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If you are approaching retirement, then just by doing little savings a fixed income is absolutely possible.
Many a time people frantically pay off their forward mortgage with the hope of saving for retirement, but it could be a stressful one.
According to finance columnist Liz Weston in a new piece at the Los Angeles Times, the best advice for someone looking to finance retirement with few resources.
Weston states – it is harder to make up for lost time with retirement savings when you are nearing retirement, it is absolutely useless to prioritize paying off a mortgage over saving for retirement.
She says it is easier to start by putting 10% of income away in your 20s because compounding is miraculous where even small contributions can grow into considerable sums, take the benefit of time.
Weston suggests, another potential alternative includes a reverse mortgage. A part-time job in retirement could be extremely helpful in making ends meet.
Similarly downsizing or tapping your home equity with a reverse mortgage is an option.
Reference Source: Reverse Mortgage
