Financial Planning, Retirement, Trends

New Retirement Strategies for After the Crash

After the financial challenges our economy has had, we are all, working or retired, facing new challenges. If you are retired now, it can be more challenging with less resources.

I read this article today at RIS Media about 4 possible solutions.

1. Revisit your budget, and see if other assets can be better utilized to generate income.

2. Get a reverse mortgage. Most people know about these, in which the lender pays you your home’s equity in return for access to the proceeds of your home’s sale after you no longer need it. What many people don’t realize is that you can downsize and buy your next home with a reverse mortgage!

3. Get a life settlement from your life insurance policy. You can get a lump sum now for your life insurance policy that is greater then its surrender value. See your financial planner for details on this.

4. Adjust your Social Security. If you are drawing Social Security now, it may be possible to discontinue, and start again later when you will receive a higher payment.

Again, for more information, see the info and links at the article here.