5 Ways to Increase Retirement Income
It is not uncommon for retirees to find out late in life that their savings will not be enough to cover all of their expenses. Because retirement income is usually fixed based on payouts from Social Security and retirement funds, it may not keep up with rising prices or unexpected costs.
Citizens Lending Group believes in educating our clients about the financial decisions they undertake so that they can make informed decisions when planning for retirement income. We have designed the facts and information below to provide some guidelines for expanding retirement income including the potential for reverse mortgages. Contact us today if you have questions about increasing your income during retirement or reverse mortgage requirements.
How to Increase Retirement Income
Part Time Work
Just because you are retired does not mean you cannot work. If you are finding that your fixed income is not enough to get by, you might consider starting a part time job. Part time jobs include seasonal work at companies that need people to interact with more customers during busy times like the holidays. This method of increasing your retirement income has the added benefit of increasing your mobility and allowing you to meet new people.
Fund an Annuity
You can think of annuities as a version of private Social Security. You pay into an annuity at one time to draw from it at a later date, or receive payments disbursed over time. It is similar in some ways to a mutual fund, but there are no annual contribution limits.
Being a landlord may not be everyone's idea of a good time. However, for some, it is a good source of retirement income. It is important to remember that you can control who you rent to with a careful vetting process. If you already own one or multiple homes, you may be able to increase retirement income by renting rather than selling especially if you have completely paid off the mortgage.
These types of loans may be a better option for increasing retirement income if you have already finished paying off your mortgage or you owe only a small remaining portion. They allow you access to the equity built up in your home, without having to deal with renters or selling your home. In essence, a reverse mortgage allows you to spend the equity in your home without having to make monthly payments. Reverse mortgage eligibility can be complicated, so check with a licensed professional for the best options.
Playing the stock market can provide extra retirement income especially if you select stocks that pay dividends. Remember that stocks are not guaranteed, so there is some risk here.
Contact Us to Learn More About the Best Way to Increase Your Retirement Income
Knowing which of these options is best for you is half the battle. In California, Florida, and Pennsylvania, contact Citizens Lending Group today to learn more about reverse mortgage requirements and other ways to increase retirement income in California, Florida, and Pennsylvania.