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2732: [Part 2] Running Low in Retirement - Income Strategies by Darrow Kirkpatrick of Can I Retire Yet
Optimal Finance Daily - Financial Independence and Money Advice
Enhancing Retirement Income Strategy for a Couple with Investments and Home Ownership
Utilizing annuitization and a reverse mortgage can significantly increase retirement income for a couple. By annuitizing their investments, the couple could secure $2,400 a month, while a reverse mortgage on their home could provide an additional $700 a month for life. This combined strategy yields a total of about $3,100 a month in guaranteed retirement income, nearly tripling what they could achieve through safe withdrawal rates alone. Sacrificing some control over principal results in boosted income, ensuring financial stability for decades. The trade-off is reduced flexibility for emergencies, gifting, or inheritance, but it guarantees peace of mind with lifelong income. By embracing these strategies, the couple can maintain a comfortable lifestyle without reliance on external aid, thus safeguarding their retirement from financial uncertainties.
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