.
68: Marina Sirtis, Star Trek actress.
59: Elle Mcpherson, Australian model and actress.
Golden Years in Golden Places: America's Wealthiest Retirement Havens!
As retirement savings hit the million-dollar mark for some, the hunt is on for the best spots to enjoy those golden years. And guess what? California is stealing the spotlight, with its sunny shores and plush communities leading the charge as the go-to state for affluent retirees.
Topping the charts is Rancho Palos Verdes, a scenic coastal gem near LA, where a quarter of residents are 65+ and living the dream with a median income of a whopping $166,747!
Not to be outdone, Highland Park in Illinois and sun-soaked locales like Bainbridge Island, East Honolulu, and Melville are also where the moneyed mature crowd is flocking, each boasting hefty household incomes and a significant seniorish scene.
California claims five of the top 20 richest retirement spots, but Florida’s not far behind with four of its own, including Naples, where over half the population is enjoying retirement.
But here's the kicker: while some are living it up in these opulent oases, a GoBankingRates study reveals a stark contrast, with 30% of Americans yet to save a penny for retirement.
So, whether you're mapping out a retirement in luxury or just dreaming of serene sunsets, these wealthy enclaves highlight the diverse retirement landscape across the USA!
On this day in your history…
1961: After a 4½ year trial Nelson Mandela is acquitted of treason in Pretoria
1966: Muhammad Ali beats George Chuvalo in 15 for heavyweight boxing title
1973: US troops leave Vietnam, 9 years after Tonkin Resolution
1985: Wayne Gretzky breaks his own NHL season record with 126th assist
2007: Rihanna releases her hit single Umbrella featuring Jay-Z, goes to No. 1 on US Billboard Hot 100 for 7 weeks
Wisdom Hotline: A Resounding Success!
Who knew that the older generation was sitting on a treasure trove of advice, just waiting to be shared? Well, me for one! A recent initiative proved exactly that, with nearly half of those over 60 eager to dispense their life lessons, despite 23% reporting they're seldom asked for their sage counsel.
Enter the innovative advice hotline, a hit event that connected wisdom-hungry youths with the experienced elder set. This special phoneline, set up by Parsley Box, was open for one enlightening day, providing a platform for valuable exchanges between generations.
From 10 a.m. to 4 p.m., armed with tea, coffee, and biscuits, older folks manned the phones, offering insights on everything from relationships to financial planning. The initiative was not only a boon for young adults seeking guidance but also gave retirees a chance to share their wealth of knowledge and feel valued.
The success of the hotline, buzzing with calls, highlighted the mutual benefits of such intergenerational interactions. With 84% of young adults believing they should tap into the wisdom of the older generation more often, this event may just be the beginning of more regular advice exchanges. After all, who better to help navigate life's twists and turns than those who have traveled the road before?
Enjoy your weekend!
Matt from Seniorish
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