Retirement budgets

Many people built their retirement budgets based on income and economic conditions prior to today’s challenging environment. The easiest and most cost-effective way to find additional dollars is often  by updating an outdated budget.  You need to view how your budget performs and how other income sources such as stock dividends could impact retirement savings.

 Reverse mortgage

Many  citizens have spent a lifetime building up equity in their homes. Through a reverse mortgage, those 62 years or older can now extract that equity. A reverse mortgage requires only that an individual own the home as a primary residence and maintain the property. No credit evaluation is required. As a non-recourse loan, borrowers will never owe more than the current market value of their home, helping to protect their heirs from debt.

 Life settlement

Most life insurance policies are originally purchased to protect families and loved ones, but nearly 85 percent of these policies never pay a benefit. Life settlement allows a policyholder to sell their policy in exchange for a lump sum cash payment that is greater than the policy’s cash surrender value.  Life settlement offers a  way to generate cash independently.

Social Security

If you are collecting Social Security benefits but still in need of extra cash, is to cancel current benefits and then re-apply for greater benefits at a higher age. Since benefits are calculated based on age, someone who restarts benefits later in life could earn much more in monthly income. However, recipients must first pay back benefits received in order to be eligible. 

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