Three Ways to Pay for Your Dream Retirement

After a lifetime of long hours at the office, lunches behind your desk and days traveling for business, you deserve to spend your retirement doing what you love. The ideal retirement looks different for various people. But regardless of how you have always dreamt of spending your golden years, one thing remains consistent: It will cost money to live the quality of life you are used to or have always wanted. From a dream vacation, to a new boat, there are many things retirees want to spend their savings on, but there is just one issue. Pension funds are not always readily available. The issue of having access to your savings can put a significant damper on your golden years.
Here are three ways retirees are finding to pay for their dream retirement.

1. Credit Cards
Credit cards give an open line of credit to help pay for a large sum up front, such as a new boat or health costs, and pay it off over time. This works well for many retirees as they can pay off the credit card debt as their monthly pension checks come in the mail. However, over time, interest rates can make this an ineffective and quite costly way to pay for a dream retirement, so credit cards are only recommended for small purchases that can be paid back within a matter of only a few months.

2. Bank Loans
Many retirees dream of starting a business in their golden years. After working a lifetime of answering to a boss day in and day out, some retirees decide to work for themselves instead and turn their favorite hobby into a business. If this is you, you may seek to obtain a loan from a bank. However, some retirees run into difficulty when doing this. Because pension funds are not considered collateral, banks do not approve loans as readily, and the process becomes burdensome and drawn out.

3. Pension Advance
Getting an advance on your retirement loan is the best option to avoiding long term interest fees and complicated processes. An advance gives you control over what you spend your money on. It also allows you to access your cash whenever you need it, including in case of an emergency. By getting an advance on money you have already earned, you can take charge of where your spending goes and have the peace of mind in knowing it is available when you need it (or want it) most.

Your golden years are just that: yours. You should have control over your money and use it on what you want. Whether you have been waiting to build onto your dream house or want to help a grandchild pay for their tuition, you are in control of how you spend your money.

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