Debt Consolidation USA Shares Retirement Tips When Consumers Are Broke
November 01, 2016 (PRLEAP.COM) Business NewsNovember 1, 2016 - Debt Consolidation USA shared in a recently published article how consumers can tackle on retirement savings when they are financially challenged. The article titled "5 Retirement Tips When You're Broke" shares valuable tips to consumers specifically on how to use their house in helping them plan for their retirement.
The article starts off by pointing out that retirement is inevitable and that there are a lot of tips in doing it. However, this task becomes a lot more challenging for consumers when they are having financial difficulties and essentially broke. It is hard to plan for retirement when people do not have many funds to go around.
The article shares how consumers can use their house in helping them plan for their retirement and one of them is to pay off their mortgage a few years before heading on to retirement. The main reason for doing so is for people to free up their budget in retirement rather than allocating a lot of it to the mortgage payment. This allows consumers to ramp up their retirement saving as they can put in what their house payment would have been and send it to their savings.
Another way consumers can save up for retirement with the help of their house is to sell their property and invest the amount so they can live off the interest. They can then rent a smaller home as older people are mostly empty nesters. They get to maintain a smaller property and not have to worry about taxes and insurance on the property.
The article also shares a similar approach where near-retirees would sell their house but rather than rent, buy a smaller property they can maintain. They still get to call the house their own but get to work on a smaller property. The payments are smaller compared to a bigger house and maintenance is easier as well.
To read the full article, https://www.debtconsolidationusa.com/retirement/5-retirement-tips-youre-broke.html