How do you retire at age 65 when you are burdened by Student Loan Debt.
See the information below about a resource for you.
Having student loans at age 65 or close to it can be incredibly stressful, but it's also surprisingly common. Education Loan Finance Inc. (Elfi) recently created a guide to help retirement-aged individuals navigate their student loan debt repayment options. Please take a look: https://www.elfi.com/how-many-seniors-have-student-loan-debt-and-where-can-they-find-help/
I hope this helps you.
I was talking to a client today about his new Landlord Policy. He had recently purchased a new house and converted his Condo to a Rental Property. He wanted to know why the Landlord Policy was more expensive than his Condo H06 Policy.
I explained to him there are many reasons why the Landlord, or Dwelling Fire Policy, is more expensive.
1) Renters will come and go; some will be respectful, some may not. The insurance company has vetted the homeowner and knows they will reside in the house and maintain and take good care of it. The Insurance company doesn't know who will be there.
2) If you find a water leak, you will probably take care of it right away; a tenant may not want to bother you and not say anything until mold starts to show and floors start to buckle.
My insured then asked, " I require my tenant to have Renters Insurance, won't that protect my house?"
I explained that the Renters policy covers the Tenant's Liability and Personal Property, not the structure. The renter does not have an INSURABLE INTEREST in the property. You can not insure what you do not own.
However, if the Tenant is negligent and causes damage, the landlord can certainly go after the Tenant through a Liability claim, but that may take a while to settle. Use your insurance to cover the loss and the file on the renter's policy.
As lifestyles change, so do housing options. That’s why it can be a good idea to get ahead of your circumstances and begin organizing comfortable, suitable living arrangements for your later years. With the right planning, a transition to a new home is less expensive, more controlled and free of stress.
When to go
Whether or when to move out of home will depend on the individual. Over 70% of seniors above the age of 65 live in houses built before 1990. This means that many of the properties inhabited by Americans of older age demographics are unmodified for accessibility and may require improvements. When living arrangements no longer meet physical needs, it’s worth considering other options.
In order to make your decision, factor in all aspects of yours or your loved one’s health. Some seniors struggle with incontinence, others with disability and some need specialist care to help deal with memory loss. Every handicap has a corresponding area of expertise. Once you’ve identified the areas where help is needed, it’s just a question of choice.
You may feel some nervousness about the time to come. This is common during times of upheaval but according to the 2009 Independent Living Report by the ProMatura Group, LLC, it is worth considering that a move to senior living could prove to be a positive one. Some residents have reported, “when you become part of an independent living retirement community, you’re more likely to make new friends and try new things” and plenty of those who made a change “wish they’d done it sooner”.
Where to go
Once you’ve decided that a move is required, it’s time to decide where. Many Americans use the opportunity of retirement to seek sunnier pastures. In 2018 alone, over 930,000 people over the age of 60 moved states. Their top destinations included Florida, Arizona, Texas, North & South Carolina. When looking at a new destination, your best bet is online research tools, which help you to determine whether certain requirements can be met by a state’s facilities.
There are a wealth of options when it comes to senior living and no two are the same. For those who are deterred by traditional nursing homes, consider ‘independent living communities’ - featuring private, separated accommodations with nearby staffing, dining and medical facilities. If your needs are more pressing, there are ‘assisted living facilities’, which provide 24/7 trained assistance to support with dining, bathing, toileting and other daily activities.
Medically-inhibited patients may be interested in specialized centers for groups of people who suffer from similar symptoms (e.g. Memory care communities), ensuring round-the-clock expert assistance.
How to go
Good quality care can be expensive and, in order to budget for a new lifestyle, it’s a good idea to review finances. Many seniors consider selling their property so as to afford new living arrangements. The value of a house is dependent on many variables including area, size, modernity and condition. Use an online calculator to get an idea of how much you can make from selling your home. You should also find a senior-friendly realtor with experience working alongside older clients, who will understand your specific needs.
Although a sold property goes some way towards a more comfortable lifestyle, it’s important to factor in outstanding mortgage balances, care costs and entitlements. The act of selling a property can, in itself, be quite expensive. Luckily, there are many online resources to assist with calculations and help navigate the prices of care facilities. Remember, this process can be treacherous if you are not properly informed, so make sure you understand costs, customs and valuations before proceeding with any important decisions.
You’ll also need to factor in the cost of moving. The national average cost of moving is $970, but this number will depend on where you live, what’s being moved, and the difficulty of the move. Google “moving services near me” and then weigh reviews on local moving companies. Avoid companies who only give you an over-the-phone estimate.
Transitional periods can seem daunting but, by planning ahead and understanding the full breadth of options, you can ensure a satisfactory outcome for yourself and your loved ones.
Article by Hal Salazar learn more at https://elders.today/
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