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Will Your Current House Fit Your Needs in Retirement?

Will Your Current House Fit Your Needs in Retirement?

 

As more and more baby boomers enter retirement age, the question of whether or not to sell their homes and move will become a hot topic. In today’s housing market climate, with low available inventory in the starter and trade-up home categories, it makes sense to evaluate your home’s ability to adapt to your needs in retirement.

According to the National Association of Exclusive Buyers Agents (NAEBA), there are 7 factors that you should consider when choosing your retirement home.1

1. Affordability

“It may be easy enough to afford your home today but think long-term about your monthly costs. Account for property taxes, insurance, HOA fees, utilities – all the things that will be due whether or not you have a mortgage on the property.”

Would moving to a complex with homeowner association (HOA) fees actually be cheaper than having to hire all the contractors you would need to maintain your home, lawn, etc.? Would your taxes go down significantly if you relocated? What is your monthly income going to be like in retirement?

2. Equity

“If you have equity in your current home, you may be able to apply it to the purchase of your next home. Maintaining a healthy amount of home equity gives you a source of emergency funds to tap, via a home equity loan or reverse mortgage.”

The equity you have in your current home may be enough to purchase your retirement home with little to no mortgage. Homeowners in the US gained an average of over $16,300 in equity last year.

3. Maintenance

“As we age, our tolerance for cleaning gutters, raking leaves and shoveling snow can go right out the window. A condominium with low-maintenance needs can be a literal lifesaver, if your health or physical abilities decline.”

As we mentioned earlier, would a condo with an HOA fee be worth the added peace of mind in knowing that you do not have to do the maintenance work yourself?

4. Security

“Elderly homeowners can be targets for scams or break-ins. Living in a home with security features, such as a manned gate house, resident-only access and a security system can bring peace of mind.”

As scary as that thought may be, any additional security and an extra set of eyes looking out for you always adds to peace of mind.

5. Pets

“Renting won’t do if the dog can’t come too! The companionship of pets can provide emotional and physical benefits.”

Evaluate all of your options when it comes to bringing your ‘furever’ friend with you to a new home. Will there be necessary additional deposits if you are renting or moving in to a condo? Is the backyard fenced in? How far are you from your favorite veterinarian?

6. Mobility

“No one wants to picture themselves in a wheelchair or a walker, but the home layout must be able to accommodate limited mobility.”

Sixty is the new 40, right? People are living longer and are more active in retirement, but that doesn’t mean that down the road you won’t need your home to be more accessible. Having to install handrails and make sure that your hallways and doorways are wide enough may be a good reason to look for a home that was built to accommodate these needs.

7. Convenience

“Is the new home close to the golf course, or to shopping and dining? Do you have amenities within easy walking distance? This can add to home value!”

How close are you to your children and grandchildren? Would relocating to a new area make visits with family easier or more frequent? Beyond being close to your favorite stores and restaurants, there are a lot of factors to consider.

Bottom Line

When it comes to your forever home, evaluating your current house for its ability to adapt with you as you age can be the first step to guaranteeing your comfort in retirement. If after considering all these factors you find yourself curious about your options, let’s get together to evaluate your ability to sell your house in today’s market and get you into your dream retirement home!

 


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Retired seniors’ guide to downsizing in Hunterdon and Somerset Counties

Retired seniors’ guide to downsizing in Hunterdon and Somerset Counties

When it comes time to consider downsizing your home, there are a mix of emotions and stressers you may have never encountered before. For seniors, it’s a situation that sometimes comes about out of necessity and sometimes simply as a way of improving the quality of retirement years.

As the number of Baby Boomers entering retirement continues to climb in the US, the reasons to start downsizing are more apparent than ever:

  1. Economic necessity. It’s common for many older adults to be faced with unexpected medical expenses, growing homeowners insurance rates, and rising utility costs. Selling the house and moving into a more affordable space is often the solution.
  2. Health concerns. Many seniors downsize to a home where at-home care is more convenient and there are fewer everyday obstacles to maintaining good health.
  3. Convenience. If you’re tired of doing all the housework that comes with a larger home, you’re not alone. A lot of retirees opt for smaller homes where upkeep is less of a responsibility.

In terms of the cost benefits, retired seniors stand to save significantly when moving to a smaller space. Consider that for the typical single-family home, heating and cooling accounts for 42% of the energy bill, according to the U.S. Department of Energy. When the square footage of your home shrinks, so does that energy bill.

