Radically Shrink Spending
You’ll have to cut back on spending when you retire. If you start now, you can use the savings to help fund your retirement. Spending less than you earn is the magic sauce that enables people to save, live debt-free and rescue shaky retirements.
Get Help From Your Home
If you own a home, the equity may well be your biggest source of wealth. Two common ways to tap it are taking a reverse mortgage (get advice from someone like me first) or selling the home and downsizing, investing the profit in a retirement account.
Maybe you don’t want to sell or take on debt especially since I just recommended eliminating debt. There are other ways to use your home as a retirement asset.
For example, you could rent a room, get a housemate, occasionally rent part of the home to vacation travelers or fully rent it while you travel. You could also just move to a cheaper location.
Find a Job With a Pension
Jobs with old-fashioned defined-benefit pensions — the type that pay retirees a set amount each month or year — are scarce. But they have not disappeared. You could make it your mission to find one. At least, make sure you collect on any pensions you may have had from past employment.
Short, sweet and to the point but these are helpful tips I recommend to my clients during Covid-19 and they are having a strong impact on strengthening their portfolios.
Looking forward to sending more tips in November and December. It’s time to take control of your finances now and for your Lifestyle future.
For more financial information and tips contact: 312-952-8040 * 312-243-3907 *[email protected].