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According to a report from the Center for Economic and Policy Research, approximately half of the Americans heading towards retirement have barely enough savings to last three years. Retirement is supposed to be the time in your life when you can kick back and enjoy the fruits of your labor. However, if you’re unprepared, your retirement years can consist of working to maintain a living. To help you prepare (or to sustain a decent quality of life if you’re already retired), here are some “out of the box” ideas on how to boost your retirement income:
1. Reverse Mortgages
Your home is your biggest asset, and you’ve been paying the mortgage for years to provide a roof over your head. Once you reach retirement age, there are plenty of benefits to being a homeowner. For instance, reverse mortgages are a great way to supplement retirement income. Qualifying seniors aged 62 and older can take out a loan on the equity in their home.
What’s great is that the loan does not have to be repaid as long as you stay in your home. This provides you with extra cash coming in each month. Before you decide to look into a reverse mortgage for a more comfortable retirement, be sure that you research the company to ensure that you’re going to get the best rate.
2. Become a Landlord
If you have property in the family that is not in use, you could consider renting it out for some extra monthly income. Rental properties can be a steady stream of income. You’ll need to find a tenant that will be reliable in paying the rent on time. You’ll also need to put away some cash just in case you need to make repairs on the unit as this can set you back. Other than that, you’ll have a monthly deposit being mailed to you on a monthly basis which can be put towards whatever you need.
3. Sell Things
Over the years you’ve likely collected a lot of things. If any of them are in good condition or worth some real value, you might want to consider selling them. Having periodic yard sales is one way to get the job done, but you can also consider options like opening up an eBay account or selling items through classified ads like Craigslist.
4. Start Couponing
It might seem like a coupon for 50 cents here or 25 cents here isn’t worth the hassle, but to be quite honest, it can be worthwhile. Couponing can help you save money on everything from your grocery bill to your entertainment needs like dining out or going to the movies. Start searching the local newspapers and online coupon sites for money-saving coupons you can use to cut down the cost of retirement.
5. Become a Consultant
For the last 30+ years you’ve been working and have developed a diverse set of skills in some industry. Use those skills and abilities to your advantage. Instead of taking on a traditional part-time job, you could offer your services as a consultant. You can work with who you want for as long as you want and set your own prices.
If you find that your existing retirement budget is not working or you’re not able to afford a comfortable life, it may be time to consider downsizing. Moving to a smaller home or minimizing the amount of vehicles you have can be feasible ways to lower the cost of living.
7. Get Healthy
You may not have considered health to be an expense, but it can. When you’re not your best you ultimately need to pay for higher health care costs. Visits to the doctors, prescriptions, and procedures can really start to add up. By eating a healthy diet and exercising regularly, you can cut your health costs immensely, saving you money that can be used to finance your retirement.
Don’t let your finances be the reason that you can’t enjoy retirement on your terms. You should be able to enjoy life and revel in your hard work over the years. With these out of the box ideas, you’re sure to find ways to save money and earn more to fund your retirement needs.