Podcasts! I love them (and I’m guessing you do too). This week I’m sharing my favorite retirement podcasts that will educate and entertain you all the way to your ideal retirement.
Also in today’s episode of Retirement Starts Today, I will help you understand reverse mortgages. You’ll discover what they are and whether they are helpful or harmful. We’ll also discuss social security and the idea that the benefits will diminish in the future. Are you looking for new retirement podcasts to listen to? I share my favorites in the Retire Ready Planning segment of the show. Listen now to understand reverse mortgages, the big social security debate, and to find out what else you should be listening to help you prepare for retirement.Listen now to this episode of #RetirementStartsToday to understand #ReverseMortgages, the big social security debate, and to find out what other #RetirementPodcasts you should be listening to help you prepare for #retirement. Click To Tweet
Outline of This Episode
- [2:22] Do you understand reverse mortgages?
- [8:26] Will you be taking a 20% cut on social security?
- [12:46] Get retirement ready with my favorite retirement podcasts
There is a lot of confusion surrounding reverse mortgages
A recent article written by Wade Pfau in Forbes discusses reverse mortgages. The ads for the product can be quite deceiving. A focus group shown several ads about reverse mortgages shared many misconceptions. Many didn’t understand that a reverse mortgage is something you’ll have to pay back. They thought it was a type of welfare program delivered by the government. They also didn’t understand that there were fees and interest involved. Some people were also confused about the tax-free nature of the loan. They thought they would no longer have to pay property taxes. Are you confused about reverse mortgages as well?Are you confused about #ReverseMortgages? Listen to this episode of #RetirementStartsToday to find out if they are a good choice in #retirement. Click To Tweet
Understanding reverse mortgages
A reverse mortgage is also called a HECM, a Home Equity Credit Mortgage, and just like any mortgage, it will have to be paid back. How it is paid back depends on the style of the loan. Most people who consider a reverse mortgage in retirement do so because they are considering taking a lifetime income from the loan. How it works is the HECM company calculates half your home equity value and then they pay you a lifetime annuity based on that amount. Hopefully, you’ll never have to use them. But if you are considering a reverse mortgage, make sure to learn as much as you can about them.
Will you be taking a 20% cut on social security?
An opinion piece in the Washington Examiner argued that you should plan for a 20% cut in your social security benefits. So should you plan for a 20% cut in your social security in retirement? It’s always safer to plan conservatively. But there is definitely no logic behind taking social security early. Actually, the reverse is true, you should try to take your social security benefits as late as you possibly can. If you take social security early at age 62 you will receive a 25% reduction in your benefits, however, if you wait until age 70 you will end up with 132% of your original social security benefits. So even if Congress can’t get their act together in time you should try to plan to hold off on your social security benefits for as long as possible.Listen in to this episode of #RetirementStartsToday to hear why these are my favorite #RetirementPodcasts and what you can learn from each of them. Click To Tweet
Get retirement ready with my favorite retirement podcasts
I got into podcasting 4 years ago because I love podcasts and I found this to be a great medium to share my retirement knowledge. I listen to several different retirement and investment podcasts to help me stay up to date on the latest in retirement planning. It can be hard to choose a good podcast. I choose to listen to podcasts based on the personality of the hosts. Here is a list of my favorite retirement and investment podcasts.
- Stay Wealthy by Taylor Schulte
Hosted by award-winning financial expert and CFP® Professional, Taylor Schulte. This retirement podcast tackles topics such as IRA’s, 401(k)’s, retirement income strategies, insurance, pensions, social security and more. Each episode will give you the tools you need to improve your financial life and “stay wealthy” in retirement.
- Retirement Answer Man by Roger Whitney
This is NOT your typical retirement show focused only on saving and investing. It’s about making the most of your life today and in retirement. Retirement isn’t an age OR a number. It’s finding that balance between living well today and feeling confident about retirement. It’s about gaining freedom to pursue the life you want.
- Sound Retirement Radio by Jason Parker
Jason Parker, RICP® is the best-selling author of Sound Retirement Planning, and the host of Sound Retirement Radio, a popular podcast that is also broadcast on 820am THE WORD in Seattle.
- Stacking Benjamins by Joe Saul-Sehy & OG
While it may seem like Joe, OG, and the gang are messing around during an episode of Stacking Benjamins, we’re actually deadly serious about financial literacy. Literacy rates around the world are dropping, and this podcast is meant to help foster much needed conversations about money.
- Retirement Repair Shop by Mary Beth Franklin
Just when you thought your retirement plan was safely on autopilot, life has a way of interrupting. Maybe you lost your job, or suddenly faced a health scare. Enter Retirement Expert Mary Beth Franklin who has all the solutions – and the experts – to help navigate any hazard.
Resources & People Mentioned
- BOOK – How to Use Reverse Mortgages to Secure Your Retirement by Wade Pfau
- Forbes article on reverse mortgages
- Washington Examiner article on social security
- Stay Wealthy Podcast
- Retirement Answer Man Podcast
- Sound Retirement Radio
- Retirement Repair Shop
- Stacking Benjamins
Connect with Benjamin Brandt
- Get the Retire-Ready Toolkit:https://retirementstartstodayradio.com/
- Follow Ben on Twitter:https://twitter.com/retiremeasap
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