Financial options during retirement that you may not know


Retirement

If you’ve just retired, congratulations! You have joined the nearly 30 million retirees who have recently retired. While this is such an exciting time for most Americans, you may be afraid to retire because you are not sure you have the finances to continue enjoying retirement. If you are about to retire, you should know that there are financial ressources available to help you through retirement. Here is more information on your financial options during retirement.

Use your home to generate income

If you have paid off your house, you can use it to generate monthly income or you can receive a lump sum. Reverse mortgages allow you to use the equity in your home. You can determine how much income you could generate from your home by using a reverse mortgage calculator. If you have a reverse mortgage, you get money for your house, you don’t move out, and you don’t pay a mortgage. You may be able to alleviate much of your stress through the reverse mortgage process.

Watch the tips on aging

Many states have advice on aging, and large local cities also have advice on aging. In many states across the country, aging counseling can provide many financial services free of charge. For example, the councils on aging have financial advisers who will help you with your taxes for free. In addition, counselors can help you with debt advice, loan repayments, scam or fraud alerts, and other financial matters.

Advice on aging has many functions, according to the community. They organize medical clinics, provide food and supplies for elderly people in difficulty, and provide information on additional resources in the community. If you are not sure if you have a tip on aging, you should check with leaders in your local community and state.

American Association of Retirees

Originally, AARP was a lobbying organization militant for the rights of seniors. Now the organization offers a retiree tons of information and help. If you are having financial trouble, AARP can offer you all kinds of discounts. The organization offers discounts to members on home and auto insurance, phones, hotel and restaurants, and flights. The AARP is also a great place to get information about financial difficulties and the things you can do to reduce your finances, pay off debt, and stay on a budget.

Consumer debt counseling

If you are feeling overwhelmed by debt, you may want to seek credit (or debt) counseling. Many states have credit counseling services that are available to retirees for free or at a greatly reduced rate. Credit counseling services can work with your creditors and establish a repayment plan. This is amazing because it means you don’t have to talk to creditors yourself. Instead, you will let the credit counseling agency do the work for you. However, there are drawbacks to credit or debt counseling. The biggest downside to credit counseling is that you will likely have to reduce your credit cards. If you are truly over your head financially, this is the perfect solution for you.

Church Council

Over the past 50 years, churches have noticed that their the parishioners were struggling with debts, especially medical debt. Many churches, synagogues, mosques and other religions offer free debt counseling to their members. Churches may have a debt collection program, or they may agree to help pay off your debts in exchange for service work. If you attend church services regularly, you may want to ask your pastor for debt counseling.

Scam alerts and help

One of the most common problems with older people over the past 10 years is that they fall victim to scams. Research shows that hundreds of thousands of seniors fall victim to scams every year and lose over $ 1 billion every year to scams. Scams can be local, but increasingly they are perpetrated against the elderly by scammers abroad. Scams can take many forms. For example, you might receive a text, email, or phone call from someone claiming to be a relative, and they may insist that you send them money, usually through debit cards or money orders that can’t be found. , to bail it out. If you are a widow or widower, you could also be scammed by someone who wants to date you for your money. If you’re worried about being the victim of a scam, almost every state has a service that can help you with fraud and prosecution of scammers.


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