Those who are contemplating retirement and those who done so already have faced a series of challenges toward achieving this milestone. The Great Recession 15 years ago hit savings accounts hard, recent inflation spikes are increasing the cost of living and making ends meet on a fixed income is harder. Fortunately, there are other resources available to American’s seniors that can help make that transition to retirement a little easier.
According to a new article from Forbes, one of the biggest steps seniors can make toward ensuring they are set for their Golden Years is making a realistic list of their true expenses.
“Don’t make the mistake of ‘guestimating’ your expenses,” read the Forbes article. “That might be fine when you’re decades away, but you don’t want to discover that you’ve underestimated your income needs several months into retirement.”
Tracking your income carefully can help you identify any gaps and develop a plan to address those gaps. In addition to personal savings, social security and 401k’s, retirees can also rely on their home’s equity to supplement retirement income. Reverse mortgages allow those 62 or older to turn their equity into a steady stream of income while maintaining full ownership of their property.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.625 percent and 15-year rates are near 2.875 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (877) 700-0942 and your questions may be featured in an upcoming article.
