A Reverse Mortgage Can Help Women Achieve a Financially Secure Retirement
Planning ahead for retirement can be daunting for anyone. But women, more so than men, may be at a greater risk of not achieving a financially secure retirement. For 14 years, the Transamerica Center for Retirement Studies (TCRS) has researched the retirement outlook of business employers and workers in the U.S. in an effort to promote awareness and help educate the public on retirement trends and strategies. Of particular note, the study highlights the retirement outlook of women, and the opportunity for them to take more control over their long-term financial strategies.
The study highlights some concerning statistics among those women included in the research:
- Sixty-six percent of women do not have a retirement backup plan if they are unable to work to their planned retirement age.
- Thirty-two percent of women expect Social Security to be their primary source of retirement income.
- Only 15 percent of women have a written retirement strategy.
- Only 12 percent of women are “very confident” that they will be able to retire comfortably.
What are some suggestions?
The research also includes some suggestions for how women can take control of their retirement, including developing a written retirement strategy and goals to help them envision their future; educating themselves on retirement accounts, asset allocation, and when the best time to start receiving Social Security; and having a backup plan in the unfortunate event they cannot work up to their planned retirement.
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More on Reverse Mortgages & Women in Retirement
One solution women might want to consider as a backup plan, and as a strategy to bridge the gap between no longer working and receiving Social Security, is tapping into their home equity through a Home Equity Conversion Mortgage (HECM).
A HECM, or a reverse mortgage, is a federally-insured, collateral-based, non-recourse loan for seniors 62 and older that allows homeowners to convert the equity in their house to cash. And, since Social Security benefits increase around seven percent each you that you wait to collect, using a HECM as a retirement tool can provide financial security so women can delay withdrawing their benefits too soon.
If you want to take greater control of your long-term financial security and think a reverse mortgage might be an option for you, speak with a Certified Reverse Mortgage Professional today for more information.
Learn more about how people are using home equity conversion mortgages for purchasing homes:
Please keep in mind that the reverse mortgage industry in constantly changing and some of the information contained on this site may not be current. Please ask a licensed reverse mortgage professional for up-to-date guidelines.