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Real Estate
The Real Estate Adviser |
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May 12, 2005
The Real Estate Adviser: Cash-out can leave seniors in the lurch
By TOM KELLY
Special to the Journal
Special to the Journal
Nearly everyone has become more aware about providing for retirement. It's difficult to escape the advertising blitz extolling the benefits of Individual Retirement Accounts or Keogh Plans.
The "plan now" theory is a good one. It not only educates people about what is available but it also will reduce the anxiety on the day that paycheck stops. Planning for retirement helps people substitute that paycheck with other funds. But I don't think enough has been said to seniors who suddenly find themselves outside the normal planning road. For example, suppose a retired couple suddenly receives a chunk of money they did not expect. Without any advance notice, the couple has been "cashed out'' of the rental home they held for 10 years as a hedge against inflation.
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Previous columns:
- The Real Estate Adviser: How to finance a home in Mexico, 05-05-2005
- The Real Estate Adviser: Coming to a resort near you: condotels, 04-28-2005
- The Real Estate Adviser: Local builder reflects on his success on Maui, 04-21-2005
- The Real Estate Adivser: Selling? Consider a charitable trust, 04-14-2005
- The Real Estate Adviser: Title insurance case heads to court, 04-07-2005
- The Real Estate Adviser: Real estate IRAs start to catch on, 03-31-2005
- The Real Estate Adviser: Off the beaten track? Check road agreement, 03-24-2005
- The Real Estate Adviser: Reverse mortgages' potential untapped, 03-17-2005