Make some extra money

If reducing your costs here and there is not enough, you can always try to earn an extra income. Whether you opt for a side gig or turn your hobby into a money-making endeavor, there are plenty of options to earn additional money.

“It’s the last thing many people in retirement want to do, but not all sources of income have to be labor-intensive or take a lot of time,” says Ferguson, of DimeWillTell. You can opt for something that doesn’t take much of your time but can really help your overall budget. If you’re out of ideas, check out these 10 Best Work-From-Home Jobs for Retirees to Boost Their Income.

Don’t make too much money, though

Obviously, having an extra source of income can help you out a lot with your everyday expenses. However, to make sure a side gig does not jeopardize your Social Security, do your research in this respect. In some cases, your Social Security benefits might be reduced if you earn too much and exceed a certain income threshold, Ferguson warns.

“You’ll need to balance the math out just right to prevent working from costing you, rather than helping you.”