John J. Grande, CFP?

Q My parents are living on a fixed income. Lately, their monthly expenses have begun to exceed their income. The only real asset they own is their home, which is paid off. It is not important to me to inherit their house, but I also don't want to have to subsidize their income if I don't need to. How could they use the equity in their home to augment their cash flow, without selling it?

Q Could you explain whether it is generally better to take Social Security benefits at 62 or wait until 65 or even 70?

When considering whether to take advantage of this law, consult your financial planner.

The simplest way to cope with risk is to shift the risk to an insurance company. This should be your first line of defense. Before you do anything else, review your existing coverage.