Tips To Generate Income That Last Throughout Your Retirement

retirement income

This is a guest post by Christopher Austin and

More than half of American people in their 50s and 60s depend on social security. In the US, the average salary is not very satisfying – only $1,200 a month; and as for the median retirement balance per individual, the amount was $59,000 on average in 2013. Sadly, this is not enough and a lot of people will have to cut back on their expenses in order to live on IRA withdrawals and social security payments without touching the money they make at their job.

Saving money for retirement is challenging

Saving money for retirement is a lot more difficult that meets the eye, and a lot of people are terrified by the amount they should put aside every month to live comfortably in their senior years. Fortunately, it can be done. All you need to do is start somewhere; get informed, consult with a specialist and get things going. The more you know about generating extra income for retirement the better chances you have to live a good life in your 60s.

Many people won’t be able to accumulate $1 million in their retirement portfolio. The amount is out of reach to many, and it would take years before you can gather this kind of money. However, there are different ways to look at this situation. Rather than attempt to save $1 million in a savings account, you could try generating $40,000 per year (or any other amount that’s sufficient enough to cover all your bills). To make that happen you’ll have to use several key resources; and social security, a part-time job, and a pension are just some of them.

Boost social security benefit

Even though most people live on a modest social security benefit, there are still ways you can increase the payments that come with it. Start by working more and you will earn more throughout the years. An individual’s 35 best paid years contribute the most to social security benefits. The more money you make in that timeframe, the more financial benefits you’ll have when you retire.

Get a job that comes with a pension

Nowadays, it’s tough to get a job that comes with a pension. However this is a safe way of living the good life when you retire. Jobs with good pensions allow employees to work until it’s time to retire; and when they do retire, they’ll benefit from a well-deserved second monthly income in addition to their personal social security. Teachers, police officers, civil servants and people in the military have the best chances of scoring a pension.

Rental income

Not everyone can be a landlord, and while rentals are a great way to make extra cash for retirement, let’s not forget that we’re talking about making an investment. Investments – regardless of their nature – come with a set of risks. Before buying property to rent you have to think things through carefully. If you don’t have enough to purchase a house or an apartment, you could start slow. Rent spare rooms inside your home and begin collecting extra income.

Purchase dividend stocks

Buying dividend stocks can also be a great way to boost your income. They’re an excellent investment opportunity because you’ll have a dividend income that increases annually when you chose to invest in the companies selling the stocks. To earn a substantial amount will take time though, and you have to be prepared for that. Be patient and start with little money. Invest in a dividend portfolio; you won’t need more than $500 to do that. Then keep reinvesting the dividends and add more to that portfolio. By the time you reach retirement, you should have a very nice cash stream.

Generating income to last throughout your retirement years is easier than it seems. There are simple techniques you can use to make extra cash; of course, if you feel up for a challenge you could invest. Don’t do it all on your own though, and ask for advice. A skilled financial advisor will have the risk management software required to boost your current income, as well as the experience to help you make the right decisions.

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