Supplementing social security in retirement. A reverse mortgage could be an ideal solution.

Social security supplements around 40% of a retiree’s average income in most cases, leaving two options for your retirement years – reducing your standard of living significantly or finding ways to create additional income from other sources.

There are a few strategies to supplement social security including a reverse mortgage. Reverse mortgages can provide a strategic solution to create income leveraging the equity on your home.

Check out this overview on 5 Income Strategies to Supplement Social Security highlighting reverse mortgages as a smart method to create income stream without touching your retirement nest egg:

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Managing the timing and sources of your income in retirement

Managing your sources of income in retirement is never easy and is completely difference from managing the income you received during your working years.

As a retired person, you can receive income monthly, quarterly, annually and in some cases not on a regular basis. And most likely you’ll receive income from investments that you’ll need to monitor, manage and protect to ensure that they last. It can be overwhelming at times.

Here’s an overview on the different types of retirement income, some practical advice and ideas for potential retirement income, such as leveraging your home equity with a reverse mortgage: https://bit.ly/2rW1eRM.

The new normal: Carrying debt at age 75 and up

According to some new research from the Employee Benefit Research Institute the percentage of older individuals with debt has been increasing over the past 10 years, in particular for those 75 and over.

The group issued a new analysis of Federal Reserve figures showing that close to 50% of retirees ages 75 and up now have some loans outstanding – up from 25% back in 1992 – with the most significant debt increases coming among lower-income seniors.

The median debt owed by this age group ($20, 900) is below the average debts owed by Americans at younger ages. Yet debt can be a significant issue for the 75+ community considering the lack of opportunities to boost their incomes.

This article examines what’s causing this debt trend, the consequences and points out some solutions including reverse mortgages to help lock in some steady income during retirement years.

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