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Is your retirement income maximized? Are you sure?

As a teenager, I used to walk to my father’s work after school so we could carpool home.  On his desk he had a placard with the phrase written, “Do it now”, not tomorrow, or next week, but now.   You may think you will re-evaluate your income streams once you are closer to retirement or once you are retired, but this really never seems to get done.  My father has found he is busier in retirement than when he was working.  A little preparation today, can significantly improve your comfort in retirement.  Why not talk to your financial adviser, and “Do it now”?

The last census data shows it takes the average American couple a lifetime to save $92,000 for their retirement.  They will happily invest this money with their financial professional.  Most will overlook the much larger average  amount of $200,000 that they have locked up in their home equity.  With a RM you can draw out plenty of money, and live in your home for the rest of your life without a mortgage payment, and you leave any remaining equity to your heirs.

In 2016 the social security (SS) office reports that the average married couple receives $2,212/month in social security payouts.   There is a way to increase your SS check significantly, if you prepare ahead of time.  When you take your SS check at 62 years old, you are getting 25% less than you would at what is considered full retirement age of 66 years old.  By waiting until you turn 70 years old to draw SS, your check will be 57% higher than at 62 years old.  So if you and your spouse would have received $2,212 per month at 62 years old, by delaying until 70 your income could be at $3,472 per month, a significant jump; but what if you need the money to live on now?

If that $92,000 the average couple has saved is not enough to last you until 70 years old, there is a great option for you.  The typical couple entering retirement has almost $200,000 in untouched equity.  Using a Reverse Mortgage (RM) to pull out some of this equity can bridge the gap in your retirement and help you delay SS draws until age 70.  If you have a home free and clear at $200,000 and you are age 62, a RM would allow you to pull out around $100,000 OR a check guaranteed for 8 years (getting you to 70) of around $1,300 per month OR a guaranteed lifetime monthly check of $560.00; with no monthly mortgage payments.  This can help you bridge the income gap until you draw your full check at 70 years old.    If you already receive your social security check, you can still draw these same amounts with a RM.  Your RM money can be used for anything you would like; travel, remodeling or expanding your kitchen, investments, or anything else you choose.  It is your money, use it how you prefer.  Click HERE for our RM calculator or call today to see what a RM will do for you.  877-567-7476.

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