Your expenses don’t end when your paychecks do, but creating a reliable income stream in retirement can be tricky. The right choices can result in sustainable income for the rest of your life. The wrong choices could leave you uncomfortably short of cash.
Social Security checks can start at age 62, but abundant research shows most people are better off delaying. Waiting until 70, when benefits max out, is typically the optimal strategy for single people and the higher wage earner in a couple, says Vernon, author of “Retirement Game-Changers.” People’s situations can vary, though, so they would be smart to consult Social Security calculators to help them decide when to start.
Another option could be a reverse mortgage, a loan that can convert some of your home equity into a stream of monthly checks. If you have a lot of equity but still have a mortgage, a reverse mortgage could pay off your loan and eliminate those monthly payments.
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