Planning for retirement can be a challenging task. However, while most seniors rely on Social Security and savings in their 401(k) accounts for these years, it’s important not to overlook other sources of retirement income.
Different sources of income can help you weather financial storms like high rates of inflation.
Retirement Income You May Have Overlooked
Many seniors benefit from having income that comes from multiple sources. According to The Motley Fool, there are five sources that you may have not considered.
- Dividends – These are payments that companies make to shareholders of the company’s stock. If you have been investing in stocks for a while, you may have already accumulated a nice nest egg of dividend income.
- Home equity – You can leverage the value of your home through a reverse mortgage or home equity line of credit (HELOC).
- Selling a car or possessions – If you have a paid-off car or other assets, selling them can provide a nice chunk of cash.
- Unused items in your home – You can clear out space and make money by selling unused items.
- Downsizing a home – Moving to a smaller home can free up cash that can be used for retirement.
The assets that you might take for granted could actually be valuable sources of retirement income. The best way to navigate finances in retirement? Talk to a financial advisor for sound advice.
Help The Seniors Center Protect the Future of Social Security
The Seniors Center is committed to finding solutions to strengthen and protect the Social Security Trust Fund. Social Security is a contract between citizens and the government. Money deposited in the Trust Fund should only be used to pay benefits to eligible recipients.
The Seniors Center is demanding Congress finally put a stop to the careless borrowing and spending by greedy politicians that has put our Trust Fund and our secure retirement in jeopardy.
At The Seniors Center, our goal is to help seniors, and we’re doing that by protecting the future of Social Security. Retirees shouldn’t have to worry about losing their hard-earned benefits to taxes or the agendas of greedy politicians. If you agree, we invite you to sign our petition today! And follow The Seniors Center on Twitter and Facebook for more updates!
