Enjoying your retirement starts with having the means to support yourself during your golden years. Some people are lucky enough to have a pension or an inheritance that allows them to live comfortably, but many people don't have these savings to fall back on. That's where some of these ideas will come in to help you supplement whatever retirement savings you've accrued over the years.
Take out a reverse mortgage
If you own a home, need some extra income during retirement, but would prefer to keep your house, a reverse mortgage might be a good option for you. Once you hit age 62, you can contact a mortgage company to find out the process for borrowing against your home's equity.
"A reverse mortgage doesn’t need to be paid back until you leave your home (move or death)," according to FSI Mortgage, a Salt Lake City-based mortgage broker. "Unlike a traditional home equity loan . . . borrowers can put the money toward anything, from paying off medical bills to simply paying the bills."
Downsize your home
As children move out and you get older, you may decide the hassle of keeping up a large house and a yard isn't something you'd like to deal with in your retirement years. Selling your home so you can travel or move into smaller, easier to maintain accommodations is one option that might allow you to enjoy your years post-career to their fullest.
Get a part-time job
After years of working full time, you might find that retirement, while relaxing, is a little boring. Getting a part-time job can help supplement your income, as well as give you something constructive to do. Freelance or "gig" work, like being a driver for Uber, gives you the flexibility to enjoy family time while working on your schedule.
Start an 'encore career'
It's also not uncommon for seniors to choose to go back to work full-time after a few years of retirement. You might even choose an entirely new career path, what Forbes.com calls an "encore career." Over 4.5 million people between the ages of 50 and 70 have already re-entered the workforce, according to Encore.org. Some popular choices include health care administration, nonprofit organizations and a freelance career or lifestyle coaching. Why not use your years of experience to make a difference for good in the world?
Monetize a hobby
Retirement is the time to indulge in all those hobbies you've had on the back burner for years. And if those crocheted blankets or wood-burned utensils start piling up in closets or corners of the garage, you could sell them at bazaars, farmer's markets or online.
Volunteer your time2 comments on this story
If an income isn't what you're after but you'd still like to give back to your community, volunteering could be a great option for you. Schools, hospitals and sports associations often have a great need for volunteer service. Choose something you're passionate about and make the most of your newfound freedom.
Contact the expert team at FSI Mortgage today to learn how you can achieve your retirement and financial goals. Its expert mortgage loan specialists will help educate you about the benefits of reverse mortgages and determine if one is right for you.