If you were retired and ran out of money, what would you do about it? A recent survey indicates that baby boomers asked to make that prediction tend to have an independent spirit which suggests that they would be more likely to return to work after retirement than to rely on others for assistance. However, if you've already retired, are you really going to want to start working again? And for how long will that resolve your problems?
Also listed on the survey as answers to this question were responses as idealistic as "I'd pray" and as rooted in common sense as "I'd take out a reverse mortgage". If you're older and able to work and you're interested in continuing to earn money after your first retirement, go for it. There's nothing wrong with earning your way. But if you're getting up in age and the honest answer is that you'd just like to enjoy your retirement, other options may make more sense.
The reverse home mortgage loan is one option that lets you keep your house, pay your bills and not have to go back to work. The same survey asked people what they would tell their younger selves about retirement and the answers were mostly related to saving better and planning more for the future. If you didn't do that when you were young enough, the reverse mortgage could be a way to do that now. You can use it to fund your future and create the kind of financial stability you hoped that you would have by this point in your life.
Question of the Day: What one thing would you change about the way you did retirement planning?
