Few Suggestions if you are Running low on Retirement Money
If you are a retiree and think that you are running low on retirement money then what would you do. You know you need to be saving for retirement.
A poll conducted by Allianz Life Insuarnce revealed that in a poll conducted of around 3500 people aged between 45-75, 60% of people said that they fear they will run out of money at the time of retirement.
Following are a few suggestions for retirees who are running low on retirement money :-
Downsize Your Home and Decrease Transportation
If you have been living in a large home then you should consider shifting into a smaller home. The most obvious solution would be to sell your house, and you will most likely receive a substantial amount of income from it. It may be difficult to let go of your home but the major upside to this is the financial relief you get by knowing you now have more funds available and the much reduced stress. In case you own 2 cars, you can sell one.
Save on Medications With the help of Patient Assistance Programs
A study done by Visiting Nurse Service, New York, which is one of the largest home health care agencies in the U.S reveals that above the age of 80 any average retired person takes close to 11 medications in a day. You should check out the website needymeds.com for information about patience assistance programs.
Earn Additional Income by Renting out your Home
Another thing you could do is going back to working part time or full time But a better solution would be to renting out a room of your apartment. Not necessarily you have to rent out to a stranger, it could be that your friends and family know some people.
Cut off Financial Support to Children who are Adults
You should be frank with your kids. Since you have limited funds it would be ideal that you don’t support them further since there is only so much you can do for them while making sure that you have enough funds to support yourself.
Think about a Reverse Mortgage
Reverse mortgages is a good option for retirees who want to keep up with their current lifestyle and stay in their current home. It allows homeowners to leverage their house equity and get revenue coming back to them.
Consult a Financial Planner
You should be looking for a financial planner, if you have enough assets but are wary of what lies in the future. Retirement can be a complicated affair, and that is why you should preferable opt for the right financial planner who will help you to manage your money in a way that it lasts for a longer period of time.
Most retirees are unaware of the many benefits that they can avail of such as medical care assistance, pensions, housing assistance, home care services etc.