the front edge of the baby boom generation begins to tip closer to retirement, the reality of their financial situation in falling

Many are still in debt and expect nothing else than social security. The way things are going, it seems that there are no retirement – they will continue to work even if a greeter at Wal-Mart

means

. It is time to make a significant financial planning.

If you are in this situation, but a house, you have some options.

1 Sell your house and rent 2nd Get a reverse mortgage, 3 Lodgers 4th Go to a better part of the country’s fifth Move to another country cheaper 6th Continue to work.

For Rent

Your children should all be enough if you are entitled to social security has grown. This does not mean they do not still live with you. In this case, it might be time, they express the nest.

[For those of you who are children too late and also young people had at home or college, see below.]

If you have a large piece of equity in your home to sell, you pay your debts, the proceeds and rent an apartment. Except on the coast there are beautiful new hire at reasonable prices. You may even find a house the rent you can afford.

Depending on how much you may be able to live a comfortable life, make new clothing, health care and occasional holidays.

reverse mortgages

There is in this case, the lender will cash on the equity in your home-based. You do not have to repay the loan -. What happens when you either sell the house or decide you and your spouse dies

Your first

debts are repaid. You can be the balance as you see fit.

If you sell or die, then the loan is repaid, and if money is left over, you or your heirs to find the right balance.

These loans carry high costs, but are very popular with people who need money and want to move. Rising housing costs have created additional equity to borrow.

Tenant

Take If your house is big enough, and you live in a desired range, this is a way to supplement your income.

There are many variables, including the full going rate for apartments where you live.

A room or apartment is obviously worth more to an interesting part of a large city than in a rural agriculture.

If you intend to do, talk to an accountant first to see if you tax relief for active management have a rental property.

at a price of parts of the county

Move in an expensive area like New York or California’s more, you can move cheaper areas of the country live.

South West Florida and are booming because of lower taxes and a subsequent cost of living.

Many people hesitate, from their environment to life. They are afraid of the unknown. But if the difference between the minimum wage to work or enjoy your retirement funds should be considered an option.

Money Magazine regularly runs articles on the best places to live in the United States. They take into account house prices, taxes, climate, availability of medical care, crime and much more. You can actually find a place better than you current locale.

a less expensive

This is obviously not for every move. It takes a sense of adventure and requires a strong dose of patience and acceptance. You must also be willing to part with your extended family -. What is it very difficult for some people

places like Mexico, Costa Rica and Honduras, a magnet for retired Ex-Patriot. These countries offer tax incentives to lure foreign retirees.

The cost of living is lower – but do not want to say to the article that you live to 0 per month, tossed with a maid and gardener to

I am more familiar with Mexico, where I have a house and Honduras , where I once owned.

I live part time in the mountainous regions of western-central Mexico, outside of Guadalajara. It is home to a large community of retired Americans and Canadians.

This is the land of eternal spring, with temperatures almost all year. Housing is much cheaper than in most U.S., but one reason is that they are neither heated nor air conditioned.

The taxes are low. Municipal services are at best incomplete, and the Mexican government offers little benefit. The health is good and affordable – people come from the U.S. for plastic surgery or dental work, but there is no malpractice

It’s easy to do. Friends. The weather is great and if you can adjust the patient, the pace of Mexican life, it is a beautiful place to live.

It is difficult to obtain financing for a house, even though it is now in points.Les rents are relatively cheap and the houses can be so cost more than 000 and killed millions.

You

Sam’s, Wal-Mart and Costco, in addition to other supermarket chains, fancy malls, fine restaurants and entertainment venues cheap.

to satellite TV, broadband Internet connection to get pretty good utilities and telephone and the U.S. is not so far.

Besides

housing costs, you can live very well about 000 U.S. per year.

Time Magazine has included this area as one of the top ten towns for retirement in the world.

to continue

work if you do not have a house with equity if you have more debt than equity, or if you have small children support, you have to keep working.

Depending on the employment and pension policies for your company, your employer could hold it. You have a better chance if you have the necessary skills.

offer part-time work, or as a consultant. This saves your employer money for services and was able to close the deal.

Or you could be forced to seek new employment. Currently, the labor market tight and it might not be too difficult for a boom to get a job health. What will be the case up five to seven years from now I would guess.

If you see that you need to keep working, it could be time to start a business. You can use your part-time and hopefully, if they are forced to retire, you will have an issue on your hands.

Otherwise, expect the worst. Suppose that the labor market will not be good. Consider determine your current skills and what you can do to improve.

to see if your employer pays for training. Otherwise, check what training is available from your local community college or a job board. must

you have something to offer, if you have a job if you are over 60 expect to find.

One good thing is that when you resume work, your social security benefits will continue to grow. But there are rules, press the traditional IRA will be considered.

The oldest baby boomers are about 5 years until it reached 65th If you have not started work on a retirement plan but start there is no time like now.


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