Many hardworking professionals undoubtedly look forward to retirement after many years of service. Careful financial planning can leave you with a huge sum of money when you retire, but it may not be enough to support your standard of living.
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The AARP reports that the estimated average Social Security retirement benefit in 2022 is just $1,657 a month, so your yearly income will likely reduce after you retire. Therefore, it is prudent to find various ways to bring in more cash as a retiree to cope with rising living costs. Here are some effective tips for supplementing your retirement income.
Effective Tips To Supplement Your Retirement Income
Start a business
A business is an excellent way to earn a lot of income, even for retirees. Consequently, consider starting a business to supplement your retirement income. A business allows you to work on your terms, which may be more appealing if you don't fancy going back into the job market and being bound by corporate rules again. In addition, it presents the perfect opportunity to embark on that venture you were never able to due to your corporate life's demands. Fortunately, there is no shortage of home business ideas to explore for retirees, from pet care to consulting.
Purchase a life insurance policy
Shawn Meaike and other leading experts who own insurance marketing companies help millions of Americans find the right life insurance carrier for their various needs. This assistance will come in handy when seeking to supplement your retirement income since your universal, whole, or variable life insurance policy accumulates cash value over time. Generally, you can always cash out some or all of your life insurance policy's balance anytime you require cash. You can use this money in any way, from making a down payment on a home to purchasing a car. You can also use it as extra retirement income to be more financially stable during your golden years.
Become a landlord
The Census Bureau estimates that renters accounted for 36% of America's 122.8 million households in 2019, offering landlords a large market to capitalize on. What's more, this market is also profitable, offering individual landlords $353.7 billion in rent in 2018 alone. Therefore, becoming a landlord is a great way to earn extra income during retirement. You will likely have enough capital to acquire residential or commercial real estate and rent it out by the time you retire to earn rental income all year round. If you don't want to be a full-time landlord, you can also explore the option of renting your home on sites like Airbnb and HomeAway to attract seasonal tenants.
Sell one or two large assets
Large and unused assets are untapped sources of cash, so you can always sell them to earn extra income. Admittedly, this option won't sustain you for a long period. Still, a large sale can offer a dependable cash cushion that can last for some time. Cars, yachts, and homes are some of the big-ticket assets that can fetch you huge sums of money when you sell. You can even invest all or some of the proceeds into great avenues to further secure your finances.
This is a contributed post.
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