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Tips to Transition into Retirement

Buying active adult homeYou’ve worked hard and earned your retirement. You’ve looked forward to retirement practically since you started working! But transitioning into retirement can be difficult for some, especially when it comes to right-sizing and finding the right active adult real estate for you.  The Equifax Finance blog experts share some tips for moving into retirement in the new article, “

4 Steps to Planning Your Transition to Retirement.

Step One – Assess your current lifestyle; identify your current priorities by looking at where you are spending your time and money now. The article recommends making a list of how you spend your money. If your list includes hobbies, do you want to continue those hobbies? Spend more time doing them or less? Use your list to prioritize how you would like to spend your time. Many people say that they would like to spend more time with their grandchildren when they retire, but don’t make it a priority in retirement and end up not spending as much time with them as they thought they would.

(Continued…)

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Save Money by Checking and Moving Your Mail

Save money by keeping up with your mail

Keep up with your mail and save money that could be lost on penalties

If you’re the type to let your mail add up and only check it every week or so, it may not seem like a big deal to move your mail when you are changing residences. While that relaxed stance may work when you are a fixture, you should definitely change that pattern when you are moving. The Equifax Finance Blog explains why in the article, “

Tell the IRS and Your State When You Move.”

Even when you don’t get notices, the processes behind finances don’t stop. This can be problematic when your notices are catching up to your next residence, or even worse if you receive a notice or bill from one or two homes ago that has finally tracked you down. Getting past due notices from two homes ago can be especially painful due to surprise and penalties which may have added up while the mail was catching up to you. (Continued…)

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Don’t Get Caught in the Big Fancy “House Trap”

Don't get a house beyond your means and threaten your retirementWe’ve all heard that the McMansion trend is part of what sent the real estate market spiraling downward – consumers wanted the biggest house on the block, even if meant it’d put them in debt up to their eyeballs. Even worse, it extravagant housing could threaten their

retirement later life financial goals.

Finance writer for the Equifax Finance blog, Miranda Marquit, suggests buyers ask themselves the two questions before

buying a home, in her post “

How Big of a House Do You Need?” Careful thought into the answers to these questions can help buyers avoid getting trapped into buying a bigger house than they need or can afford. It can also help you understand how much of a home you need when you retire.

In considering how large your home should be, think about your family’s preferences. Do you spend a lot of time together? Then you should focus on a larger common space relative to bedroom space. Do you have a lot of out of town guests? Then you really may need an extra bedroom. Do you need a quiet space/home office to get work done? Could the office/guest room be one room? Downsizing is a big deal for retirees but many families are taking great delight in their smaller homes, as their family spends more time together, and they save money not only on the home price, but on property taxes, maintenance, utilities, etc. (Continued…)

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Winter is Coming: Where to Put Your Acorns for Retirement

Plan Ahead and Save Now to Enjoy RetirementWith uncertainty before us about the state of Social Security and Medicare funding, it’s now more important than ever to have a serious plan about your post-retirement income. After working hard throughout your career, you want to enjoy the time you’ve earned, after all. Financial expert Jeff Rose explains in his article “

How to Calculate Your Retirement Savings and Retirement Date” on the Equifax Finance Blog how to avoid having to work again after retirement.

Rose suggests that you consult a financial expert to best map out your economic future, but also offers a few general ideas on

retirement planning. Since a lot of people are skittish about the stock market given the tumult of recent years, he suggests that people invest in bonds and CDs. Bonds are debt securities in which the holder of the bond lends money to a safe institution, typically to the government, at a low interest rate. CDs, or Certificates of Deposit, are time deposits that are also very safe and work like savings accounts that are locked in for a certain period and then rewarded interest, usually benefiting a bank, credit union or other financial institution.

With both of these, there is still interest growth but at a very low level which corresponds to their high safety. Rose suggests that while these are good, some risk is required to keep your investment portfolio growing with you. Some stock investments are necessary, and a 25-75 stocks to bonds and CDs mix is recommended as a good place to begin your portfolio.

There’s a lot more to read in the article, from where to start to how to calculate your date of retirement and avoid sneaky pitfalls. For more information about retirement planning, taxes, credit trends, real estate and everything else to save money and live better, check out the

Equifax Finance Blog.

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Thinking About Your Mortgage After You Retire? Consider This

revers mortgagesHaving a mortgage can be stressful in the best of times, but amidst the fallout of a financial crisis and your approaching retirement, the stress can be greatly amplified.

Financial advisor Roger Wohlner, one of the

Equifax Personal Finance Blog experts, offers guidance. His recent article, “6 Questions to Ask Yourself Before Taking Out a Mortgage for Retirement,” suggest questions to ask yourself that might help you work through the decision process.

In summary, you’ll need to consider the amount of cash you’ll have during your retirement and how a mortgage payment will affect your budget. Wohlner also suggests that you think about the lifestyle you hope to have during your retirement. You’ll need to think beyond the cash or investments required to support that lifestyle and also consider where you want to live. Is the home you’re buying in the location you hope to call home for many years? If you hope to travel extensively, who will care for it? Should you consider a low-maintenance community? (Continued…)

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