By: David K. Carboni, Ph.D.,CFPⓇ
Boston Retirement Center Suggests: Keep It Simple
The Boston College Retirement Research Center recently indicated that thefourmost importantthingstodo to increaseyourretirement’s financesare:
Spend less (and Simultaneously Save More)
Delayyour retirement date
Delay collecting Social Securityuntil your “Full Retirement Age” and preferably, to Age 70
Use you home’s equity for income
The three strategies:
Reduce your income need.
Allowsyou to save more andgrow assets for a longer period, thereby, providing you with a larger “retirement nest egg.”
Allow you to “leverage your age” by receivingmuch higher Social Security Benefits, and a larger pension or “pay out annuity” as well.
Allow you to generate income from an otherwise illiquid asset:Your Home.