This week the Consumer Finance Protection Bureau released a study about using Reverse Mortgages to Delay Social Security Claiming, and I couldn’t be more excited.
Deferring taking Social Security until age 70 not only shortens the retirement period, but increases the payout, and has been proven to be a good strategy for most married boomers.
Unfortunately, current trends tell us that less than 5% are actually planning to defer till aged 70.
This is concerning because today’s boomer will live longer than their parents, have saved less than needed, and will experience a cash flow crunch because of the debt they’ll carry into retirement
Therefore, bringing awareness to the social security deferral strategy is critical
The second reason I’m excited is that Using the Reverse Mortgages to Delay social security claiming was examined as an actual strategy!
But How many advisors really knew that it could be structured that way? Almost none!
Though the accuracy and conclusions of the report have been challenged, the fact that Reverse Mortgages are coming up in Retirement Income Conversations, signals a shift in the way the program is being perceived, and for that, I am excited.
I Loved the CFBP Report on Reverse Mortgages & Social Security Deferral