It’s generally a given that a monthly social security payment will not be enough to retire when the magic retirement age comes around.
In the U.S., you can take social security as early as 62. There are calls to raise the retirement age in France and Great Britain whereby you can receive your social security-like pension—64 and 68, respectively.
But there’s good news for homeowners in the U.S. and England who have owned their property for decades and have been paying religiously on their monthly mortgage payments. It’s called a reverse mortgage. If you’re 62 or older, you can apply for a reverse mortgage. If approved, you can tap into all that equity you’ve built in your home for decades. Some proceeds can run into hundreds of thousands of dollars.
The best part about a reverse mortgage is that you need never pay it back until you leave the house or die. It’s a win/wins for retirees who haven’t saved enough to live on once they reach their 60s.
But what about the new trend that’s occurring with Gen Zers who wish to retire not at the required ages but at or even before they hit 60? What should they start doing to make the minimum $2 million they will need in their golden years to live comfortably?
According to a new report by CNBC, the youngest members of the workforce are said to have no intentions of hanging around the workplace as long as their parents and grandparents did. Gen Zers between the ages of 18 and 25 generally aim to retire by the time they hit the ripe old age of 59, that is, according to a study conducted by Northwest Mutual’s 2022 Planning and Progress report. Accordingly, millennials between the ages of 26 and 41 plan to keep working until they’re 61.
How Much is Enough?
American workers believe they’ll need close to 2 million dollars to require comfortably, or so says Charles Schwab, who recently conducted a poll. This number varies by generation. Gen Xers and millennials believe it will be possible to put away around $…
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