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Course Level :Basic
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Credits :1
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Instructional Method :Group Internet Based
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Pre-requisites :None
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Advance Preparation :None
Retirement generally
means a substantial reduction in income.
Members of the
Baby Boomer generation (those born between 1946 and 1964) are reaching age 65,
and usually retiring, at a rate of approximately 10,000 every single day, and
will continue to do so for the next 8 to 10 years. (That adds up to about 30
million people.) Of those 30 million people, more than 5 million will retire
owning a home on which they will still need to be making mortgage payments.
Mortgage
payments generally consume a significant portion of the retirees’ income,
especially because that income is reduced from their level during their working
life. Therefore, the need to make these mortgage payments creates great
financial stress. If the payments are, in whole or in part, drawn from a
retirement plan account (for example a 401(k) account or a rollover IRA), the
stress is increased by the risk of premature exhaustion of the account.
In this CPE Finance webinar, the speaker explains that financial
stress can be reduced by retirees’ responsibly accessing the existing equity in
their homes. Proper access is accomplished by the use of a reverse mortgage.
This CPE course explains this process in several contexts with quantitative examples:
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Principal, Barry Sacks
Barry H. Sacks, PhD, JD, a member of the California State Bar, is a tax attorney specializing in pension law. He is a 1973 graduate of Harvard Law School. Since 1974, with the enactment of ERISA (the pension reform law), he has practiced almost exclusively in the area of retirement plan law. He has been certified as a specialist in taxation law since 1980 by the California Board of Legal Specialization. For the past ten years, he has been listed in the peer-selected “Best Lawyers in America”. In 2015, Mr. Sacks was designated as Best Lawyers’ “Lawyer of the Year” in the field of retirement plan law for the San Francisco Bay area. In addition, he holds a Ph.D. in theoretical physics from MIT, where he completed a doctoral dissertation that involved substantial mathematical modeling.
He published the pioneering research paper modeling the use of reverse mortgage credit lines to mitigate the effects of adverse sequences of investment returns in retirement accounts (Journal of Financial Planning, February, 2012). The retirement income strategy described in the Journal of Financial Planning article has been granted 2 patents. He published a sequel to this paper in the October, 2017 issue of the Journal of Financial Planning, expanding the range of application of the strategy. In 2016, he published an article in the Journal of Taxation (“Recovering a Lost Deduction”) on the income tax deduction for interest accrued on reverse mortgages. While developing his model for the use of reverse mortgages in retirement income planning, Mr. Sacks became aware of other needs of retirees (or soon-to-be retirees), including those who are moving to new homes and those who are in the process of divorce. As a result, he has published papers demonstrating various uses of reverse mortgages to address these retirees’ needs.
In the earlier part of his career, Mr. Sacks spoke frequently at California Continuing Education of the Bar presentations and at advance tax seminars as a visiting lecturer at U.C. Hastings College of the Law. More recently he has spoken at various Bar Association meetings (including the Marin County Bar Association and East Bay Trusts and Estates Council) and at meetings of financial planning organizations.
1 Credit
Subject Area
May 18, 2022 | 09:00 AM EDT
May 18, 2022 | 09:30 AM EDT
May 18, 2022 | 09:30 AM EDT
May 18, 2022 | 10:00 AM EDT
May 18, 2022 | 10:00 AM EDT
May 18, 2022 | 10:00 AM EDT
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