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Quick Summary
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Many Americans reach their late 60s still carrying mortgage debt and limited savings, leaving little room for financial mistakes.
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Getting an independent review of your retirement plan can help clarify how Social Security, withdrawals, and taxes fit together, and many people start by speaking with a financial advisor through SmartAsset.
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Tapping home equity can improve cash flow and help manage major expenses more safely, some homeowners explore it by checking their options with a Rocket Mortgage HELOC.
At 68, many Americans expect to be easing into retirement. But for older homeowners in that scenario, easing feels far away.
He’s still making mortgage payments, and his savings are thin. Social Security helps, but it doesn’t cover everything. And with rising healthcare costs and inflation eating into fixed income, he worries that one major expense could upend what little stability he has left.
He’s not alone.
Millions of older Americans enter their late 60s with limited savings and ongoing debt. According to a National Debt Relief survey issued last year, 72% of Gen X adults reported carrying debt, and 49% reported having less than $20,000 in savings. Some were derailed by job losses, medical bills, family obligations, or market downturns. Others simply didn’t earn enough early on to build a large cushion.
When time is short and margins are thin, every decision matters more.
Here are the practical steps many people in this position consider as they try to stabilize their finances and protect what they have.
When retirement is close — or already here — guessing is dangerous.
At 68, there is little room for trial and error. Speaking with a financial advisor through SmartAsset can help clarify how taxes, withdrawal timing, Social Security claiming strategies, and required minimum distributions interact in ways that aren’t always obvious. A small misstep can permanently reduce income.
For many late-career workers and retirees, the first step is getting an outside, objective review of their finances.
That’s where SmartAsset can be useful.
Instead of calling advisors one by one, you answer a short questionnaire about your age, assets, income, and goals. The platform then matches you with up to three fiduciary advisors who work with people in similar situations.
The value isn’t just convenience. It’s comparison.
Seeing multiple advisors side by side makes it easier to spot differences in strategy, fees, and risk tolerance. Initial consultations are typically free, and there’s no obligation to move forward.
For someone carrying a mortgage with limited savings, understanding exactly where you stand — and what options are realistic — can prevent costly mistakes later.
For many older homeowners who still carry a mortgage and have limited savings, the equity in their home, accessed through tools like a Rocket Mortgage HELOC, becomes one of the few remaining financial levers they can pull.
After years of payments, you may have built substantial equity, but that wealth is locked inside the home.
When monthly budgets are tight, medical bills are rising, and emergency savings are limited, that equity sometimes becomes the only realistic source of flexibility.
Some retirees explore borrowing against a portion of their home’s value to consolidate higher-interest debt, cover major expenses, or create breathing room.
One option is a home equity loan or HELOC through Rocket Mortgage.
With a home equity loan, borrowers can typically access a percentage of their home’s value — depending on credit score, income, and debt levels — and repay it over time at rates that are often lower than credit cards or personal loans.
Rocket’s online process allows homeowners to check eligibility and estimated borrowing amounts in just a few minutes, without committing to anything upfront.
Used responsibly, tapping home equity can help stabilize cash flow and reduce financial stress.
Even with careful budgeting and debt management, many retirees find that fixed income alone doesn’t leave much room for error, which is why platforms like Arrived come up in conversations about supplemental income.
Social Security replaces only a portion of pre-retirement earnings. Pensions are rare, and small savings balances don’t generate much interest.
That’s why some older investors look for ways to add recurring income without taking on a second job.
Real estate has long played that role in retirement planning. Rental income can help offset living expenses and provide some inflation protection. But owning and managing properties isn’t realistic for everyone — especially later in life.
Maintenance, tenants, vacancies, and financing can quickly turn into a full-time responsibility.
Platforms like Arrived offer an alternative.
Arrived allows investors to buy shares of rental homes and vacation properties without handling day-to-day management. The company takes care of acquisition, leasing, maintenance, and operations, while investors receive potential income and appreciation.
Investments can start with as little as $100, making it accessible to people who can’t commit large sums.
Arrived is backed by investors including Jeff Bezos and has paid out tens of millions in dividends to a broad base of users.
For retirees who want real estate exposure without landlord duties, this approach can provide another income stream alongside Social Security and savings.
After decades in the workforce, many older Americans have lived through multiple recessions, housing crashes, and policy changes. Experiences like that have led some to look toward options like Preserve Gold when thinking about long-term security.
By their late 60s, the priority often shifts.
It’s no longer about maximizing returns, it’s about avoiding major losses.
Inflation, government debt, healthcare costs, and market volatility can all erode purchasing power over time. When savings are limited, there is little margin for error.
And with gold near all time highs, some retirees diversify part of their portfolio into assets that don’t depend on financial institutions or stock markets to function.
One option they consider is physical precious metals through Preserve Gold.
Preserve Gold helps clients with at least $10,000 purchase IRS-approved gold, silver, and platinum for retirement accounts or direct ownership. The company supports IRA rollovers, insured home delivery, and secure storage options.
It also emphasizes transparent pricing, price matching, and zero-fee buybacks on qualifying metals, along with waived storage and custodian fees for certain accounts.
For investors who view gold as insurance rather than speculation, working with a dedicated specialist can help avoid costly mistakes around taxes, storage, and product selection.
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This article I'm 68, Carry a Mortgage, and Don't Have Much Saved. What Should I Do? originally appeared on Benzinga.com
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