Moving to a smaller home could also help you save on:

  • Mortgage payments
  • Property taxes
  • Maintenance (lawn, pest control, snow removal)

If you’re preparing for retirement or have already retired and you’re now considering downsizing, know that you’re in good company. A poll by the Demand Institute concludes that 37% of Baby Boomers plan to move later in life. Of those planning to move again after retirement, 47% said they’d like to downsize. Since there are roughly 75 million Baby Boomers in the US, we can expect roughly 10 million retirees to downsize in the coming decades.

Read on for helpful tips and guidance as you think about what matters most for your retirement, including the home you envision yourself in.

Budgeting for a downsize

Choosing to downsize to a smaller home in retirement isn’t always motivated by economics, but it is always affected by it. Even for retirees belonging to a high tax bracket, downsizing is a consideration for practical reasons:

No matter why you’re considering a new home, putting together a well-thought out budget you can stick to is a wise first step. We can break your budgeting plan down into several key points you should account for:

What are you paying now? What will you pay in a downsized home?

Make a list of all the expenses associated with your current home. This should include: mortgage payments, utility bills, maintenance costs, HOA fees, and everything else you pay on a monthly basis. You’ll be able to calculate these same expenses for your new, smaller home (or at least come up with a realistic estimate).

To figure out the monthly mortgage payment for your new home, simply note its list price and plug it into Bankrate’s mortgage calculator. You’ll be able to change the mortgage term, down payment amount, and mortgage rate—giving you a very clear idea of what your mortgage payment will be at the new home you’re considering.

After coming up with your “new” mortgage payment, you should also be able to determine a rough estimate for utility costs. If you’re thinking about moving out of state, take a look at the U.S. Energy Information Administration’s recent numbers for average monthly bills for single family homes by state. If you’re downsizing but also moving to a state where energy costs are on average higher, the savings may not be as great as you’d hoped. However, differences in energy costs can also work in your favor.

Let’s say you currently live in Connecticut, where energy bills are among the highest in the nation at around $142 per month. If you move to Florida, where monthly energy bills are $123 on average, you’ll save a couple hundred dollars a year on energy alone.

Find out if your target home has an HOA, and also take into account things like lawn services. Add these expenses up and the overall cost benefits of downsizing will become clear.

What’s your current income?

Preparing for a move is a great reason to reassess your financial big picture. Everyone’s financial outlook is unique, so taking the time to piece together all sources of income you have, as well as savings accounts and more, will help you develop a game plan.

Critical questions to ask yourself:

  • If you’re not yet retired, how realistic is your goal retirement date?
  • What alternative sources of income do you have?
  • Will you be applying for Social Security? If so, when? (Note: the age at which you are eligible for Social Security is between 66-67, depending on the year you were born.)

Answer these questions to determine what your monthly income is, how much you have in savings, and what a comfortable mortgage payment will be for your next home.

What will it cost to sell your home and buy another?

Most retirees have been through the home-selling process before, but many haven’t in years, maybe decades. Take into account the extra fees and expenses that come into play when selling a home:

  • Realtor’s commission. The fee you’ll have to pay your realtor is typically 5-6% of the sale cost.
  • Closing costs. Depending on the real estate market you live in, you may be asked to take care of closing costs, which include property taxes, attorney fees, and other miscellaneous fees.
  • Inspections and home repairs. Buyers want thorough home inspections before signing on the dotted line; if any structural, electrical, or plumbing issues come up, you may have to cover those expenses.
  • Mortgage payoff. If your loan has a penalty for paying off the mortgage early, you’ll have an extra expense you may not have already accounted for. The sum you make from selling the home will mostly go into paying off the current mortgage.

The responsibility of some of these costs can shift from homeowner to homebuyer, so knowing exactly where you stand with these fees is a critical component to your downsizing budget.

Although there are many reasons for downsizing, budgeting carefully to make your new home less expensive than your current home is a huge benefit. It’s easy to lose track of all the small expenses that come with a move, but with a little diligence, you can save big in the long run.

What’s the plan?

Once your budget is in order, you’ll have to get the wheels turning on a strategy. There are a lot of moving parts in play, so breaking down your plan into simpler terms is a good place to start:

Selling your home and assets

Will you use a realtor or opt to sell the home yourself?

