Post-retirement earnings: A round-up of how to boost them
Unfortunately, few of us fall into the category of having pots of money when we retire. Unless you happen to have been part of an exceptionally lucrative retirement plan, this just isn't usually the case.
Instead, compromises have to be made, and sometimes we have to think outside the box to boost our income. Today's link round-up points you in the direction of some pages that can help you do this, and also help you perhaps cut some expenses at the same time.
You don't have to give up work completely
Link: https://www.moneycrashers.com/best-job-ideas-retirees-seniors/
Sure, you've given up the 9-5, but there can be more to your working life than this.
A lot of recently retired people actually like doing some work, as it allows them to still keep a routine. This link showcases some of the most common jobs for seniors, and the variety is the point that impressed us the most. For example, while you could just start taking surveys on the internet to top up your savings, there are also options such as acting as a consultant. It's these sorts of ideas which a lot of people just never consider.
Move to the right place
Link: https://www.adc-fl.com/best-worst-cities-for-retiring-united-states/
Fancy taking home an income of $25,505/year when you retire? Head over to the Villages, Florida.
Of course, it's not quite as simple as that, but this next infographic does show some of the financials of supposedly senior-friendly places in the US.
It shows the mean social security income for the over 65s, the percentage of the elderly below the poverty line and also the median gross rent. Take these factors into account when you move and your post-retirement living should be more financially comfortable.
Play the tax game to your advantage
Link: https://www.cnbc.com/2017/10/11/3-simple-tax-tricks-just-for-retirees.html
We all hate tax; it's a fact of life. This next link shows some of the ways you can use the system to your advantage though as you reach your advancing years.
Don't worry, everything is above board and completely legal - these are just various ways you can start to lower your tax bill. In some cases, you can make a difference of thousands of dollars.
Understand your benefits
Link: https://www.ncoa.org/economic-security/benefits/
In some cases, you can call upon the authorities and various organizations to help you along. There are a stream of various senior benefits that you can tap into, and this link summarizes them perfectly.
Some might help you with your medical care, while others might be about assisting you with your energy bills. If you do satisfy the requirements, the difference they can make can be considerable.
A final point on inflation
Link: https://www.investopedia.com/articles/retirement/052616/how-inflation-eats-away-your-retirement.asp
We’ll end proceedings by touching on inflation. It might sound like a boring topic, but for the sake of your retirement it’s absolutely crucial.
Whether you have got to your retirement age or not, take a look at this link. It’s something that can reveal a wealth of revelations about how your money is “worth less” as you get older – which might just make you reassess your current retirement plans.