4 Retirement Mistakes That Can Deter Your Plans

Don’t let these common mistakes deter your retirement plans.

• You took out your Social Security benefits too soon

  • Did you know that the older you are, the more you can get out of your Social Security benefits? At age 70, you are able to receive your benefits’ full potential, which will allow you to receive more money than you could at a younger age. A reverse mortgage can help by allowing you to receive money that you could use, while you wait until you qualify to receive your full benefits.

• You retired too early

  • Planning for early retirement is not a bad idea, but it takes careful planning to ensure a successful early retirement, especially when it comes to finances. Statistically, we are living longer than previous generations, which could account for additional years to consider when planning for retirement.

• You didn’t save enough money

  • Are you financially ready to retire? Financial preparedness is key to having a successful retirement, and prevent unnecessary stress when it comes to taking care of basic needs or living your retirement dreams. Understanding how much you can spend, including the cost of out-of-pocket health care, planning for the cost of long-term care and regular bills can take a big chunk out of your money. It is important to have an idea of how much money you will be using, as well as planning for all the fun retirement ideas you had in your head, such as traveling or taking classes at your local community college.

• You are not financially prepared for emergencies.

  • Emergencies happen unexpectedly, whether it is an urgent need for home repair or a health-related issue, it is best to always save for a rainy day. Borrowers can create a line-of-credit to set aside in case of financial emergencies.

Being prepared can help you from derailing your retirement plans. With reverse mortgages, retirees are able to find financial flexibility. To learn more about how a reverse mortgage can help you, speak with a Senior Advisor today at 1-888-QUALIFY.