Right now, the so-called “three-legged stool” of retirement income is rapidly losing its legs. Social Security was never a program designed to provide an adequate retirement income — it has always been considered supplemental. By the time I retire, Social Security may not even be a contender. Few companies offer pensions anymore, and if you are close to retirement right now, your tax-advantaged retirement account may be losing value. Which means you need something else to help keep you going. Here are 3 ideas for additional retirement income:

Reverse mortgage. If you have equity in your home, especially if you have …read more

One of the more interesting retirement planning options is the reverse mortgage. With the importance of passing a home down from generation to generation diminishing, fewer retirees worry much about the equity in their homes. And this is creating a drive for a popular product known as the reverse mortgage.
Reverse mortgage
The reverse mortgage is kind of what it sounds like. You structure a home equity loan so that the bank makes mortgage payments to you. The money still has to be paid back, but it doesn’t happen until the home is sold. And the payback (interest included) is made with …read more