There is a time to work, a time to plan for retirement, and a time where you stop working to put that retirement plan into action. It might seem like a simple path forward, yet there truly is no one way to a successful retirement planning outcome. Some people are able to put 401(k)s and pensions together to make their cost of living work for them. Others are able to figure out how to manage a combination of Social Security, savings and alternative sources of income to stay afloat.

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All of these methods might seem tried and true, but there are a few other alternative tips and tricks that retirees can utilize to make their finances work for them. Here are three brilliant money moves that many retirees don’t know about (but should).

Do a Roth IRA Conversion

As Flavia Nunes, a wealth advisor at SteelPeak Wealth, broke it down: a Roth conversion is basically a way to move money from a traditional retirement account, like your IRA or your 401(K), to a Roth account.

“With a Roth IRA, your funds will grow tax-free, and you will not have a required minimum distribution (RMD),” Nunes continued. “Think of a Roth conversion as a way to pay taxes upfront, so you can enjoy tax free withdrawals later.”

“You are pre-paying in advance, at a potentially lower rate, to enjoy peace of mind withdrawals later, while still having the ability to forgo the withdrawal and leave the funds to continue to compound,” Nunes stated.

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Move to a State That Does Not Tax Retirement Income

If you are living in the United States, check to see if you are in a state where retirement income is not taxed — there are 13 of them in the nation. If you are not in one of those states, Jay Zigmont, the founder of Childfree Wealth, recommended moving to one.

“Relocating to a state that does not tax retirement income is like giving yourself a raise,” Zigmont stated. “If you are currently living in California, where many people pay 9%+ in income tax, and you move to a no income tax state like Tennessee, you effectively made 9% more on your money each year, and lowered your cost of living.”

Consider a Reverse Mortgage

If you are a homeowner age 62 or older and need additional income, a reverse mortgage could be an option worth considering, in Nunes’ professional opinion.

“The lender will look at your home’s value, your age and current interest rates to determine how much you would be able to borrow,” described Nunes.

“You can then choose to take out a lump sum, or a line of credit — you can use this to cover monthly expenses,” Nunes added. “A reverse mortgage is a good way to tap into tax free income and avoid tapping into your cash flow during market downturns.  It’s not for everyone, but may be a good solution instead of selling your home.”

J. Arky