Keep in mind that selling the home yourself will entail a whole new list of responsibilities and tasks that may delay your moving process beyond your original timeline.

Will you be selling a car?

If you don’t do much driving, don’t want the responsibility, do want the money, or have a health concern keeping you from driving, selling a car is a wise decision. Many retired couples who have two cars and will sell at least one when downsizing as a way to collect some cash and free up space.

What other assets do you have?

A bittersweet, yet rewarding, part of downsizing is getting rid of stuff you no longer need. Whether that means valuables you no longer need or junk taking up space in your garage, let it go! You’ll be surprised at how freeing it is to clear out the basement and get paid for the stuff you haven’t used in ages.

Finding a place to live

Would you prefer to stay in the same area or are you excited about moving to a new place? If you’re moving somewhere new, take into consideration all the amenities you’ll need now and later on. Check for proximity to hospitals, grocery stores, and other essentials. Downsizing should make life easier—if you have to travel 45 mins to weekly doctor appointments, think about how that will affect your quality of life.

Considering all housing options

Single-family home — With a smaller single-family home, you can expect a similar lifestyle to the one you live now, but with fewer responsibilities and less clutter.

Condo/Townhome — Condos and townhomes are excellent options for retired seniors who value their freedom and self-sufficiency and also want to get off the hook for property maintenance. Don’t forget to take a look at HOA fees.

Assisted living community — Assisted living communities provide housing, meal prep, and health-related services for seniors. Many include luxurious amenities and a more thorough level personal care. Assisted living is an option for seniors with health concerns.

Move in with your adult children — If you’ll be living with family, any financial burdens you had in your own home will be eased. Being close to children and grandchildren is another benefit of moving in with family. Not enough room at their home? Do some research on “Granny Pods,” the latest trend in senior living. Granny Pods are essentially tiny homes that can be built in the backyard of your adult child’s home. Seniors who want to live with their kids can buy a Granny Pod and be close to home without feeling like a burden.

Finding a new mortgage

Downsizing to a new home in your retirement years puts you in a unique position when it comes to finding a mortgage.

After selling your old home and extra assets, you’ll be in a position to apply for a decent short-term mortgage with manageable monthly payments. Be sure to check mortgage rates often and track trends in your new area to secure the best loan you can. You’ll most likely be interested in one of the following:

  • 10-year mortgage. The shortest-term mortgage and usually the one with the lowest rates, ten-year mortgages are great options for those who want to quickly accrue equity in their home and pay less interest than they would with a longer mortgage. Monthly payments will be higher than with other term-lengths, but if it is still lower than the payment you have at your current home, it’s worth it.
  • 15-year mortgage. Fifteen-year terms will also carry lower mortgage rates and APRs than longer term mortgages, though obviously not as low as with a ten-year term. If you want to get the house paid off as quickly as possible but you aren’t comfortable with the monthly payment associated with a ten-year mortgage, consider a fifteen-year term instead. You’ll have a little more leeway in monthly spending while still paying off the home relatively quickly.
  • Reverse mortgage. If you want to tap into your current home’s equity before moving out, consider a reverse mortgage. Your bank will submit payments to you based on a percentage of the equity you have in your home and you won’t need to immediately pay it back. Loans don’t need to be paid back until the homeowner sells the home or dies, making reverse mortgages an intriguing retirement tool for seniors who are thinking about downsizing to a new home.

No matter the reason you have for considering downsizing, you are wise to contemplate its advantages. Not only do you have the opportunity to start anew, perhaps in closer proximity to family, but you can drastically improve your quality of life in retirement. By downsizing to a smaller home, you are freed from the upkeep responsibilities of owning a large home. You’ll potentially save big on standard costs associated with homeownership and most importantly of all, you can finally take time to relax.


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Six Surprising Retirement Trends You Need To Know

Six Surprising Retirement Trends You Need To Know

Tiny homes. Rockin’ communities where Jimmy Buffet is your spirit animal. Rockin’ a strenuous hike minutes from home. Yeah, this is not your Grandfather’s retirement.

Long gone are the days when people packed it in and moved to a nice, calm little home for the aging in Florida the day they turn 65. Not only are people working longer today, but they are looking for more out of their retirement – more fun and excitement, more job opportunities, and more opportunity to hang out with family. If you’re getting ready to retire, these are the trends you’ll want to know about.

