David Deem 714-997-3486 Dave@DeemTeam.com Your mortgage is probably your largest monthly expense. When you retire, you will have to get by on a fixed income. Eliminating your home loan payments before you stop working can make it easier to make ends meet after you retire. Before you decide to put extra money toward your mortgage, however, take a careful look at your entire financial picture to figure out if that’s the best option. Reasons to Pay off Your Mortgage Early The average homeowner spends tens of thousands of dollars in interest over the life of a mortgage. Paying off the loan early can dramatically reduce the total amount you will spend on interest. Many people find it difficult to adjust to living on a fixed income after they retire and realize that they underestimated their costs or didn’t save enough. Not having to worry about monthly home loan payments when you’re no longer working can give you peace of mind.   When to Focus on Retirement First If you started sav...

  David Deem 714-997-3486 Dave@DeemTeam.com Should You Buy a Retirement Home Sooner Rather than Later? Every day in the U.S., roughly  10,000  people turn 65. Prior to the health crisis that swept the nation in 2020, most people had to wait until they retired to make a move to the beach, the golf course, or the senior living community they were looking to settle into for their later years in life. This year, however, the game changed. Many of today’s workers who are nearing the end of their professional careers, but maybe aren’t quite ready to retire, have a new choice to make:  should I move before I retire?  If the sand and sun are calling your name and you have the opportunity to  work remotely  for the foreseeable future, now may be a great time to purchase that beach bungalow you’ve always dreamed of or the  single-story  home in the sprawling countryside that might be a little further out of town. Whether it’s a second home or a future ...

714-997-3486 With Social Security trust fund reserves waning—predicted to be depleted by 2034, leaving Social Security unable to maintain full scheduled benefits—and the number of retirees expecting to receive benefits increasing, more and more Americans are relying on 401(k) savings to support their retirement living. In fact, Statista estimates there are 41.2 million households who presently own a 401(k) plan in the U.S. How does auto-enrollment fit in with these tax-advantaged savings accounts? There's a clear benefit, as recently determined by 401(k) record-keeper Alight Solutions LLC in its 2017 Trends & Experience in Defined Contributions Plans report. Far more individuals contribute to a 401(k) with an auto-enrollment feature (85 percent) than to plans without it (63 percent). While that should lead to higher savings rates and stronger financial health for future retirees, there is a glaring concern: Increases in auto-enrollment are leading to more early withdr...