During retirement period often the retirees take up jobs for seniors to supplement the income they already get from other sources. There can also be other sources of funds such a person is already having and which he is planning to convert as a regular source of monthly income.
One may be trying to scale down his expenses by downsizing his home. He can also consider the option of reverse mortgage in addition to getting jobs for retirement. In other words, there are often facilities for a retired person to get a stream of payments or a lump sum by entering into a reverse mortgage in exchange for the equity value of your home where you can continue to live in. Reverse mortgage can make the value of your property for immediate use and the amount so received can be invested into deposits that can provide a stream of payments thereby boosting the monthly income from the post retirement jobs.
Just like monetizing the asset today in reverse mortgaging one can also monetize the value of his life insurance policy. By letting it lapse or by surrendering the policy instead of continuing it by making heavy payments one is getting an opportunity to bring out returns from this life insurance policy. There are some companies which allow the market value of your insurance policy’s future value to be converted to cash income today. There are options for exchanging your life insurance policy to an annuity that gives you a monthly income stream for the rest of your life. This income along with the income from jobs for seniors will be enough to keep you happy and content.
One can also look to other items or assets that have been acquired over your lifetime to give opportunities for a monthly stream of income in addition to the income from jobs for retirement.
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