One last thought: Retirees are often much wealthier than they see themselves. If you own your home outright, you’re semi-rich—and if you think you can’t spend a house, you’re mistaken. Almost any bank will let you cash out some of its value with a home equity loan. Some sell reverse mortgages—you sign your home over to the bank in exchange for a monthly check and free rent. Look before you leap into unfamiliar financial strategies, but keep an open mind. What’s better—the abstract knowledge that you’ve paid off your mortgage or the concrete fact that you have a new grandchild to spoil?
