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We all do it: envision our retirements as a luxuriously relaxing period of traveling and crossing off our bucket list items. While this is the general goal for most of us, preparing for retirement correctly takes more effort than fantasizing about what it will look like. If you’re starting to think about your retirement, then you’re already on the right track to retiring correctly. Here are a few ideas that might help you get the retirement you’re dreaming of.
Refinance Your Mortgage Before Retiring
It’s not well known, but it becomes increasingly more difficult to refinance a home after entering retirement. This is simply due to the fact that lenders aren’t as willing to lend to those who aren’t receiving earned income and are living off of retirement funds alone. Refinancing before you retire can help save you the hassle while also lowering the monthly mortgage you pay after you retire, and put more in your useable income.
Don’t Retire Prematurely
For the grand majority of us, retirement is something we excitedly and eagerly await. While most of us would like to retire as early as possible, it’s worth holding out a little longer than you want in order to help save and better prepare yourself for the lifestyle you wish to maintain after your earned income vanishes. Even a few extra years of saving and living off of your earned income is enough to allow you to live a better, fuller retirement.
Take Full Advantage of Social Security
Though seniors can begin to benefit from Social Security at age 62, the monthly benefits increase the longer you wait to sign up for them. Wait as long as you comfortably can past 62 in order to take full advantage of your Social Security.
Sell Your Life Insurance Policy
Many seniors have life insurance policies they don’t want or need but are unaware that they can receive a large sum of money if they sold them in a life settlement instead of letting them lapse. This sum of money can help you live your retirement the way you want, whether that be travelling, boating, or living in your lake house. Talk with your financial advisor about selling your policy in a life insurance settlement and how it could help you live the retirement you always dreamed of, or use our qualification calculator to see if a life settlement is right for you.