- Downsizing – While it might not be the first thing that pops into your head, it can actually help you! Just imagine you have a 3,000-square-foot house but you’re living by yourself. By selling that home and moving into an 800-square-foot one, you’ll put hundreds of thousands in your pocket.
- Annuity – An annuity is a great way to supplement your nest egg. If you want to transform investment into an annuity, you need to convert it from a pool of capital to an income stream that will last throughout your life.
- Relocating – Relocating won’t give you any additional income, but it can have a similar effect, in the sense that you can reduce a lot of your expenses. You won’t have to pay as much for housing costs, utilities, food, entertainment, and transportation. The amount of money you save will be just as effective as an additional income stream because you get to keep the money that you need.
- Spousal Social Security – If you don’t qualify for Social Security, or if you have a low benefit, maybe you can raise it by claiming spousal Social Security instead. If you’re married, you’re entitled to 50% of your spouse’s payout, if it’s more money than you receive on your own.
- Royalties – If you’re an artist, or if you’ve worked in the field of entertainment, you might be able to receive a royalty stream for yourself during your golden years. A royalty is basically an ongoing payment for the use of your assets or body of work.
- Reverse Mortgage – While this option isn’t for everyone, it’s a great way to generate income. A reverse mortgage is a way through which you can tap the equity in your home, as a lump sum or as a series of monthly payments.