Lifestyle-oriented communities

And we’re not just talking about weekly bingo. There is a wave of new retirement communities, most notably Jimmy Buffet’s foray into a new career path, that cater to a much more active lifestyle. “It’s easy to chuckle at news that a Margaritaville retirement community is coming to Florida (what better age for Parrotheads to pursue their day-drinking dreams?),” said Curbed. “But the billion-dollar community offers more of what today’s and tomorrow’s seniors really want: active, engaging, and walkable neighborhoods. Latitude Margaritaville Daytona Beach has nine models open, with new homes priced from the $200,000s; the Hilton Head, SC location is in its first phase with prices from the mid $200,000s.”


aarp.org
Other developments, like the new $100 million-plus Rancho Mission Viejo in Orange County, CA is being developed “as an upscale mixed-generation development, with housing catering to older adults integrated into clusters of neighborhoods,” they said. “Developments like New York’s new community center for the Morningside Retirement & Health Services (MRHS) showcase a renewed focus on active, communal space. A cohousing development for seniors on Oakland’s waterfront called Phoenix Commons has been compared to a ‘dorm for grownups.'”

Retiring…but not all the way

Mid-size and larger cities are becoming havens for retirees because, among other positive attributes, they offer thriving job markets. So why would that be important to someone who is getting ready to stop working? Because, increasingly, retirees aren’t retiring all the way. Or, they’re embarking on secondary careers, often part-time, post retirement. “74% of working Americans plan to work past retirement age, with 11% expecting to work full time and 63% expecting to work part-time,” said The Street.

Chasing happiness

U.S. New & World Report’s 2018 list of the Best Places to Retire compared the top 100 metros for their potential as retirement spots, using data including housing affordability, taxes, and access to healthcare facilities. Their overall desirability and average levels of happiness were also key to the rankings. “Several cities in Texas made the top 10,” while “three cities in the mid-Atlantic region are highly rated.” You can see the entire list here.

Multi-generational living

Multi-generational living is on one of real estate’s fastest-growing trend. “In 1940, about one-quarter of the U.S. population lived with three or more generations in one home. After WWII, American families largely became two-generational, with parents and minor-age children under one roof,” said Forbes. “The percentage of households with multiple generations started declining to 21%, reaching a low of 12% by 1980.” According to Pew Research Center data, 60.6 million people, or 19 percent of the U.S. population, lived in multigenerational homes, including 26.9 million three-generation households.”

In fact, the trend is so pervasive today that builders are increasingly creating highly livable granny flats and tiny homes that can live on family land or in backyards. They’re also building new construction homes like Lennar’s Next Gen, which is billed as a “home within a home” and includes “all the features you’d expect in a separate unit (a kitchenette, single car garage and full bathroom) while giving you the freedom to pop in whenever you’d like,” they said.

Increasing the activity level

“The choice of recreational activities is gradually shifting as the baby boomer generation heads into retirement,” said U.S. News & World Report. “A recent study by the Physical Activity Council revealed some interesting findings. Activities that are increasing in popularity include camping, bicycling, hiking and canoeing. Activities that are decreasing in popularity include golf, swimming for fitness and working out using machines or weights.”

The AARP found that boomers are increasingly migrating to states “with mild climates and recreational options. “A newly released survey indicates that those who do move increasingly choose mountain and western states where they find a desirable combination of affordable housing, mild weather and outdoor recreational opportunities, such as skiing and hiking,” they said. United Van Lines’ National Movers Study found that the Mountain West region – which stretches from Arizona to Wyoming – attracted the “biggest influx of older people, with 24.5 percent of those moving citing retirement as a reason for relocating.” That represents a strong shift from several decades ago “when older people mostly left northern states and headed southward. ‘We’re seeing retirees being attracted to more outdoor adventure destinations than in the past.”

Following family

Another of today’s top trends has retirees moving closer to family. For many grandparents, moving toward their children and grandchildren is “the last chance to focus on family and to leave a legacy of special memories,” says Christine Crosby, editorial director of Grandmagazine,” to Kiplinger.

