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In Part 1, we discussed how to identify common problems with your retirement plan and how to take appropriate actions to save it. Now, in Part 2, we will delve into more specific strategies you can use to make sure your retirement stays on track.
1. Increase your contributions
One of the best ways to keep your retirement plan alive is to contribute more money to it. If you aren’t already taking advantage of the maximum contribution limits set by the government, consider increasing your contributions by 1% or 2%. It may not seem like a lot, but over time, those small increases can add up to a lot of money.
2. Take advantage of employer contributions
If your employer offers a matching contribution to your retirement plan, make sure you are taking full advantage of it. This is essentially free money, and you don’t want to miss out on it. If you are already contributing the maximum amount allowed, ask your employer if they offer a catch-up contribution option for employees over 50 years old.
3. Reallocate your investments
If you notice that your retirement portfolio is not performing as well as it should be, it may be time to reallocate your investments. This means shifting your money from underperforming investments to better-performing ones. It’s important to do this on a regular basis to ensure that your portfolio stays in line with your retirement goals.
4. Consider a Roth IRA
If you are worried that your retirement plan may not be enough to support you in your later years, consider opening a Roth IRA. Unlike traditional IRAs, Roth IRAs allow you to contribute after-tax money, meaning you won’t have to pay taxes when you withdraw your money during retirement.
5. Delay retirement
Finally, if all else fails and you are still concerned about your retirement plan, consider delaying your retirement. Continuing to work and save money for your retirement plan will not only provide you with additional income, but it will also allow you to delay taking Social Security, which can increase your monthly benefits.
In conclusion, protecting your retirement plan requires a proactive approach, including contributing more to your plan, taking advantage of free employer contributions, reallocation of investments, considering a Roth IRA, and delaying your retirement. By taking these steps, you can ensure your golden years are protected, and you can continue to enjoy the life you have always dreamed of.
What would happen if they were to sell the house now while prices are high, invest the money to use to pay rent. They no longer would have real estate tax or house insurance. They would get the downsizing over while they are physically able to do it, and they would no longer have to deal with house maintenance into their old age. The downsizing would be hard but would remove a big burden.
Josh,
What would the scenario look like without the reverse mortgage and the addition of Medicaid? Reducing their expenses by $8,000 a year could get them what they need without putting the house up.
What would you say would be the plan for someone who would qualify for social security in two countries and would have an old employer plan in another country
Fascinating! Good work Josh.
Isn't it possible that depending on when they originally filed for SS, suspending might not increase the survivor benefit due to the 82.5% widows' protection rule?
Most times creating an income stream from a hecm line of credit over the tenure option will have better results .
Example
They are both 68 years old and their 150k home will support annually income of $3.600 for life through the use of the tenure option
Or
They can get a line of credit of approximately 70k and that will be attached to a growth rate of 5%
This line of credit will now support annual income of 5k for the next 25 years to age 93 ..
This strategy will reduce the burn rate of the portfolio allowing them to keep more of portfolio invested in equitys and any growth from portfolio can be used to make a voluntarypayment back into the line of credit to be used as longevity insurance. .
Could you take a reverse mortgage on a paid for and rented out RENTAL property?
Thanks Josh good way to deal with short falls.
I would like to see a comparison of the difference between getting the reverse mortgage now versus 5-7 years from now.
Did you ever follow up with "John" & "Jane", who have since seen SS kick back in now (at 70+)? Are they feeling pretty secure now? Just wondering what the end of the process has been for them.