• Question
  • How can I supplement my retirement income?

    Asked by a 99 year old man from Lake Shore, MN on 8/3/2012

    How can I supplement my retirement income?

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  • Categories: Retirement Planning, Retirement Income

Answers

  • Editorial 

    Editorial 
    NewRetirement

    San Francisco, CA

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  • Thank you for using the NewRetirement Calculator. https://www.newretirement.com/retirement-calculator/default.aspx

    The best way for you to supplement your retirement income is largely dependent on how many assets you have available to you. And it really also depends on whether:
    You are asking primarily about guaranteeing your retirement income to cover expenses (instead of just drawing down savings)
    OR
    Is your question focused on making ends meet?

    If you have significant retirement assets, then you may want to look at purchasing a lifetime annuity to guarantee adequate income for the rest of your life.
    You can estimate the cost of your desired monthly income here:
    --> https://www.newretirement.com/annuity-marketplace.aspx

    If you are more focused on how to make ends meet, here are a few tactics to consider:

    ----> Delay Retirement: There are three key benefits to delaying retirement. You can: 1) Dramatically increase your monthly Social Security benefits for retirement. 2) Contribute more money to your retirement savings accounts. 3) Reduce the period of time in retirement when you are relying on those savings. Seventy four percent of all households who retire at age 62 fall short of having adequate assets for retirement. Delaying retirement to age 67 dramatically reduces this figure to 47 percent.
    ------------------ More about benefits of working: http://www.newretirement.com/Services/Working_In_Retirement.aspx

    ----> Work Part Time: Even if you want to retire from your lifelong profession, you may be able to find work that is both enjoyable and helps extend your retirement assets with a paycheck! Even modest income can dramatically improve your retirement finances and the social and intellectual benefits of work are proven to help keep people young and vibrant!

    -----> Take a Reverse Mortgage: The typical U.S. household approaching retirement has nearly $140,000 in home equity making it the largest asset outside of Social Security. Reverse Mortgages allow those age 62 and older to extract their home equity while remaining in their home.
    ------------------- Estimate your Reverse Mortgage loan amount here: https://www.newretirement.com/Services/Reverse_Mortgage_Calculator.aspx

    -----> Control Spending: There is more than one way to retire with financial security. Reducing your day to day expenses can be more effective than increasing your assets or income. And, if you cut your budget while still working, you can add those savings to your retirement nest egg for even greater security.

  • Login to rate this answer:   Answered on 8/6/2012
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.