Image Credits: Google
Social Security provides a significant portion of retirement income for many retirees. And for some, those benefits are their sole source of retirement income.
Image Credits: Google
Social Security alone isn't enough. These benefits will only replace 40% of an average earner's pre-retirement salary.
Image Credits: Google
Then there's the fact that Social Security has long failed to keep seniors' incomes up to date with inflation.
Image Credits: Google
If you have a larger home with a separate living space, such a finished basement, you can rent it out for extra retirement money.
Image Credits: Google
If you don't want a permanent tenant, consider short-term rentals when you're away.
Image Credits: Google
When you were younger, you couldn't stop your job to paint for hours. Now that you're retired, why not indulge in your favourite passion and sell your wares?
Image Credits: Google
Crafting, woodworking, and baking are monetizable hobbies. You may do what you love and make money at the same time.
Image Credits: Google
Choosing the correct investments is another excellent strategy to increase your retirement income.
Image Credits: Google
Dividend-paying stocks, for example, are an excellent choice in this sense, as are municipal bonds.
Image Credits: Google
Retiring on Social Security alone or with little supplemental income could entail cutting pennies. Consider strategies to boost your benefits and financial flexibility later in life.
Image Credits: Google