 


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Hunterdon is the place to be for active seniors, and there’s lots of them

Hunterdon is the place to be for active seniors, and there’s lots of them

Reposted from NewJerseyHills.com

“A study shows there will be more senior citizens in Hunterdon County than kids below the age of 18 within 10 years,” said Councilman Al Rylak at a Clinton Town Council meeting last month.

Although considered a high-priced area in which to live, Hunterdon County can be a great place for retirees even if their pocketbooks aren’t as “flush” as some of their neighbors. In other words, you don’t have to be wealthy to find a lot to do with your spare time. The county has a wealth of senior citizen groups with a lot to offer. Some adhere strictly to age restrictions of 65 or more, but others generously welcome younger folks in their 50s.

In the northern part of the county, there are a number of cost-effective opportunities for seniors, mostly run by the seniors themselves. Some towns support their activities by providing places for them to meet or with other contributions, but in most cases today’s seniors are a generation that like to make their own rules and choices.

If you are now retired, consider reaching out to one or more of the following groups to meet old friends, make new friends, and add a bit of entertainment to your daily life. If you no longer drive, perhaps you can connect with a fellow senior citizen willing to bring you along.

The largest group in the area is the completely self-sustaining Clinton Township Seniors Club (CTSC) with a membership of 80 plus. They do not receive any support from local government, leaving them free to not only choose what activities they can pursue, but removing all age and residency requirements municipally-run senior programs often impose.

The CTSC meets at 10 a.m. on the second Wednesday of each month in the Annandale Reformed Church on the corner of West Street and Beaver Avenue. Most meetings offer speakers or activities of a wide variety.

What has really drawn a large membership to the CTSC though, is that they are day-trippers. It is an opportunity to go places without having to drive great distances. Just sign up, drive to Annandale and hop on the bus. The club has no age or residency restrictions, but of course virtually everyone is over the age of 55 since anyone younger is probably at work on weekdays. It is a club of seniors living within a 15-20 mile radius of Annandale.

This year’s monthly trip itinerary included Broadway plays as well as performances at a variety of venues in New Jersey and Pennsylvania. On Tuesday, May 15, the bus is full for a trip to Lancaster, Pa. In July they’ll be taking the Spirit of New Jersey Cruise, luncheon included. To learn more about the club, call club president Sandy Pill at (908) 404-5448.

Although it is one of Hunterdon’s smallest towns, Lebanon Borough has a very active senior group. In addition to their monthly meetings at 10 a.m. on the fourth Wednesday of each month with interesting programs and refreshments; fun bingo from 1-3 p.m. on the second and fourth Mondays of each month; and chair yoga exercises from 11:30 a.m. 12:30 p.m. on Wednesdays. The Lebanon group is independent of the Borough government, but enjoy the benefit of being allowed to hold all of their meetings and other activities in Borough Hall on High Street. They just held a luncheon to celebrate their 13th anniversary, complete with magician-comic Rick Vale.

Like virtually all of the senior groups in northern Hunterdon, the Lebanon group also enjoy day trips. They will be going to the Mt. Airy Casino in June and Manasquan’s Crystal Point Yacht Club in July. They are also planning a 3-day trip to the PA Amish country in late September.

One problem all the clubs have had to deal with when it comes to excursions is being able to fill a bus. No one could afford renting a bus for only a handful of travelers. In Lebanon, there are 15 resident members and 20 that live in surrounding communities. So, they cooperatively travel with another small senior group in Bound Brook, which has 40 to 50 members, to have enough travelers to fill a bus. For more information, call club president Maddie Nolan at (908) 287-7949.

Another club that had been somewhat dormant for a while but has now reactivated is the Senior Club of Oldwick, which meets at 10 a.m. on the second Monday of each month in the Oldwick Firehouse. For those 65 plus, the reorganized club already has 35 members and is still growing.

“We were previously called the Tewksbury Township Seniors, but not enough people were coming,” said organizer Jim Reed. “Tewksbury doesn’t contribute anything to the club and we welcome non-residents. Only members can play bingo, though.”

Reed said no day trips have been planned yet, as they just began activities a few months ago, but they are looking into what excursions may be available. For more information, call Reed at (908) 439-2329.

In Readington Township there is a township sponsored seniors group for residents only, 60 plus in age. They meet at 12 noon on the third Wednesday of each month at Polish American Club in Whitehouse Station. They do, however, work jointly with a senior group in Raritan Borough to be able to fill a bus for their day trips. For more information, call club president Diane Anthony at (908) 534-4724.

