A Helping Hand From 9 Year Mortgage With Your Retirement Plan
So you’re finally at that age where you can retire, but the question is, can you? Most rush to leave the workforce, in years past up to half of retirees left their jobs by the age of 63. Because really, who wants to wait? You’ve been planning and saving and scraping for your retirement fund and now it’s finally time for you to relax and for all of that hard work to pay off. That is, if you did save and scrape and plan. A rising number of individuals in America now state that they do not feel confident that they will be able to retire by the age of 60; in fact only 13% of American employees feel confident that they will be able to live comfortably on their retirement fund. The financial doubt even reaches out to those who are already retired; over 70% have expressed worry that they do not have sufficient funds to support themselves for the rest of their retirement.
These days it isn’t simple to retire by any means but there are ways for you to get back on track with your plan. 9 Year Mortgage is here to help you take the first few steps towards the financial stability you deserve. Let’s take a look at some helpful advice and ideas to help you get to where you need to be.
1. Construct your timeframe
To assess where you are monetarily for your retirement aspiration you need to construct a timeframe for your goal. This is absolutely essential for you to recognize the base of how much that you need to save and also the quantity you will receive through social security etc. Without a time frame you have no structure and will not achieve your expected outcome of a retirement void of worry and financial struggle. Planning a time and moving your finances accordingly can also help you avoid making the huge mistake of retiring early without the funds to match up with your time limit.
Part of figuring out expenses will be to plan out where you are going to live. Take a quick look at housing costs in the home that you currently reside. Would downsizing be cheaper? Or would staying put be the wiser option? Assess what your month to month living costs will be and write out the pros and cons of living where you are, downsizing, or living in a retirement home. There is also the option of a reverse mortgage, but consider this option with care, your age will greatly affect whether or not this will be a wise move or a bad decision. Unless it is your only option, waiting until you are through with your 60’s before you look into a reverse mortgage would be the smart choice. The older you are the more that you get, so waiting until you’re mid- to late 70’s is a good idea. Also applying for long-term-care insurance as soon as possible could save you a ton of money in the long haul. You have a much higher chance of developing an illness or condition over time so if you put off applying for too long you may not be able to qualify because of your illness or condition. Do some digging before you choose a company and make sure that your needs will be met and that you get the most affordable deal for your situation and then make it happen. Procrastinating in this area of your planning could cost you big time later down the road.
3. Resolve debt
Going into retirement with debt can create unnecessary worry and strain. Although it is not always possible to completely pay off debt you can still get the numbers down and on more of a manageable level. If you’re having a hard time making ends meet while saving for retirement, contact a credit counselor or bankruptcy attorney to see what options you may have. Try to take care of as much debt as possible before you retire so that expenses and bills don’t follow you for years to come.
4. Wrapping It up with 9 Year mortgage
Stock market follies and declines in home equity are also somewhat responsible for the change in retirement security. Now days you can’t completely rely on defined benefit plans for your retirement needs, which means that you should be taking a serious look at the money you’re saving. Failure to plan and save will lead to failure of funds for your retirement. Create a plan, try it out before you retire and see if it works for you.
You can be successful in retiring in your 60’s with a solid structure and sound financial planning. It starts with taking a step in the right direction and 9 Year Mortgage is here to help you do that.
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