EXPERTISE SHARED
(Dec. 19, 2024)
6 Ways to Get More Money in Retirement
“I would advise folks to work with advisors who are transparent, very upfront and make very clear how much they’re paying and exactly what it is they’re paying for,” says Kevin Lam, a certified financial planner and retirement specialist with Age Wisely Financial.
Many people confuse investment services with financial services. Your investments are just one part of a bigger picture, Lam says. And because many advisors charge based on how much you have invested with them (a model known as “assets under management”), it can be harder to see how much you’re really paying. He suggests knowing how your advisor is paid and whether that might influence the advice they give you.
Lam also recommends reaching out to the Foundation for Financial Planning to get connected with an advisor offering holistic planning services. And if you’re worried about affording the advice, know that many of these planners offer services on a pro-bono basis for certain populations.
A reverse mortgage can be a tremendous help thanks to a unique perk: It’s a loan that you take out against your home equity, but you don’t have to make monthly payments. Instead, the loan comes due after you die, move out, or fail to meet the loan terms like keeping up with property taxes, insurance and home maintenance. When the loan becomes due, many homeowners (or their heirs) choose to sell the house and use the proceeds to repay the lender.
“You could set it up so that you receive the payment for as long as you live, even if your mortgage balance keeps growing,” Lam says. In that way, proceeds from a reverse mortgage could become almost like a secondary Social Security payment that continues as long as you hold up the terms of your loan.
(Oct. 28, 2024)
Your Guide to Medicare and Medicare Advantage
Kevin Lam, a certified financial planner and founder of Age Wisely Financial, specializes in helping clients navigate such decisions. “Medicare eligibility is one of the most important milestones in your 60s,” he says, “but it can be awfully confusing.”
Here’s how Lam suggests best preparing for the Medicare years:
- Review your budget. To figure out which plan best suits your needs, Lam suggests taking a hard look at your finances – knowing your expenses, income, and savings – to see how much you can comfortably spend on Medicare premiums.
- Study your family health history. Take a look at the health histories of your parents and grandparents (and any siblings) for potential clues to health conditions that could impact you in the coming years.
- Talk to your doctor. Set up an appointment with your primary care physician and ask for their honest opinion on which serious health issues might affect you in your 60s, 70s, and beyond.
- Identify your true priorities. Constantly remind yourself what is most important in your life, Lam says, adding that your values, goals, and purpose can give you a “north star while making difficult health and financial decisions.”
- Seek unbiased guidance. As mentioned previously, speak with a local State Health Insurance Assistance Program counselor. They don’t sell policies and are trained to give unbiased information. If you need more guidance, look for a fee-for-service
financial planner who also doesn’t sell products.
(Oct. 18, 2024)
What advisors tell clients amid endless data breaches
“Many [clients] have expressed their deep concerns,” said Kevin Lam of Age Wisely Financial, in an email. He encourages people to freeze their credit reports with the major credit bureaus, use fraud alerts, and check accounts for suspicious activity at least monthly.
“Fortunately, my clients have not had a nightmare situation. I’d like to think my guidance has helped them to avoid the serious problems
associated with data breaches,” Lam said.
(Jan 31, 2025)
5 Ways to Use Your Home to Help Pay for Retirement
Choosing whether a cash-out refi or a home equity loan is better often comes down to the best deal. “It would depend on your rates,” says Kevin Lam, a certified financial planner and retirement specialist with Age Wisely Financial. “So that becomes kind of a mathematical question.”
“I did a lot of research and realized the power in reverse mortgages and how helpful they could be,” Lam says. “Frankly, one of the biggest issues is trying to get seniors — actually anybody — to really understand reverse mortgages as they are now.”
Federally-insured reverse mortgages (the most common kind) are only available to homeowners after they reach age 62. They require no monthly payments and can be structured as a line of credit, a lump sum or — one of Lam’s favorite uses — as steady monthly payments that continue indefinitely as long as you meet the ongoing loan requirements. This includes living in your home full-time and keeping up with property taxes, homeowners insurance and — a big caveat for many retirees — maintenance.
Free, Unbiased, Expert Medicare Advice: 9 Key Times to Get This Valuable Benefit from SHIP Counselors (Nov. 5, 2024)
SHIPs (State Health Insurance Assistance Programs) have counselors who live in your local area and can provide you with free, unbiased, expert advice on Medicare. The advice is: Good advice on Medicare could save you money and time. It could also relieve you from stress and protect you from fraud and scams.
Reflecting on 2024: Your 7 Personal Finance Celebrations (Dec. 6, 2024)
Reflecting on 2024, there is much you can celebrate. The most important is basking in the warmth of being with loved ones and sharing gratitude during the Thanksgiving holiday. Here are seven more reasons to celebrate 2024.