It can be a challenge to live on a fixed income when you are retired. But how fixed is your income really? If you want to increase your financial flexibility, there are some ways you can do it. Let’s discuss some ideas.
Strategies for Increasing Financial Flexibility in Retirement
- Try freelancing. You probably have some skills that others would be willing to pay for. Even if you do not want to go back into the workforce full-time, you may be able to use them to earn some money. See if there is any kind of freelancing you can do. Even if you just take on a few odd jobs here and there, you will have extra income to use as you please.
- Rent out some of your space. Have a spare room in your home you never use? Instead of letting it just sit there, think about getting a tenant to pay you rent each month. Your space is valuable, so you may as well take advantage of it.
- Reduce your expenses. Are there any expenses you could cut back each month? Perhaps there are less pricey options for utilities, for instance, or maybe you could even refinance your mortgage to a lower interest rate. Doing so will help you keep more money in your accounts.
- Take out a reverse mortgage. If you have enough equity in your home, another possibility is to take out a reverse mortgage. By borrowing against your equity, you can reap the benefits of a supplement to your income. You can stay in your home for as long as you want, and the loan will only come due after a maturity event. A couple of examples are the sale of the home or the death of the last borrower.
Boost Your Financial Wellness in Retirement
Premier Lending Corp can help you take out a reverse mortgage or refinance your home loan throughout the state of Florida. To get started now, please call us today at 954-840-8811 to schedule your consultation. Let’s get you the financial flexibility you need to have the best experience of retirement.