Ready to retire, but short on savings?

The anticipation of retirement can be very exciting, but what if you come to realize that you have not saved enough money to retire on?

Looking at your financial situation and understanding what your retirement goals are, is key to maintaining a successful retirement. Here is what you can do if you find that you are ready to retire, but short on savings.

1. Work longer – If you’re in good health, it is highly suggested that you continue to work to lessen the gap on your savings goal. If you choose to do so, you can also opt to work part-time or find a job with a more flexible schedule, so that you are able to reap the benefits of more free time.
2. Lower your expenses – One of the ways to close the gap between your retirement budget and savings is to lower your expenses. Inspect your budget to see where you can slash unnecessary/unneeded costs. Doing so can help you in the long run, as you find more and more ways to save money in retirement.
3. Reverse Mortgage – A reverse mortgage can be a good option for those who qualify and have enough equity in their home for a reverse mortgage to make sense. It allows senior homeowners to convert a portion of their home equity into cash, without having to worry about making monthly payments to the lender. With your proceeds, you are able to use the money for whatever your needs may be, or even use it to help cushion your retirement savings.

Reverse mortgages can be ideal for retirees who are looking for that extra cash flow. To learn more about this great program, contact a Senior Advisor at 1-888-808-8486.

Image courtesy of [graur razvan ionut] / FreeDigitalPhotos.net