With Baby Boomers already rolling into retirement and Gen X looking forward to shrugging off the stress of the 40-hour work week, downsizing could be a strategic move.
If you are nearing retirement, a reverse mortgage might be right for you. This type of mortgage essentially allows you to turn your home equity into cash. If you find yourself with little money, a reverse mortgage could be the perfect solution, and here’s why.
If you’re getting ready to retire, you may be thinking about downsizing. Having a large house makes sense when you’re raising kids, but once you reach your golden years, it usually makes sense to move into a smaller, more efficient condo.
You have worked hard for most of your adult life and the day has come that you will retire and enjoy the freedom of your golden years.
You might take up a hobby, volunteer, or just enjoy working in your garden and socializing with your friends.
If you have been planning ahead and contributing to your retirement fund, you will likely have a nest egg built up which will help you support yourself once you leave your job.
However, it is important to keep your expenses down when you are retired so that your spending won’t outgrow your savings.
If you can reduce your outgoing costs during your retirement years, you can stretch out your savings fund for longer and not have to worry about running out of money.
Here are a few ways that you can reduce your expenses during your retirement:
So you have reached the point where you have some money in savings that you want to keep for the long term future.
However, you realize that putting it in your run of the mill savings account will likely result in its compound interest rates barely keeping up with inflation.
You are willing to accept a little bit more risk in return for a higher reward and you are interested in investing in the stock market.
Investing can be intimidating for the beginner and there is a lot to learn about the world of stocks and bonds.
Here are a few things to remember when you are first starting out: