Retired?...or ReWired? Episode 7: Financial Issues

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Hosted by: 
Produced by: 
KBOO
Air date: 
Fri, 07/06/2018 - 12:30pm to 1:00pm
Planning for a low-income life-style.

7.  Financial Issues:

How to plan for a low-income life-style.

You may be seeing lots of ads on prime-time TV these days about the benefits of “reverse mortgages.”  In this episode KBOO interviews Rachel Mohlere,  a leading specialist who feels that this type of arrangement may be a solution for some elders who are dealing with what she calls “the new longevity.”  We also talk with a lawyer in Eugene, Chas Horner, who reviews the risks and potential pitfalls in this finance mechanism.

Discussiion:

From a financial perspective, Is Portland a good place to retire/grow old?

How does one begin to answer that question, as a matter of personal finance?

Big three: food, medical, housing….close fourth is help/services/support, and transportation….

Cost of living/cost of services…inflation

Vehicle ownership is expensive---Is it necessary to own a car here?

Cash burn rate:  what do you spend, what are your assets?

Is there a way to reduce expenses here, a way that is unique to Portland?

Do low-income people have access to financial planning? Do they need it? 

YES…need to understand compound value…credit card costs, costs of payday loans, car loans.

Is there some way for low-income household to get reliable input to a financial question?

How do I use value in my house to improve the quality of my life as I age?

Housing is the biggest cost:

Should you own?  Should you rent?  Important decision….

What about home equity loans, reverse mortgages. (those are far more complex than most people think).

 

 

 

 

 

 

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