• Question
  • I'm looking for help with financial expenses and managing my money.

    Asked by a 87 year old man from Poplar Bluff, MO on 12/21/2012

    I'm looking for help with financial expenses and managing my money.

  •  
  • Categories: Retirement Planning, Budgeting

Answers

  • Editorial 

    Editorial 
    NewRetirement

    San Francisco, CA

    Get a FREE phone consultation
    with an advisor. Learn more...
  • In addition to the information below, you may want to consult with a Financial Advisor. NewRetirement can arrange a free consultation with an advisor who may be able to better answer your questions: https://www.newretirement.com/free-retirement-consultation.aspx

    Some of the most effective ways to improve your financial profile include:

    ----> Delaying Retirement: There are three key benefits to delaying retirement. You can: 1) Dramatically increase your monthly Social Security benefits for retirement. 2) Contribute more money to your retirement savings accounts. 3) Reduce the period of time in retirement when you are relying on those savings. Seventy four percent of all households who retire at age 62 fall short of having adequate assets for retirement. Delaying retirement to age 67 dramatically reduces this figure to 47 percent.
    ------------------ More about benefits of working: http://www.newretirement.com/Services/Working_In_Retirement.aspx

    -----> Taking a Reverse Mortgage: The typical U.S. household approaching retirement has nearly $140,000 in home equity making it the largest asset outside of Social Security. Reverse Mortgages allow those age 62 and older to extract their home equity while remaining in their home.
    ------------------- Estimate your Reverse Mortgage loan amount here: https://www.newretirement.com/Services/Reverse_Mortgage_Calculator.aspx

    -----> Controlling Spending: There is more than one way to retire with financial security. Reducing your day to day expenses can be more effective than increasing your assets or income. And, if you cut your budget while still working, you can add those savings to your retirement nest egg for even greater security.

    I hope something here is useful to you.

    I wish you all the best!
    http://www.NewRetirement.com

  • Login to rate this answer:   Answered on 1/20/2013
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.