When savings are meager, it might be time to unretire

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When savings are meager, it might be time to unretire
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Suspending Social Security benefits and returning to work is one option for retirees with little in savings. Certified financial planner lizweston explains:

I’m 67, retired and have $83,000 in a 401 that I left with my employer. Should I see a certified financial planner? Based on my current income, I either need a job, or I have to start pulling $10,000 from my 401 each year, which will clean out my account in eight years.than you expect if the stock market drops or an unexpected expense crops up. And retirement is loaded with surprise expenses, from healthcare bills to home repairs to long-term care.

Even if you can’t work full time, a part-time job could ease the drain on your 401. If you’re a homeowner, you also could consider a reverse mortgage that would allow you to turn your home equity into a lifetime stream of monthly checks, a line of credit or a lump sum. Insurers are supposed to be experts at predicting risk, but they made incorrect assumptions about how many people would drop their policies , how many would file claims and how long those claims would last. Insurers also overestimated the returns they could get on their bond investments, which also help determine premiums.

This woman is well aware of the high costs of long-term care; that’s why she bought the policy in the first place and kept paying it all these years. Her premium might seem “ridiculously low” to you, but anyone with an ounce of empathy could understand that $4,470 is a huge chunk of change for most seniors.

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latimes /  🏆 11. in US

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