We all want to be old and free. It would be great to live on the beach and watch the tide come in from your home. It would be great to have all the time in the world to spend with your grandchildren when they are at their cutest. Best of all, we wouldn't have to worry about anything like we had for most of our adult lives.
But don't start to believe the illusion you've made for yourself that retirement means the start of a stress-free life. The truth is very different from what you think. Instead, when you turn sixty and start getting a pension, your money problems just get harder to deal with. What seemed like a good pension plan when you were forty might not seem as good when you're sixty.
Because of this, different finance companies have come up with many different pension plans. If you invest in one of these plans when you are young, you will end up paying relatively low premiums. Also, if you plan far enough ahead and take things like inflation and medical costs into account, you should end up with a great pension. With that money, you should be able to live comfortably after you retire.
If you're already retired and your pension seems a little low, don't let it raise your blood pressure. There are other ways you can get the most out of your money. In fact, I just read an article about a type of mortgage that was made just for older people who owned their own homes. They could give a bank or other financial institution a mortgage on their house and use the money that came in to pay for their needs. In the meantime, the house's original owners still had the right to live there. People who are married could choose to borrow together. When the owner died, the house would be sold to get the bank's money back. Any money that was more than the loan amount would go to the borrowers' heirs.
Reverse mortgages do make a lot of sense for people who are retired. They don't have to feel like they need their family and friends to get by every day. It is a great blessing to be able to keep one's pride after retirement. It's good that the world we live in now has ways to make retirement seem easy.
