In the Year 2035 Prediction…

Social Security warning that it will run out of funds for full benefits and to be reduced by 23% in monthly benefits by 2035 or sooner. Growth in the older population will accelerate  with 1 out of 3 american households  headed by someone aged 65 or older.  The word is out – the population is aging and rapidly – builders are getting the message and building senior housing,

Affordable?  Not necessarily for those with limited income and on social security only!   What is a person to do?  Most of the retirees and those 50+ have equity in their homes. Which if they sold and move to a smaller home, senior community or assisted living may last them for decades.  In the Puyallup, Wa area for example – Senior communities are popping up – more than 3 will open at the end of 2019 or the beginning of 2020 or later.

Let’s talk for example:  your new housing will cost $3500 a month – included is all your meals, transportation and water, garbage, sewer and electricity.  $3500 X 12 months =$42,000 a year.  You use your savings, investments and/or social security, pensions etc.,  to make the monthly payments. You also sold your home which you can use those funds as well.  Paying $3500 a month or moving is not feasible for everyone  – if there are two of you with income – that does help.

If you plan on staying in your home- and need income, you could see if you qualify for a Reverse Mortgage – they have improved and insured by HUD – they are beneficial to some but not for everyone.

Are you looking to sell your home, or maybe your know a love one that is ready but not sure where to start – give me a call to get started -253.370.1947. Thank you

Downsizing seminar – September 16, 2019 12:30-1:30 at the Puyallup Recreation Center 201 W Pioneer Ave -next to the library – seating is limited – Free event!