3 Ways to Boost Retirement Income

Looking for ways to boost your retirement income? Here are three ways to improve your financial situation to live comfortably during your retirement.

1. Consider getting a reverse mortgage to supplement your income. Reverse loans convert home equity to cash and free you from making house payments every month. You can apply for a reverse home mortgage if you are 62 or older. However, it may pay to wait until you are closer to 70 to apply for a loan since the older you are the more, you qualify to borrow. Reverse mortgages are not right for all seniors, so talk with a qualified counselor to discuss the pros and cons.
2. Pay off credit cards and other debt. You can use some of the proceeds from a reverse mortgage to pay off debt. But even if you don’t get a reverse loan, paying off debt is a great way to boost your cash flow. Think about what you can do with the money that you are currently putting toward debt repayment. Freeing up that money could allow you to save up for a vacation, get a more reliable vehicle, or participate in hobbies you currently can’t afford.
3. Start a home-based business. Do you enjoy crafting, woodworking, writing, or gardening? Put these or other skills to good use so you can earn some income. The best part about having a home business is that you can work as little or as much as you want. Also, if you have physical challenges that keep you from going to a job everyday, a home business may be a good fit for you.

Some seniors are choosing to go back to work part-time to boost their retirement income. Whether you choose to work, get a reverse mortgage, or do both, it’s important to find ways to reduce your expenses to make sure you have enough income to live comfortably.

This entry was posted on Wednesday, March 10th, 2010 at 2:10 pm and is filed under Reverse Mortgage . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.