Marilyn Ellis, CBR, CHMS, LMS, HAFA
RE/MAX Leading Edge | 781-944-6060 | marilynellis@remax.net


Posted by Marilyn Ellis, CBR, CHMS, LMS, HAFA on 11/30/2017

Buying a retirement home is a big decision. And doing so before you retire is a smart decision. However, you’re also in a completely different place than you will be when you’re retired or as you age. You don’t know what the future holds. It’s easy to take our mobility for granted until we lost it. There are a few things you should look for in a home to plan for the future and whatever it may hold.

Many empty-nesters look to downsize when buying their next home. And this very well might be the perfect option for you. But first, consider how often and how many guests you may want to have over at a time. Will you host holiday dinners or want to have room for grandchildren to stay for the night? If you have a large family or one that is growing many couples find they want the room to host dinners or have a pull-out couch.

You’ll also want to plan ahead for the future when choosing the size and layout of your new home. Even if you downsize it’s wise to put wide hallways and a single floor plan on your wishlist as you house hunt. If either of you has mobility limitations in the future you’ll be glad to have such an accessible home.

The lower your monthly payments on your new mortgage, the better. But more ideally you’ll want to consider homes in a price range that allow you to pay in full. Again, keeping retirement in mind keeping bills to a minimum so that either one of you can cover all costs on one sole income could save you from hardship down the line. Retirement is very different from what it used to be, often many people find themselves needing to take on part-time work to get by. Keeping expenses well below your monthly income can help to ensure you can spend your retirement years enjoying life in the way you want to.

In general, when planning retirement it’s best to live below your means. Not only do you want to account for inflation costs but also for any unexpected large expenses that could crop up such as home repairs, emergency care, or car maintenance. Having an idea of what your future budget will be as well as your current one will help you make the best decisions for the years ahead now.

Buying a retirement home can save you money in the long run on bills like heating and electric. However, house hunting for the perfect home entails a lot more decisions that many couples realize. Remember to plan for your life both now and later when putting together your must have features for your new home.





Posted by Marilyn Ellis, CBR, CHMS, LMS, HAFA on 12/29/2016

In the course of a lifetime people encounter many money milestones. It can be difficult at times to know what to do with our money when we go through significant changes in life. Here are some of the major money milestones people encounter: Marriage: According to TheKnot.com, Americans spend an average of $27,000 on a wedding. So vow not to start off your marriage in debt. Curb spending on the big day by cutting expenses where possible. Buying a Home: Experts recommend saving for a 20% down payment for a home. Make sure to shop for a home loan and plan to spend no more than 30% of your taxable income on housing. Starting a Family: The average cost of raising a child is $235,000, not including college. Plan your household costs to increase 10 to 20% with the addition of a baby. Getting a Divorce: Divorce is expensive. Build a team of professionals who are knowledgeable about the implications of divorce, you will need a lawyer, accountant and financial advisor. Retirement: 56% of Americans ages 18 to 34 aren't saving for retirement. Take advantage of your employer’s 401(k) or other sponsored retirement plan. A good plan is to save five percent of your income.  





Posted by Marilyn Ellis, CBR, CHMS, LMS, HAFA on 3/13/2013

It doesn't matter how old you are someday you will hopefully retire. According to Pew Research Center, there are 75 million baby boomers in the United States and retirement is coming quick or may already be here. So if you are a boomer or just thinking about retirement and feeling like you are not prepared there is still time to get on the right track. Here is a retirement checklist to help get you started: Know how much you need to live The first step in planning for retirement is to know how much money you will need to live. Make a list of all of your expenses and your sources of income. If your costs outweigh your guaranteed income you may need to reevaluate your costs. Rethink your retirement savings plan Unless you have a pension you will not have a set amount of money to live on for your retirement. If you have a 401k or other employer-sponsored retirement plan you will need to plan to make that money last. It may be best to meet with a financial planner to determine ways to maximize your income stream. A financial planner may also help you consolidate your retirement accounts. Understand your social security benefits Depending on the age at which you start social security withdrawals you may have less money than you thought. Social security withdrawals before the age of 70 could result in 20-30% less in benefits. Deciding what age you will retire and when you will draw on your social security benefits is an important decision. Plan for inflation Like it or not the cost of living goes up. The cost of health care also continues to rise and without proper planning for inflation in living costs and health care your retirement income could run out sooner than you planned. A good start for planning is to know that over the past one hundred years the average inflation rate has been 3.4%. Have a will It is important to establish a will and/or living will. This will help you and your family make important decisions regarding health care, long term care and estate issues. Tackling retirement planning ahead of time will help you begin the next chapter of your life worry free and allow you to plan for the fun times ahead.




Categories: Money Saving Tips