Once out and about you will find a lot of the seniors have joined multiple clubs in the area to take advantage of more opportunities. In Bethlehem Township for example 80 percent of the members live there while 20 percent do not. Their minimum age is 55, and they meet at 12:30 a.m. for lunch on the first Monday of each month at 405 Mine Street, to the right of township hall. There are monthly programs, “out to lunches” and some day trips. For more information, call club president Sandra Bailey at (908) 917-8206.

“We try to offer a program every month,” said Bailey. “Our day trips are mostly by car-pooling, and the township provides us with a stipend for each trip.”

Lebanon Township does not have a senior club, but support the YMCA senior center on County Route 513 in Bunnvale with an annual $4,000 donation. Others communities like High Bridge, Clinton Town and Califon do not sponsor or financially support senior clubs; but you will find their residents involved with the other area clubs.

As part of a community outreach program, the sister facilities of Rolling Hills Care Center in Clinton Township and Hunterdon Care Center in Raritan Township, are a source for local groups to find informative speakers as well as entertainers for their meetings. They also run some day trips, and you don’t have to be a care center resident to go along. Most travelers are 50 plus years of age, but there are no age restrictions. For more information call director of community services Joani Lauyer at (908) 783-0116.

Their most successful outreach has been Bingo, held at 12 p.m. on the third Thursday of each month at the VFW Hall on Main Street in Glen Gardner.

“It is a free program, but has become so popular we now need to have a head count beforehand,” said Lauyer. “We serve a full course luncheon, and last month 120 people came. We were worried we would run out of food.”

So don’t sit home bored, take advantage of all the fun times and new friends that are waiting for Hunterdon’s retired residents.

Keep an eye on the Hunterdon Review’s weekly “Things To Do” listing of upcoming events which will soon be adding more senior clubs in northern Hunterdon including speakers and upcoming excursions.

 


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Are older investors the new niche for planners?

Are older investors the new niche for planners?

Reposted from Mintel.com

Shifting consumer demographics and the demise of pensions are combining to force advisers to shift their focus from helping clients accumulate retirement savings to helping them manage their savings so they last through retirement. According to the US Census Bureau, 24 million Baby Boomers are now 65 and older and 33 million more will join them by 2023. The first wave of Boomers are turning 72 in 2018, with 10,000 Boomers crossing that threshold every day for the next 17 years

59% of Baby Boomers are confident they will have enough saved for retirement.

Whether they are retired or still working, Boomers have unique planning needs as they transition from earning income to living off savings. For most, investing strategies change from asset accumulation to asset preservation as retirees focus on making sure they don’t outlive their savings. Mintel’s US report on investment trends shows that 59% of Baby Boomers are confident they will have enough saved for retirement. What’s more, those who have a retirement plan have to begin meeting minimum distribution requirements at age 70.5, further changing their distribution strategy.

Startups target retirees

With people living longer and often retiring earlier, many consumers need guidance to make sure they don’t outlive their savings.  While retiring investors have largely been ignored by the investment community, a new crop of start-ups recognizes retirees need help transitioning and are developing services targeted to older investors to help them maximize the income that will see them through retirement.

Launched in June 2016, United Income provides financial planning and money management services to clients who are making the transition to living off their retirement savings. It offers those close to retirement and those already retired help in making decisions on how and when to draw down their accounts, how to budget on a fixed income, and how to reduce their taxes wherever possible. Asset management services are available for a fee and clients can also opt to have United Income complete retirement paperwork, enroll in Social Security and Medicare benefits, and recommend elderly care services.

Meanwhile, True Link raised another $3.6 million in 2016 to market itself more aggressively to seniors, a segment the company feels is underserved and filled with potential. It is a retiree-focused hybrid advice platform that offers the convenience of digital advice along with the ability to talk to a human on the phone, assuring seniors that they can get the personal attention many prefer. A main differentiator for the company is the True Link card, a prepaid card marketed as a way for seniors to maintain control of their spending without fear of fraud.

What we think

People are living longer and retiring earlier, which puts more strain on the savings they have accumulated. Retirees have different needs than younger investors, and the growing number of retirees means that demographics will drive the need for financial advice. Firms and advisers who can adjust to helping with the income distribution needs of retirees will find themselves in the best position to grow their businesses.

 


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