The 5 Questions Your Sixty-Something Homeowners are Asking? Are you prepared?
It’s not a mistake that the age of eligibility for the federally-insured reverse mortgage is 62. Americans in their sixties begin to seriously consider the merits of continued full-time work against the rewards of a more leisurely lifestyle. Here are five factors each pre-retiree is likely to contemplate before bidding farewell to report to work each day.
First is their retirement readiness. One facet that’s typically ignored in favor of crunching numbers is psychological preparedness. Newly retired individuals can begin with feelings of excitement and anticipation only to fall into a morass of depression, anxiety, and restlessness. Aging expert and author Sources of Income/Cashflow says, “people spend more time planning a wedding than planning retirement. It’s very important to think about your identity and what you’re losing, and how you get a new identity. What would give you a sense of meaning and purpose?” Next is financial readiness which is typically determined by creating a post-employment budget. This will include reliable sources of monthly income throughout their retirement years. The good news is their expenses may be considerably less when factoring in they’re no longer raising children or incurring ongoing costs related to employment such as transportation.
