If you are not currently contributing to any retirement funds, or you are not contributing the maximum amount to a retirement plan you may want to consider refinancing your home and using a Pay Option ARM to help save for retirement. A Pay Option ARM offers a minimum payment that can drastically lower your monthly mortgage payments. The money you save on your mortgage can be put towards your retirement planning. If your employer offers a match on a 401(k) and you are not maximizing your contribution that will always be a better investment, it is FREE money.

Seek out a financial planner. Let them know how much you would like to invest monthly; it can be as little as $25.00 per month. Over the course of time that small amount of money can turn into a big amount.

Don't forget that there are mutual funds out there that are triple tax free (from local, state and federal) taxes. Even with a slightly lower interest rate returns down the road are really great.

Reverse mortgages can be an option for retirees to generate monthly income.

Take your tax return and invest it in a Roth IRA, the contribution may even be tax deductible. $5000 returning just 10% over 30 years would snowball into 80,000 with no other contributions. By adding just $50 a month to your initial contribution you can raise that amount by a quite impressively. To figure out how long it will take your money to double at a given rate of return you can use the rule of 72. This rule takes the rate of return on your investment divided into 72. For example a rate of return of 10% would double your money every 7.2 years.

If your employer offers a 401k or similar retirement plan, contact your human resources department to discuss your options. Many employers will even match a certain portion of your retirement contributions.

Harnessing negative amortization loans such as reverse mortgages and cash flow or pay option loans is becoming increasingly popular as more borrowers are discovering the truth about the illiquidity of and lack of return on equity in the home. Separating cash from equity for investment in tax priviliged accounts requires close coordination between yourself, your mortgage planner, and your financial planner to help turn your single biggest liability, your home, into an asset on which you can finance your retirement.

Interest only loans and debt consolidation refinances will help free up money to help maximize your ability to invest money into retirment accounts also.

If you feel you can manage rental property, and can consistantly maintain at least an equal income -vs- your mortgages. Purchasing Rental propert is an excellent way to build wealth for retirement.