The year is coming to a close and everyone is turning to 2014 for the New Year and for a fresh start. This time of year always brings about resolutions to live healthier or save more money. If you are choosing the latter of the choices we have some simple tips for your 2014 money resolution. Here are six retiree money resolutions for you to consider.
Eliminate debt – One of the top concerns of retirees is eliminating debt. Whether it is credit card debt or college debt from your children debt can be one of the dark clouds looming over your retirement outlook. Consolidating the debt can help.
Eliminate your mortgage – There are millions of seniors living in their home right now who will never be able to pay off their mortgage, at least not in their life time. Many seniors are using a reverse mortgage to pay off their mortgage and also pay off other debts. What is a reverse mortgage? A reverse mortgage is for homeowners 62 and older, it eliminates the mortgage (if you have one) and any remaining equity you receive in tax-free money which can be used for anything.
Save more – After losing weight saving money is the most popular resolution. The best way to start saving money or increase the amount you are currently saving is to create a budget. Budgets can easily be created on a sheet of paper by listing out all the things you spend money on. Listing out everything you spend money on you can easily find items you buy that you can live without.
Re-evaluate your investments – Complicated investments can work for those who know what they are doing and have the time to micromanage a portfolio. To make it easy on you look to simplify your portfolio to one place to better coordinate your investment strategy. Also evaluate the fees you are paying for with financial advisors.
Consider a reverse mortgage- Yes as mentioned before a reverse mortgage can make a great positive impact on your life. The benefits of the reverse mortgage include no monthly mortgage payments*, tax-free money**, improve the quality of your life and you can have peace of mind knowing that the program is insured by the federal government. You remain the owner of your home*** and you can rest knowing you can stay in your home for the rest of your life.
Retirement can center on many money concerns. If you are looking to change your retirement to either be able to live more comfortably or do things you only dreamed of in your retirement a reverse mortgage can help.
The reverse mortgage program has helped thousands of seniors eliminate their monthly mortgage payment and gain financial flexibility well into their retirement. No matter if you are looking to improve your life right now or for years to come a reverse mortgage can make a difference for you financially very easily.
*Homeowner is still responsible for taxes, insurance, and property maintenance.
**Please consult with your financial advisor.
***You remain responsible for counseling costs, taxes, insurance, and maintenance expenses.