There are several ways retirees, or even pre-retirees, can extend their savings when working longer is not an option. And one of these strategies includes using a reverse mortgage in retirement planning, suggests The New York Times.
In a recent article, the NY Times offers six strategies that can allow retirees—and those nearing retirement age—to stretch their savings, whether it is through the use of financial instruments like reverse mortgages and annuities, maximizing Social Security, downsizing one’s home, reducing taxes on retirement assets like IRAs, or by simply practicing living on less.