If you want to live comfortably in retirement, you need to start planning early. In today's economy, the high costs of housing, monthly expenses, and other essentials makes it impossible to survive on Social Security or a Pension check. A comfortable retirement will require early planning and saving to make sure you are taken care of as you age.
Most people don't think about their retirement when they are young, active, and healthy. Many people don't think about it until they are close to retirement age, which doesn't allow enough time for planning and saving. According to financial experts, you will need approximately 70 percent of your regular yearly income before retirement to live comfortably when you stop working, and that's if you don't have a mortgage or rent payment and are in excellent health. If you plan to travel, take yearly vacations, visit your grandchildren, or take yoga classes, you will need even more money.
For most baby boomers, retirement age begins at 65, the age when you're officially eligible for Social Security and Medicare benefits. If you retire early, you will need to purchase private health insurance until Medicare begins. It's important to note that your health care costs will likely go up as you age, due to age-related conditions and declining health, so healthcare costs may be a big part of your annual expenses. If you can't pay for routine exams, doctor visits, and medications, your health may decline much faster than you planned.
Many seniors who don't plan for retirement, find themselves in financial trouble as they age. Without regular employment income and a savings nest egg, many elderly people struggle with basic living expenses for housing, food, clothing, healthcare, and other essentials. For some seniors, a reverse mortgage with American Advisors Group can help them get back to a comfortable lifestyle without financial hardships. A reverse mortgage can pay off an existing mortgage, so a homeowner won't have monthly mortgage payments. This can be a tremendous relief and a way to prevent financial stress and hardship for aging seniors. Mortgage payments are typically a person's largest monthly expense, so eliminating that burden can be a life-changing experience.
If you are a homeowner with equity in your home, a reverse mortgage with AAG Reverse can help you pay off your existing mortgage, pay monthly household bills, put money in savings, and live comfortably in retirement. No one wants to struggle with finances in retirement just to pay bills and make ends meet. Retirement should be a peaceful time to spend with family and friends, travel to places you've always wanted to see, and live a comfortable life without financial stress.[right-post]
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