Here are some steps you can take to protect your cash flow during tough times. It may be a job loss, or large and unexpected medical bills. Whatever the cause, it threatens your income stream or raises your expenses. You’ll need to take drastic measures to restore your cash flow as much as possible.
Eliminate Nonessential Spending
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Older homeowners have more options to tap into the equity in their homes: reverse mortgages. The key to using a reverse mortgage is to understand how they can help your cash flow, often providing income to offset expenses in retirement, or enabling additional spending for a vacation getaway or recreation vehicle.
With a reverse mortgage, instead
Continue reading Reverse Mortgages to Improve Cash Flow or Provide Spending Money
Families that need cash may be tempted to borrow from their 401(k) or to reduce contributions to their 401(k) to improve their cash flow.
Whether to Borrow from Your 401(k)
Most 401(k) plans allow you to borrow the lesser of $50,000 or half of the amount you have vested in the 401(k). Although federal law imposes no restrictions
Continue reading Borrowing: Get a Loan From Your 401(k) – Tax and Penalty Considerations