Ask yourself two question:
- What do you need your retirement income to do?
- What do you want your retirement income to do?
Step 2. Maximize social security benefits
Lifetime social security benefits could be up to $500,000 for singles and up to $1 million for couples. Fully understand social security can help you better your retirement.
Step 3. Consider a hybrid retirement
A hybrid retirement could mean increased earnings, savings, and social security benefits.
Step 4. Protect your savings from inflation
If ignored, inflation could make a huge difference in retirement income.
Step 5. Secure more guaranteed income
Three are 3 sources of guaranteed income during retirement: social security, pension, and annuities.
Step 6. Plan for long term medical costs
72% of people will need some forms of long term care. If prepared for, you could still live the life you want without worrying about what is to come.
Step 7. Use your home equity wisely
There are 3 ways to access home equity:
- Sell the home and downsize
- Take a loan against the equity
- A reverse mortgage