How You Can Increase Your Retirement Incomes
Here are a couple of suggestions you can do now and can help you increase your retirement income:
Get an IRA
An IRA is a great way to help you stock away some money for retirement that’s outside of the 401k that you might have with your employer.
You can get a Traditional IRA for those who have a standard income and they can even be tax-deductible so you don’t have to pay taxes on the money that you’re putting away.
Of course, you’ll want to talk over the different options and see which type of IRA might be the best for you and/or your spouse.
Use Automatic Investments
Automatic investments can be a great option if you’re interested in putting away money in your IRA frequently, such as every month or every quarter. You can make these automatic so you don’t even have to think about them.
This is commonly called paying yourself first, and it’s a great way to make sure that you invest, even when you know that you’re not good at remembering to put that money away.
Also, it's great for just about anyone and lets you set up automatic payments from any account you want and just about any institution as well.
Get a Rental
Rental properties can be a great way to earn some additional money, but you have to think about the fact that you’re going to have some work involved.
Rental properties are actually easier to get than you might think because you could decide to purchase a new home for yourself and rent out your old one or purchase a new property elsewhere.
Just keep in mind the real estate market in your area before you decide to buy and definitely understand the rental market as well.
Delay Your Social Security Income
This may not seem like a way you can increase your income, but it actually is because if you delay taking out social security until you can get the maximum amount you’re going to get even more money. That could be somewhere around 66 or 67.
If you wait a little longer, however, you can get a bonus of 8% for every year you delay up to the age of 70. That’s a little known fact that will help you get a bigger benefit.
Run a Side Business
A side business is a great way to make sure that you have plenty of income as you’re heading into retirement and beyond.
That’s because you could jump into just about anything and you may be able to make a small amount of money or even a large amount of money. After you retire, it could be a great time to dive in and create something new.
When you retiree you’re going to have all of those old acquaintances and business contacts that you had before you retired and you’re going to have a whole lot more time on your hands.
But if you do it before you retire you’re going to have those connections as well as a whole lot more pull amongst them. They might take you more seriously. Plus, you’ll have more money coming in so it’s easier to make that kind of investment into a new business.
Pay in Full
If you have annual expenses or larger bills that you can pay in full it can be a whole lot easier and more convenient to do so. You can generally get a discount by going this route and you may be able to still make it work even with a smaller income.
If you save up money every month to get to the amount for the next year you could be better off in the long run and you could be able to get all of those savings bonuses.