August 31st, 2010
When do you plan to retire? Have you saved enough for your golden years or explored options for funding retirement, such as reverse mortgages or postponing retirement?
About 46% of people polled by the Retirement Readiness Index said they will delay their planned retirement age. The survey, conducted by the MetLife Mature Market Institute, found that men were more likely to have thought about whether or not they were financially prepared for retirement. Of those polled 52% said they are behind in their retirement goals and 25% said they were significantly behind. Only 28% said they are on track or already have met retirement goals.
Retirement planning tools
Planning for retirement is not something that happens overnight. Retirement planning should occur throughout your work life and may need to be adjusted as you go along. The MetLife Mature Market Institute has a retirement planning book that can help you prepare even if you don’t have too many years before retiring.
If you are like many Americans who managed to build a retirement savings over your working years, only to find your plans derailed by the economy, it’s important to find the right strategy to boost your retirement income. A housing counselor can review reverse mortgage guidelines with you to determine if borrowing against home equity could help supplement your retirement income. Other alternatives may be available, such as programs for seniors in your community. You can also begin comparing reverse mortgage quotes here.
Reverse loans aren’t your only option for funding retirement, so it’s important to discuss other alternatives that can help. A qualified estate planner can help put together a comprehensive strategy for your retirement years.