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All would have been fine if shed just stayed where she was.
But I decided I needed to retire to Florida and left this house.
Worse, 2008s Great Recession swept through and impacted the homes value.
She was able to sell to a friend at below-market value but lost everything shed invested in it.
Mazzarella said typically doesnt recommend reverse mortgages precisely because of reasons like this.
So Id just be wary of knowing exactly what youre stepping into when you set up a reverse mortgage.
She described herself as a spendthrift, acting as if life is short and she spent like it.
Though she always paid off her cards, she was spending instead of saving.
I regret this personality of mine, she said.
I wish I had as much respect for my own money as for other peoples.
I wish instead of buying things I wish I had invested.
This often doesnt work out.
Self-employed people can open SEP IRAs, Roth IRAs andeven a solo 401(k) plan.
So you have a variety of vehicles as a self-employed person to save for retirement.
You just dont get the match that your employer would be giving you if you had a regular job.
you’re gonna wanna cover the other 60% by yourself.
So having that ability to typically save over time is going to be very important, Mazzarella said.
Recently, she needed pricey hearing aids, going into a debt consolidation program to pay for it.
The kind of life I lived, I never thought Id wind up like this, Jackson said.
At the time, it seemed like a good idea.
Little did she know theyd divorce three years later.
I could sure use that extra cash every month if only Id waited.
One never knows what the future holds, she said.
Now, she lives on around $1,250 per month inSocial Security income, supplemented with part-time work.
She regrets not having done her research to see what the difference in benefits would have been.
It makes a big difference, she said.
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