How to Increase Your Available Funds If You’re Over 65
Jun 23, 2021
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After retirement, there is a common misconception that one should simply enjoy the money they have made over the years rather than making more. While this may be perfectly fine for some, others may either need to make some extra money or may want to continue doing so, even after they officially retire from their current job. Fortunately, there are plenty of options for increasing your funds at 65 and over, ranging from side jobs to big financial moves like seeking a life settlement.Get a Life Settlement
Life settlements include selling your current life insurance policy to a third party in order to receive a lump sum of cash. This is a great option for a few prominent reasons. First of all, you often receive a far greater sum compared to if you simply surrender your policy. Secondly, in selling, you no longer have to worry about paying high monthly premiums and can instead enjoy the money you've saved however you'd like. To sell your policy, you work with either a broker or a life settlement company such as Dawn Life Settlements. Working with a licensed and legitimate company will ensure you follow all rules and regulations and get you the best possible bid.
Work a Few More Years
To make a little extra cash and avoid the boredom that often comes with retirement, consider taking on a side gig. Many retirees offer freelance services, such as tutoring or writing either online or in-person. With freelancing, you can choose your own hours, working as often or as little as you'd like. Alternatively, if you'd prefer working for a company, you can look into becoming a tour guide, concierge or even working in retail. For passive income, consider renting out a room in your house or even renting your car out.
Maximize Your Social Security Benefits
Most people are eager to start receiving their social security benefits as soon as they are eligible. Still, few know that if they delay their benefits until at least age 70, they can see an 8% increase in the annual amount that they receive. Therefore, it's advised to wait for as long as possible by using other finances or continuing to work side jobs until age 70.
Consider a Reverse Mortgage
Starting at 62 years of age, a homeowner with enough home equity built up can consider a reverse mortgage. This is when homeowners borrow against the value of their home and receive a lump sum of funds in return. You won't have to sell your home or pay those monthly costs towards your home that you may do already. This is a similar route to life settlements in that you can use a large amount of cash to deal with bills and debts or have cash for yourself. However, the funds received do act as a loan that will need to be paid back if you decide to move or permanently sell your home. Therefore, reverse mortgages require a good amount of research and thought but can act as yet another good option.
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