In addition to employee retirement plans, you may want to consider other ways of supplementing your retirement income. For example, you may be able to tap into the equity you've built up in your house. As an employee, you may arrange for income deferrals—delaying the receipt of a portion of your income until you retire. And of course there are many other ways to invest money that could increase the assets available to you at retirement. Work with your financial professional to build a strategy that works best for you.
Your House Is More Than a Home
Many people have paid off their home mortgages before retirement. There are two ways your home can help you generate income in retirement:
- reverse mortgages
- sale and leaseback of your home
Both of these techniques are typically used when you can't make ends meet with your other retirement funds.
First Commonwealth Bank and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.