New Year, New Retirement-ready YOU!
It’s a New Year! And It’s Time to Get Your Retirement Finances on Track!
Each new year presents a new opportunity for a fresh perspective. Whether you’re approaching retirement, or your post-working chapter has already begun, it’s a great time to take stock of where are and where you want to be in the future.
Get started by asking yourself the following:
- How healthy is my savings? Take note of all your investments and account balances, as well as how much you’re contributing. Do you have an emergency fund or are you trying to build one? Remember, you can’t figure out how much to save each month unless you know what you already have.
- How much more do I need? Think about how you want to live in retirement. Do you expect your expenses to go down when you retire, or will you spend as much as you do now? Most experts agree that your retirement income should be about 80% of your pre-retirement annual income. So if leave the workforce making $100,000 a year, you’ll need a minimum of $80,000 annually to have a comfortable retirement lifestyle.
- What’s my retirement budget? Outline the monthly and long-term expenses you’ll need to cover once you’re retired. Are these costs covered by your anticipated retirement income or savings? What changes can you make now to increase your budget on a retirement income?
- Where will I live in retirement? Is your current home equipped to meet your changing needs as a retiree? Are you looking to relocate entirely? Choosing a retirement location has a big impact on your financial goals.
Making financial wellness a priority
Whether or not your retirement plans are set, ensure you’re on the right path for financial wellness. If you’re a homeowner age 55 or older in select states*, consider the benefits of a reverse mortgage loan. This financial tool allows you to leverage the funds built up in your home to help create a more financially secure retirement lifestyle. Best of all, you can use the money as needed to make home renovations, pay medical bills, supplement your income, travel and much more. Please don’t hesitate to reach out to Reverse Mortgage Funding (RMF) at (888) 277-1567 to learn more. Happy New Year!
*Available to borrowers as young as 55 in select states only. Higher minimum age requirements may apply. Visit www.reversefunding.com/equity-elite for details.
SEE WHAT FUNDS YOU MAY HAVE AVAILABLE
If you have equity in your home and believe you meet the eligibility requirements, a HECM may be the option that could help you retire smart.