A large nest egg isn’t the only thing people need for a happy retirement. Still, finding a way to take care of your finances ahead of time is important when making the transition from company payroll to self-sufficiency, U.S. News & World Report writes in a recent article.
Like many retirement advice columns, writer Tom Sightings includes the importance of a reverse mortgage, noting how one can be used to solve “the money issue.”
“Most retirees own their own homes, and can take cash out with a reverse mortgage or sell and downsize,” he writes.
Along with reverse mortgages, retirees can use what some may consider to be unconventional ways of taking care of financial shortcomings.
“We may have friends who provide valuable resources, such as sharing a vacation cottage or driving us to the doctor,” Sightings writes. “No matter what the balance in your retirement account, you can exercise substantial control over your budget and life.”
To read the full article, click here.
Written by Emily Study