Maurie Backman is a longtime finance writer who has spent a decade-plus educating people about retirement, investing, social security, and real estate. Her bylines have been featured in numerous reputable publications, including USA Today, U.S. News & World Report, and CNN Underscored.
The Challenge of Spending Retirement Savings
Backman also pointed out how folks become so attached to their retirement savings that they hesitate to spend any which can become the opposite problem of the same coin. Most are financially comfortable, but many are afraid of exhausting their nest eggs. Such a mentality is usually based on the lifetime practice of stinginess and fear of running out of money. The answer is for retirees to engage with their financial advisors to create spending plans that leave them secure but can also provide them the comfort of living their retirement years.
The Return of Zero-Down Mortgages
Backman has weighed in on the return of zero-down mortgages, which are similar to the ones that contributed to the housing crisis of 2008. These mortgages help people afford homes more efficiently, but they also carry serious risks. Because, at the outset, borrowers have no equity, they remain exposed to property price falls. Backman points out these risks and encourages prospective homeowners to find a way to finance their mortgages other than with an adjustable rate.
Retiring Abroad: Opportunities and Challenges
In looking at retiring abroad, Backman told about a Minneapolis man who moved to Mexico to live for less after turning 54. His living expenses dropped by 50%, but he needed help with the language and other cultural differences. For those thinking of retiring overseas, Backman stresses the importance of extensive research and planning.
Social Security Overpayments: A Growing Concern
Backman has covered other Social Security Administration breaches, including massive overpayments. The agency overpaid or underpaid almost $72 billion between 2015 and 2022. That kind of mismanagement makes you wonder about the financial viability of the program in the long term and the ultimate effects on those who may eventually need it.
Co-owning property with Family
Backman weighed in on the intricacies of family co-ownership in another. She told the story of a couple that had help from their parents and bought a condo in Silicon Valley. This solution made owning a home feasible but necessitated agreements on ownership percentages and who paid for what. Backman suggests that families create contracts in advance to avoid any disputes later on.
Maurie Backman writes on money and financial planning, providing both opportunities and traps. She writes to guide people through the maze of retirement, homeownership, and Social Security.
