3 ways to Retire

3 Ways to Retire

There are three ways to retire. The first is by working until you drop, the second is by staying at home, and the third is by living off of Social Security or other government funds. If you want to keep your home, your children, and take care of your family, the second way is probably best for you.

With Social Security, this second plan can be achieved through a personal retirement plan that you have your employer contribute to. Your employer will match up to the first 6% of your salary and half of the amount above that.

A third alternative is to use reverse mortgages to obtain an account in your name and a house with no mortgage. With a reverse mortgage, the homeowner has the right to use their home as collateral against a bank loan. Since you can not borrow against your home, you could sell it for cash down the road.

The last option is by obtaining a private or government-funded retirement plan. These plans usually involve a savings account, investment accounts, annuities, and an IRA.

A private pension is another retirement plan. Many companies offer these as part of their employee benefits. Some of these include 401Ks and employer provided retirement plans.

Retirees should also explore the benefits of insurance plans. Retirement plans that are based on life and property insurance. These can be administered by the IRA trustee or even by the non-owner.

Each one of these options are important, but none is more important than a retirement plan. If you have the money to pay taxes on your money, and you would like to make sure your child or grandchild has a solid foundation to build upon, then you should consider a personal retirement plan.