At 72 percent, the tremendous majority of respondents are homeowners, and a full 32 percent own their homes outright and pay no mortgage. The home equity you may have accrued can be used in a number of ways to help stabilize your retirement income, including downsizing your home and pocketing the profits, drawing on that equity to pay off debt or expenses, or using those funds to invest in income generating products.
“Most Americans have the potential to get significantly closer to achieving their retirement goals, but they have to take action and consider implementing a mix of these five steps,” says Kathleen A. Murphy, president of Personal Investing at Fidelity Investments. “Whether you're a younger investor deciding to save a little more in a 401(k) or an older investor adjusting investment plans, it's never too early or too late to impact your personal economy and take steps to improve your retirement readiness.”
Indeed, anything you can do to improve your financial position in retirement is worth exploring, so discuss these five strategies with your advisor. Together, you should be able to determine the most appropriate steps you can take in order to ensure a positive retirement lifestyle.
