Rethinking Retirement: Ideas for Your Income Mix

Posted by Amy Ford on Jun 14, 2021 2:25:58 PM

 

We’re long overdue for a redefinition of “retirement.” According to the U.S. Census, the percentage of Americans at the traditional retirement age of 65 or older has more than doubled since 1950—and, with the Baby Boomers reaching their golden years, that percentage is projected to continue to increase.

 

If you are among the 63% of Americans who are unsure about the sufficiency of their retirement savings, you may be wondering what you're supposed to do as age 65 approaches (or is already in your rearview). After all, the average Social Security payout of $1,177 is a far cry from the 80% of current annual income that the IRS recommends having saved to comfortably retire.

 

To make things even more complicated, the definition of “comfortably retiring” has changed over the years. Especially after COVID-19, we’re acknowledging that our health and relationships are the most important things in life. Retirement isn't about life on the golf course or walks on the beach for most people—it's about finding creative ways to stay financially stable, socially connected and a valued and contributing member of society.

An Argument Against "Aging In Place"

Posted by Emily Reynolds on Jun 7, 2021 2:11:42 PM

 

According to multiple studies, the vast majority of Americans want to age in placewhich the U.S. Centers for Disease Control and Prevention defines as [living] in one’s own home and community safely, independently, and comfortably, regardless of age, income, or ability level. It’s no surprise this idea is so popular—as a society, we have begun moving away from institutional living and back towards our homes and communities 

 

But if I didn’t know the definition of “aging in place” and someone asked me if I wanted to do it, I would probably say no. Honestly, aging in place doesn’t sound that great. The term suffers the same mistreatment as many ideas and catchphrases we use to talk about the latter years of our lives—it’s negative, joyless and lacks nuance.  

 

So “aging in place” has a branding problem—who cares? I think we all should. Language shapes the way we see the world and even helps us recognize objects, and my suspicion is that we are narrowing and stifling what aging can be aging by the way we describe it.  

What Is Homesharing?

Posted by Silvernest Team on May 11, 2021 12:22:03 PM

 

Question: what is homesharing?

It’s pretty simple, really. Homesharing is another example of the sharing economy, like ridesharing or coworking. It’s shared housing in which a homeowner chooses to live together with at least one other non-related person in exchange for rent (and sometimes, in exchange for help around the house). 

How to Bridge the Generation Gap and Enrich Your Life

Posted by Silvernest Team on Feb 17, 2021 11:00:00 AM

 

It might surprise you to learn that the term “generation gap” was only defined as recently as 1992. It’s a concept as old as timethe idea that, as VeryWell puts it, the “differences between generations... cause difference in opinions and communication.” For as long as there have been parents, there have also been children whose habits and perspective feel foreign. So, then, why have we only recently decided to label it as a gap? 

The answer is that there’s more distance between generations than ever beforeBecause we’re living longer than ever, the senior population is larger than ever and is projected to grow a whopping 84% between 2010 and 2030.  

At the same time, boomers are remaining in the workforce—and working alongside the massive contingent of millennial professionalsuntil well into their 60s and 70s. As Gen Z comes of age, we’ll see and unprecedented three generations working alongside one anotherand sometimes struggling to communicate. 

While it takes creativity and cooperation to form relationships across generational lines, the benefits are well worth the effort. And with these larger dynamics at play impacting our society for decades to come, it’s in all our best interests to open ourselves to the possibility of intergenerational relationships. 

Homesharing in Denver: How to Get Started

Posted by Silvernest Team on Jan 27, 2021 11:48:52 AM

 

There are plenty of reasons Denver was recently ranked as the #2 Best Place to Live in The U.S by US News and World Report. There’s the amazing natural beauty, outdoorsy fun and hundreds of days of sunshine every year. There’s also a solid and diverse economy, with lots of jobs in technology, aerospace, agriculture and more. We can't forget the Broncos, Rockies, Nuggets and Avalanche… and, of course, the fantastic local beer and brewery culture. 

Denver has seen explosive growth over the last 10-15 years, but the housing supply has not kept up—leading to skyrocketing prices. According to Westword, the median home price in metro Denver has increased nearly 35% over the past five years. And despite the pandemic, the crazy housing market “remains red-hot. 

Homesharing in LA: Finding a Roommate in Los Angeles

Posted by Silvernest Team on Dec 18, 2020 1:11:03 PM

When it comes to housing costs, Los Angeles is one of the toughest markets in the nation. According to a recent analysis by Zillow Research, LA renters spend 45% of their income on the typical property (spending more than 30% is considered “cost-burdened”). Homeowners in the area aren’t much better off, spending nearly 44% of their income on the typical mortgage (based on current prices). To make matters worse, if you’re among the many San Francisco or San Jose residents found by Zillow to be earning a lower income, you have a whole lot less to live on after paying those high housing costs.  

5 Takeaways for Homeowners from Our Interview on Torchlight's Eldercare Illuminated

Posted by Amy Ford on Dec 9, 2020 10:00:00 AM

For many of us in 2020, our homes have never seemed more like protective fortresses. Even in our protection, however, far too many of us are still feeling the financial impact of this unprecedented time. If you’re one of the 1 in 3 Americans who’ve found difficulty covering usual household needs this year, this should come as no surprise.

Thankfully, your home can protect you from more than just the elements – in fact, it’s an incredible asset. Homesharing is a great way to earn passive income while also benefitting from social connection with a compatible housemate.

When I spoke to the Torchlight team on their Eldercare Illuminated podcast, I kept the impacts of the pandemic in mind. Beyond the finances, there’s a lot to gain from homesharing for those of us nearing retirement or caring for a loved one. Let’s take a look at five discussion points from the interview that felt most pressing for today. We were only able to cover a portion of the podcast topics in this blog, but please click here if you’d like to listen to this special episode of Eldercare Illuminated in its entirety.

 

Share Your Story Podcast Episode 9: Start Homesharing for the Cash. Stay for the Company.

Posted by Silvernest Team on Aug 20, 2019 3:19:03 PM

According to a January 2019 survey conducted by GOBankingRates.com, roughly 50% of Americans 55+ have saved less than $100,000 for retirement. Nearly 33% have saved less than $10,000. These are alarming statistics, to be sure. 

 

5 Ways to Make Money with the Extra Space in Your Home

Posted by Kate Cygan on May 13, 2019 4:34:18 PM

For most people, our homes are our biggest tangible assets. So it seems like a no-brainer to put them to work and make a little money if we can. Airbnb is a big success story, but not everyone wants to rent out their homes for vacationers. Luckily, turning your house into a short-term vacation rental isn’t the only way to make money with your extra space—and we’ve got five creative ideas that prove it.

 

All About Rent: How Much You Can Earn, Save and More

Posted by Silvernest Team on May 10, 2019 5:05:17 PM

With Silvernest’s homesharing platform, it’s easy to create leases and homesharing agreements with clear and specific terms. Thanks to rent auto-payment, there’s also no shuffling checks around or awkward conversations about when the rent’s due. It’s a painless way to manage your homesharing agreement for both parties. 

 

The biggest question we get about rent, though, is "How much??" Homeowners want to know how much they can charge for their space, and renters want to know how much they can save by homesharing compared to market rent rates.  Here's how Silvernest helps users answer those questions.