Living Longer And Healthier: Is It Time To Rethink Your Retirement Plan?
The fact that most of us can expect to enjoy a longer, healthier retirement than previous generations is certainly worth celebrating. However, it also requires careful consideration of the financial implications that come with a retirement that could last 40 years or more.
Give Your Plan A Second Look
If your retirement date is approaching, or has already arrived, it’s worth reassessing your plans. Not only could there be new approaches to explore, but you may find that you have underestimated the length of your retirement, and have deficiencies that need to be resolved.
Given the unpredictability and costs, healthcare is often among the biggest concerns for retirees. As you near your retirement date, it’s imperative that you review your current health situation and have a plan to handle the expected, and unexpected, healthcare needs that await you as you age. In any event, starting with a detailed budget for life in retirement is the first step.
Home Sweet Home
For many, one of the biggest assets in their financial portfolios is their home. Understanding how to put that value to work in retirement could be the difference between a plan that lasts throughout, and one that begins to fade too soon.
Tools such as home equity lines of credit can provide an essential safeguard against the unexpected, or be key to growing your income through investment, even after retirement. Home Equity Conversion Mortgages, better known as reverse mortgages, can provide a boost for those looking to stretch out their retirement or who want to fund a bucket list without cutting their budget. They can even subsidize income-generating renovations or relocations.
Freedom of Flexibility
Extending your retirement plan, especially if the date is already looming, will likely require some tough choices, but a willingness to be flexible can mitigate some of the pain and open doors to options beyond spending less.
Delaying your retirement date, starting an encore career, or filling your free time with some part-time work will add dollars down the road. Downsizing or moving to a location with a lower cost of living can also provide difference-making relief. Changes like these may be the quickest route to a plan that lasts as long as you do, and discussing the possibilities now will improve your financial health and your mental health.
If you’re curious how your home could prevent a retirement shortfall from surprising you, call 888-602-6626 to speak with an Open Mortgage Lending Specialist today.