Do you have parents who are at least 60 years old? If you
answered yes, then like me you have been faced with the best plan to ensure
that your parents retirements savings will outlast their lifetime. In the article, the “Top 6 Myths About Social
Security Benefits”, Rich White provides really helpful practical information
that can help seniors plan how to maximize their social security benefits.
At VanDyk mortgage, the Legacy team specializes in helping
family’s grow their legacy through homeownership. This includes our baby boomer
clients and their families too from their first home to their last.
Consider this Social Security Myth (#5)- The tax on social security benefits isn’t
enough to worry about
In truth, even modestly affluent seniors will pay tax on up
to 85% of their benefit. White (2013, says the social security tax should be
taken seriously by all well off recipients.
During this presidential election cycle (2016) a few top GOP candidates
have suggested taxing the social security benefit of the top wage earners
increase to 100% as a problem solving solution designed to rescue the crippled
entitlement program.
Additionally, unlike other sources of retirement income,
social security payments are paid out monthly to all recipients regardless of
financial need. There is no flexibility
in how you receive your money once you begin to draw your payments. For some seniors, this doesn’t make sense in
the big picture of their financial portfolios over the long term.
David Viox at VanDyk mortgage is an expert in the HECM (home
equity conversion mortgage) loan for borrowers who want to diversify and use
their homes built up equity to supplement retirement savings.
David is a big believer that becoming a homeowner is a key
part to building a family’s wealth. A
home is one of the most valuable assets that can be leveraged to allow a person
to live comfortably in retirement when managed correctly.
David’s passion is to help people avoid the pain and mental
stress of running out of money in retirement. He is a highly qualified home
loan advisor and is a licensed loan originator in Ohio, Kentucky and Indiana
(NMLS 19263).
A HECM is a valuable planning tool, especially for solidly
middle- class homeowners who are looking for a way to access their own tax-
free money. This can be done in several
ways using the HECM product by choosing either to refinance their existing loan,
setting up Line of Credit that grows or receiving fixed monthly payments for
life. Or, you can write your HECM loan to provide you with a combination of all
3 options. And, did you know that you never have to make a payment on a HECM
loan for as long as you live in the home? Sound
too good to be true? It’s not magic it’s home equity.
Read the entire article by Rich White on Social Security
Myths here: Top 6 Myths About Social Security
For more information
on the HECM loan, contact David at VanDyk mortgage. You can email him at DViox@vandykmortgage.com or call at 513-429-2122.
Helping Families Grow Their Family’s Legacy Through Homeownership
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