Today’s boomers live healthier, longer lives. And like you, they dream of doing more than merely surviving in their golden years. Today’s seniors want to thrive.
But, the world has changed and the ways we used to earn income are quickly becoming obsolete. To bridge the gap, most retirees are looking for new ways to bring in more money and supplement their income.
Below, I’ve listed 5 innovative income ideas to boost your retirement budget:
1. Use A Reverse Mortgage to Tap Into The Equity From Your Home
A reverse mortgage allows you to take some of the growth in equity out of your home so you can pay for future home costs.
2. Take Your Social Security Benefit Early
Most of us have been led to believe that waiting to withdraw our Social Security benefits is best. But the truth is, that’s not always the case.
Yes, it’s true that waiting to draw on your Social Security benefits will increase the size of your monthly check, but you might be surprised at how little the total benefits differ, especially if you live the normal life span.
3. Sell your life insurance policy
Did you know that you could sell your life insurance policy for cash in a process called “Life Settlement?”
Often, a life insurance policy that is no longer needed but paid for over a long period of time is considered abandoned. Did you know that insurance companies often plan a huge rate increase right at the 20-year renewal point to encourage that?
4. Buy Rental Property
Rental property is an effective way to make passive income. People will always need a place to live and for many of the younger generation, buying a home is out of reach. That means most of them will be forced to rent.
5. Make A Difference With A Part-time Encore Career
An encore career is work you do after you retire that adds income and purpose to your life. Encore careers are paid positions in fields that support the greater good. Examples include work in education, the environment, health, the government sector, social services, and other nonprofits.
These are just some of the ways you can bring in more income. Are you interested in diving deeper and finding out more how to supplement your income in retirement? The first step is to download a FREE e-book.
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Inside the workbook, you’ll find a series of question for you to consider before you take the next step. When you finish the workbook, I encourage you to set up a FREE strategy call with me to discuss your unique situation and resources you’ll find helpful. Click here.