The American Dream is changing.
It used to be: get a job or start a business. Work hard until you reach 65, then retire.
These days, an increasing number of seniors have a new idea in mind: FIRE
Or what’s called the “Fire Movement”: Financial Independence, Retire Early.
Is FIRE a Real Thing?
Here are a few interesting statistics from a recent Yahoo Finance story:
- “Full retirement age” for Social Security purposes isn’t until age 67
- The average retirement age in every single state — with the exception of the District of Columbia — is below 67.
- On average, retirees in the U.S. stop working at age 64, according to Money Talks News.
- In Louisiana, the average retirement age is 62
So the short answer is yes, people are not waiting until 67 or even 65 to retire. They’re doing it sooner, and my guess is this trend will not slow down anytime soon.
Making Retirement Easier with Reverse Mortgages
As seniors retire earlier, the need for increased cash liquidity will also change, especially since many seniors are in their prime earning years in their 60s.
One of the best ways to help seniors get more financial flexibility is with a reverse mortgage.
If you’ve been receiving our updates for some time, you may know that reverse mortgages allow seniors to tap into their home equity without having a mortgage debt to satisfy each month.
If we haven’t spoken in awhile, let’s touch base and I’ll catch you up on all the ins and outs of reverse mortgages to make sure you have all the information you need to best serve your clients.
I hope you’re enjoying you summer!