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Retiring With a Mortgage? Part 2

Are you retiring with a mortgage?  More and more people retire with a mortgage. 30 years ago, only 24% of homeowners age 65-79 and only 3% of those over age 80 had outstanding mortgages, home equity loans, or home equity lines of credit. The median balance for those 65-79 was only $16,000. Those age 80 […]

Retiring With a Mortgage?

Are you thinking about retiring? Many people retire with a mortgage. Low mortgage rates, recent refinancing, or lack of resources to pay off the debt are several reasons why. A Harvard University study found that nearly half of all homeowners aged 65-79 carried mortgage debt with a median balance of $77,000. Now 1/4th of households […]

Mortgage in Retirement?

I was recently asked if  it is wrong to carry a mortgage into retirement  Carrying a mortgage depends on your situation. Many homeowners suffered during the Great Recession. Over 1 1/2 million homes went into foreclosure in the first half of 2010. Those who owned their homes avoided that pain. When a home is paid […]

IRA Info

Do you have an Individual Retirement Account? A listener recently asked if an IRA is considered a savings plan or an investment. My answer depends on what you do with the money. You can put IRA funds to work in the stock market through mutual funds and other investments, or in CDs and savings accounts. […]

Prepare for Retirement

American’s have a mania about retirement, and much of that is due to the fact that people aren’t prepared.  A recent poll found that more than one-third of Americans are unprepared for retirement. One third of American’s don’t have retirement savings and a significant percentage of the population simply can’t afford to retire. Stewards save […]

RV Regret in Retirement

Are you dreaming about hitting the road in an RV? Not so fast! I’ve always thought that owning a recreational vehicle would be a ton of fun – especially a classic Airstream! We know people who take theirs to college tailgate parties, and others who RV with friends. Last June, Kiplinger.com surveyed retirees about owning […]

Don’t Live For Retirement

Ernest Hemingway said, “Retirement is the ugliest word in the human language.” Retirement provision is something that confuses many Christians. It seems we’ve developed a mania about saving for the future! The world promotes the idea that in retirement we deserve to enjoy ourselves. As a result, many people think they’ll need more money for those […]

Paying Off a Mortgage?

Want to pay off your mortgage before you retire? If you’ve paid off your mortgage, you know the peace of mind that comes with owning your home, but if you’re in the process of paying yours off early, don’t neglect other financial goals. Pay off your high-interest debt first. Credit cards, payday loans, car loans, […]

Retiring with Only Social Security Income

Plan to retire? 47% of workers rely on Social Security as their primary retirement income. The average benefit for a retired worker in 2020 is $1,500 a month. Now those with only Social Security income depend on creativity, community, frugality, and often, the generosity of others. If that’s you and you know that money will […]

Gig Economy “PSA”

If you’re a freelancer, work for yourself, or run your own company, I have some tips for you. First of all, budgeting as a freelancer can be especially difficult. You may not have steady income, so it’s best to base your budget off a monthly average of what you earned last year. Also saving for […]

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