Today’s top news headlines feature advice for home sellers and buyers and encourage pre-retirees to avoid financial crisis. Plus, find out if holiday spending helped, or hurt, the economy.
Inadequate Retirement Planning Will Result in Financial Peril
The Associated Press
The 10,000 boomers turning 65 in 2011 may face a financially disastrous retirement, as home values, stock returns, withering pensions and inadequate savings are likely to put their nest eggs in jeopardy. Despite these concerns, some retirement industry professionals say boomers are unlikely to change their financial behavior, putting many at risk of falling short during their golden years.
Home Sellers Face Challenge in 2011
The Wall Street Journal
Homeowners are advised to do their prep work and finalize their prices early in the year to improve their chances of selling their homes in 2011. Record-low rates have made the housing industry a buyer’s market, meaning sellers will need to be proactive about providing pertinent information to prospective buyers and ensuring their home is updated and available for viewing.
Don’t Miss Out On Last-Minute Tax Changes
Taxpayers may lower their tax liability or receive a larger refund by making last-minute changes to their taxes before the new year. For example, making charitable donations and contributing the maximum to retirement accounts will allow individuals to maximize their tax benefits.
Buyers Discouraged From Purchasing Homes of Divorcing Couples
Real estate professionals are urging prospective buyers to look elsewhere before turning to homes being sold by divorcing couples, which may involve a lengthier closing process. Differing goals and hard feelings of divorcing couples may spill over into the selling process, holding up the sale and causing undue stress for the buyer.
Economy Weak Despite Holiday Spending
The Huffington Post
Data shows 2010 holiday spending reached the highest margin gap since 2005; however, the initial boost to the economy may result in long-term improvements. Many financial professionals say the spike in holiday spending may be followed by a steep decline in economic activity during the first months of the new year, as Americans work to recover from financial splurges.