Careful planning and good choices can stretch your savings further. If you own your home and have six figures saved, here’s how to make retirement funds work harder for you.
Whether you’re looking for stability, growth, or flexibility, there are strategies to make your money go further without unnecessary risk. From unlocking home equity to finding tax-efficient investment options, your next moves matter.
Start with the obvious and earn as much as possible on your emergency savings. For example, SoFi Checking is offering 3.8% interest, plus a potential $300 signup bonus. (May change without notice.)
1. Don’t overpay for everyday expenses
Small monthly costs can quietly eat away at your retirement fund, even with substantial savings. One of the most overlooked is you cell phone service. Many retirees still pay legacy rates when more affordable, high-quality options are available.
Cutting your monthly phone bill is a fast way to preserve and redirect cash toward investments or fun. There’s no reason to pay for unlimited data if you’re mostly at home on Wi-Fi.
Pro Tip: If you pay more than $15 a month for your cell service, you are wasting money you could use elsewhere. Click here to save a bundle
2. Unlock your equity without new debt
Your home is one of your greatest assets, and you may not need to sell or refinance to benefit from its value. Newer models of equity sharing let you access cash from your property without taking on monthly payments.
This option can provide flexibility if you want to fund travel, help family, or just reinforce your retirement fund. And you keep living in your home.
Pro Tip: Americans have $30 trillion in untapped home equity, yet most can’t access it without taking on debt. If you have significant equity in your home, Hometap lets you unlock up to $600K of your wealth without monthly payments or personal liability.
3. Hedge against inflation with tangible value
Inflation and market swings can chip away at even well-balanced portfolios. Many retirees look beyond stocks and bonds to stabilize their savings and diversify their risk.
Physical assets like gold can be helpful additions. They don’t replace your entire investment strategy, but they can provide peace of mind and a layer of security.
Consider diversifying into gold, a time-tested way to add stability to your finances. Open a gold IRA and help protect your savings from inflation, volatility, and future uncertainty.
4. Use your home to support retirement income
Another way for homeowners over 62 to benefit from the equity in their homes. A reverse mortgage could be a practical solution. You stay in your home, but access part of its value as tax-free cash without monthly payments.
This strategy can help cover health care, support lifestyle goals, or provide a buffer during downturns. It’s not for everyone, but it’s worth understanding.
Pro Tip: You don’t need to struggle with payments in retirement. A reverse mortgage can turn your home equity into tax-free cash for seniors 62+, no house sale required. Use the funds for medical bills, home repairs, or even that dream vacation—without monthly payments!
5. Tap traditional equity without moving out
By now, you understand that being a homeowner is a big bonus for retirees. A home equity loan may still make sense if you prefer a more traditional option. It lets you access cash at fixed interest rates and can be ideal for larger, planned expenses.
With competitive interest rates, this could be a strategic move for homeowners who want funding without disrupting retirement investments.
Pro Tip: A home equity loan is a great way to access cash for your retirement. Take a minute right now and see how much you can get, how fast you can get it and how little you'll pay
Rethink, rebalance, retire better
Having savings and a home is a strong start, but good planning turns assets into lasting security. Whether you’re cutting waste, unlocking equity, or adding protection, the right strategies can stretch your retirement further.
This is the time to build a retirement that works for you, not just financially, but personally. Don’t guess your way through it. Get expert guidance that’s tailored to your situation.
With more than $100,000 in savings, you can get some advice from a pro. SmartAsset offers a free service that matches you to a vetted, fiduciary advisor in less than 5 minutes.
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