Boomers More Likely To Carry Mortgage Debt Into Retirement

Massachusetts elder law attorney John Gosselin was heavily quoted in a Banker & Tradesman article discussing Boomers likelihood to carry more mortgage debt into retirement. A Mortgage After Retirement Isn’t A Problem – It’s A Plan By Jim Morrison | Banker & Tradesman Staff Baby Boomers are more likely to have a mortgage when they retire than the generation born between the mid-1920s and the mid-1940s, according to new research from Fannie Mae. While that trend worries some economists, other experts say post-retirement debt can be a smart move. “The increasing prevalence of housing debt among older homeowners could compromise Continue Reading

Avoiding Pitfalls When Forced to Start Using Retirement Savings

The oldest of the 75 million baby boomers have begun turning 70 in 2016. Becoming a septuagenarian is a milestone in itself, but it also means that soon the IRS will likely be expecting you to start cashing out your tax-deferred retirement savings that you may have spent decades building up. If you don’t start taking what are called required minimum distributions (RMDs) from your non-Roth individual retirement account (IRA) or 401(k) accounts and pay taxes on the withdrawals, you will face a 50 percent penalty on what should have been withdrawn but wasn’t.  But more than this, how you Continue Reading