Mario Hernandez

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Funding large purchases should be thoughtfully planned.

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The secret to your retirement income could live in your home’s equity. While saving for retirement is a major financial goal for many, not everyone saves or is able to save enough money to live on by the time they hit retirement age, leaving them wondering how they will manage to pay for living expenses and any unexpected costs that might crop up. A reverse mortgage is one solution to this problem. Instead of making mortgage payments to their lender, homeowners can relinquish their home’s equity back to the lender in exchange for payments they can use to cover their expenses. This can be a tempting solution if you’re worried about how you’ll cover costs during retirement, but it’s not the only solution for supplementing your income, and it may not be right for everyone. So how can you know if it’s right for you? Here, six financial experts from Kiplinger Advisor Collective shed light on the pros and cons of a reverse mortgage and offer up critical questions you should ask yourself first before deciding whether or not to take on this type of solution.

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These steps are key when planning for your future.

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Decisions regarding your long-term health should always be considered carefully. Navigating all of life’s curveballs can be one of the hardest parts of responsible life planning. No one can predict exactly what life will throw at them or where exactly they’ll be five, 10 or 20 years down the road. Thankfully, products like insurance can help cautious individuals plan for life ahead, giving them peace of mind even if the worst-case scenario never actually occurs.  One such insurance is long-term care insurance, which can help cover the costs of long-term care that may not be covered by your health insurance. Whether it’s due to aging or the result of a debilitating illness or disability, individuals who require regular care for the long term — or expect that they may in the future — may benefit from purchasing a long-term care insurance policy. However, not all policies are created equal, and careful consideration should be given to a number of factors before making a decision. To help, the financial leaders of Kiplinger Advisor Collective discuss those factors below, as well as how you can find the best policy for you and your needs.

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Drawing up an intentional plan can ease your fears about not having enough. One of the biggest fears soon-to-be retirees have is that they won’t have enough money to last them throughout their retirement. And rightly so — with concerns surrounding inflation, recessions and a volatile stock market, over half of Americans feel behind on their retirement savings. These fears may keep them from taking the plunge and quitting their jobs once they hit retirement age, delaying retirement for years or perhaps even indefinitely.  However, with an intentional plan and the right support in place, you can retire comfortably — and confidently — at the age you choose. To provide some guidance on how to prepare, seven financial experts from Kiplinger Advisor Collective discuss their top tips for soon-to-be retirees looking for ways to make their savings last throughout their retirement and banish their fears of not being able to survive financially.

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What should you consider in coming up with your living expense level?

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You don’t want to leave planning your legacy until the last minute. It can be difficult to put a value on a lifetime of accumulation — your money, your home, its furnishings, souvenirs from vacations, treasured gifts from your family. It’s a joy to collect these items over the years, but too few consider what will happen to it all when they’re no longer around.  From your life savings, to your digital assets, to what will happen to any beloved pets — all these things must be considered when estate planning. And while a qualified professional can help guide you through the process, there are still some mistakes people commonly make along the way. As leaders in the financial space, the members of Kiplinger Advisor Collective have seen numerous mistakes made by well-intentioned people who maybe just didn’t have the right information at their disposal. So here, they discuss those common mistakes and the advice they would give instead to ensure the estate planning process is a smooth one for all involved.

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There’s more to this decision than simply when you want to retire. An important player in your overall retirement plan, Social Security can help fund your living expenses when you’re no longer able to work or are working reduced hours. However, as the payments you receive while drawing from Social Security only replace a partial percentage of the income you received while working, Social Security benefits should be considered supplemental rather than your only source of income. And while you can apply for your benefits at any time between the ages of 62 and 70, there may be reasons why you would want to delay receiving your benefits until a later date. So when should you plan to start collecting these benefits? While the answer can vary based on each individual person’s situation, the financial experts of Kiplinger Advisor Collective recommend considering these factors first before determining your goal age to begin collecting Social Security.