It has always been difficult for people to budget for their retirement. That's why so many seniors have relied on the assistance of a financial advisor to help them make the transition into retirement in a way that creates some financial stability. Unfortunately, even with the help of a financial advisor, it is increasingly difficult to make solid plans for a retirement budget in today's changing economic world.
"It's hard enough under normal circumstances to figure out how much is needed to ensure a comfortable retirement. But the mix of slumping housing prices, oil at around $140 a barrel, and volatile financial markets makes it particularly tough today." (source)
The fact that these changes are taking place also makes it more difficult for seniors to budget their reverse mortgage income appropriately. The good news is that you have a set amount that you can receive from the reverse mortgage so you do know what kind of money you're working with. However, it's difficult to lay out specific plans about how to spend it because of the fact that the financial future is so unsure.
Question of the Day: Is it more difficult to budget a reverse mortgage income now that the economy is in flux?
