CBS News
We lose an hour of sleep to daylight saving 2024. Here’s how to prepare to spring forward overnight.
Ready or not, daylight saving time for 2024 is almost here, which means we’re set to lose an hour of sleep this weekend. On Sunday, March 10, at 2 a.m., clocks in most of the United States and many other countries move forward one hour and stay there for nearly eight months of daylight saving time.
As opposed to “falling back” in November when we gain an hour, this time change has us “spring forward,” which means losing some sleep.
“As we move our clocks ahead, there’s a jolt to the system,” Dr. Beth Ann Malow, a neurology and pediatrics professor at the Vanderbilt University Medical Center, told CBS News last spring, explaining this jolt can affect our sleep and overall health.
“Sleep really impacts our health in so many ways — our weight, our mood, our heart, our lungs, our brain — that’s all affected by good sleep,” she says.
But there are ways to make shift less challenging, experts say. Here’s how:
Actively prepare for the adjustment
Taking steps to prepare for the time change is one way to conquer the daylight saving shift.
In the days leading up to the time change, try going to bed and waking up a little bit earlier than usual to prepare your body for the hour you will lose, Dr. Charles Czeisler, chief of sleep medicine at Brigham and Women’s Hospital, previously told CBS News.
He also suggests avoiding afternoon caffeine and naps during this transition in order to increase your ability to fall asleep at night.
Daylight saving is also the time to prioritize your bedtime, Dr. Erin Flynn-Evans, a sleep expert and consultant to the American Academy of Sleep Medicine (AASM), told CBS News ahead of last year’s shift.
“Our bodies are going to want us to sleep in later relative to the clock after this, so if we don’t go to bed early enough to allow for a full night of sleep, we’re just going to be sort of chronically sleep deprived on top of the shift that we’re experiencing,” she explains. Bedtime routines are often viewed as being for children, but that adults can benefit too, “this week more than any other,” she adds.
And it’s not just your bedtime routine — adjusting other daily routines that are “time cues” for your body, like mealtimes, for example, can help you get into the new rhythm, the AASM says.
Soak in some sunlight
“Light is what tells our body clock or circadian rhythm what time it is,” Flynn-Evans explains. “So by maximizing morning light and minimizing evening light, you should help your internal clock better adjust to this disruption that we force on ourselves twice a year.”
Sleep expert Dr. Shelby Harris recently told CBS New York she advises spending time outdoors the Sunday clocks change.
“Make sure you go for a gentle walk, do something exercise-wise. It doesn’t have to be hardcore. Just movement and light exposure,” she said.
The AASM also suggests heading outdoors for early morning sunlight the week after the time change.
Don’t have time to make it outside?
Keep shades and curtains open for some natural morning light the next few days to get a head start on waking up a bit earlier, Flynn-Evans says. And Czeisler suggests eating breakfast in front of a window for an extra morning boost.
Watch CBS News
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.
Getty Images/iStockphoto
Record-high inflation in the post-pandemic era has been challenging for many Americans, but retirees often face added struggles as prices rise since many are on a fixed income. That’s why it comes as no surprise that 59% of retirees expressed concerns about their financial security, according to a survey conducted by MedicareFAQ.
The good news is that many seniors have a significant source of funds to draw from in their home equity. In fact, for seniors 65 and over, the median value of their home equity is $250,000. That’s a 47% increase in the value of equity since before the pandemic.
Older Americans who need extra funds can tap this equity to help make ends meet, and they have different ways to do it including a home equity loan and a reverse mortgage. There are important differences between home equity loans vs. reverse mortgages, though, so retirees must do more than just compare today’s home equity interest rates to decide which is best.
This guide will help you understand when a reverse mortgage makes sense and when you should opt for a home equity loan instead.
Find out more about your home equity loan options here.
When a reverse mortgage is better for seniors
Reverse mortgages use your home as collateral, just as traditional mortgage loans do — but they work very differently. That’s because you don’t send in monthly payments with a reverse mortgage. Instead, your lender sends money to you and your loan balance grows each month. When you pass away or move, the reverse mortgage must be paid back.
“A reverse mortgage is intended for borrowers over age 62 that are not able to afford their monthly payments using their current retirement income and need additional income to help with their responsibilities,” says Lisa Gaffikin, a home loan specialist at Churchill Mortgage.
Gaffikin says that if you have limited income, you may not qualify for a traditional home equity loan but a reverse mortgage could be an option. You’ll get to stay in your home without adding to your monthly obligations, while also being able to supplement your current income.
You do need to have sufficient equity in your home though, and will need to follow requirements including continuing to maintain the property over time.
“Reverse mortgages are ideal for seniors who are house-rich but cash-poor,” says Josh Lewis, a certified mortgage consultant and host of The Educated Homebuyer.
Lewis also addressed a common concern seniors have about reverse mortgages: the ability to leave property to loved ones when you pass away, which could be impacted by the fact the loan must be paid upon your death.
“There’s a misconception that you won’t have a home to leave to your heirs but that is not true,” Lewis says. “You’ll have a home, but the equity your heirs inherit will depend on how long you live and how your home appreciates over time. It’s truly no different than inheriting a home with a traditional mortgage, except the loan balance will need to be paid off through a refinance or sale within six to 12 months of the homeowner’s passing.”
Learn about how a home equity loan could benefit you today.
When a home equity loan is better for seniors
Home equity loans work differently than reverse mortgages. You’ll still need equity and must use your home as collateral, but you receive the borrowed funds upfront when you take out the loan and you must start making payments on the debt immediately.
“Home equity loans are ideal when you need a lump sum and can handle monthly payments,” Lewis says. “With lower upfront costs and typically lower interest rates, they’re perfect if you want to keep building equity and might sell or pass on your home soon. This option works well for those with a steady income who are looking to borrow for a specific purpose.”
The key thing to remember, though, is that you must qualify by showing the lender you have enough money to afford the loan payments and you must be able to make those payments for the duration of the loan term. This isn’t always easy when you need extra cash.
“A home equity loan might be a better option if the homeowner is not struggling to make current payments and only needs equity from the home to consolidate non-property debts or to lower monthly expenses for liabilities with higher interest rates,” Gaffikin says. “If the borrower is comfortable with their housing expenses and can make the current housing-related payments and the new home equity loan payment, a home equity loan might very well be the best choice.”
Gaffikin recommends looking at your full financial picture and considering the long-term implications of your decision when deciding which is right for you.
The bottom line
Ultimately, if you want to access equity with no monthly payments and are OK with leaving less equity to your heirs, a reverse mortgage is likely the better option and you should shop carefully to find the best reverse mortgage companies to minimize interest and fees. If you’d rather pay back your loan during your lifetime and can afford it, a HELOC is the better choice.
Watch CBS News
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.
