Are you concerned about running out of money in retirement?
Terry Bradshaw – yes, Hall of Fame football legend Terry Bradshaw would like to introduce the Security Mutual Life Insurance Company of New York’s plan to help supplement your retirement income.
While a life insurance policy is primarily purchased for the death benefit, with a proper design and sufficient funding to build cash value, it may also be used to provide living benefits.
Please take a few minutes to listen as Terry shares information about Security Mutual and how you can supplement your retirement income with your life insurance policy’s cash value.
How Much to Save for Retirement
If you’re wondering how much to save for retirement, you’ll want to see this video where I step you through a retirement planning calculator using the 4 percent rule. If you’re wondering how to plan for retirement after you realize you don’t have enough retirement savings to fund a traditional retirement withdrawal strategy.
You may be interested in hearing how we began investing for retirement in our 50s after we became concerned about how long our money would last in retirement once we “stumbled into early retirement” after midlife.
As you reach retirement age, two of your primary concerns may be your financial and physical health. Many retirees appreciate that making some extra money can prove especially beneficial in retirement.
On top of the financial benefits of an additional source of income, working in retirement also has psychological and physiological benefits. However, it would help if you remembered that there would be some physical limitations on what you can comfortably do as you get older. Also, you may not or want to dedicate prolonged periods to work.
Plan your retirement finances in advance, There’s no denying the benefits of having an additional source of income in retirement. But it’s always advisable to plan everything. Unfortunately, four out of five adults in the US who have investable assets have simply no idea how to make them work for them, never mind a plan for their retirement.
Thankfully, the planning process is neither as complicated nor as scary as you might think. Only taking action will create a change in your life.
4 Ways to Supplement Retirement Income
Before deciding to return to the 9 to 5 cycle, there are some things you can do to supplement your income during retirement.
1. Look to Government Programs
If you’re aged 62 and older, there are a lot of government programs for you.
Many of the free and easy to access, these state and federal programs can help you with everything from housing costs and utilities to health insurance and groceries.
Since your income is limited and you’re a senior, you can get approved for many programs that can reduce your out-of-pocket costs for things you need.
2. Downsize or Relocate
One of the biggest costs for any adult is housing. Accounting for more than 30% of your overall income, paying a mortgage as well as other housing-related expenses can be a bit much when your checks aren’t as big as they used to be.
If your home has some equity in it, but it’s bigger than what you need for retirement, you could consider selling it and relocating. There are actually areas in the US you can relocate to and afford to be an entrepreneur, and, of course, they have very limited budgets, too.
If your home isn’t paid for and won’t be anytime soon, you may want to consider downsizing. Moving to a senior community or an apartment can be a lot more affordable and also includes a few amenities like community centers, gyms, and lawn care services which saves you more money.
3. Rent Out Your Room or Your Home
If you have a lot of space in your house but don’t want to sell it just yet, you can always advertise for someone to move in with you. Renting out a room and shared space like the kitchen and bathroom to a college student, a single career-oriented person, or another senior can be a great way to put a few extra bucks in your pocket.
If you’re not keen on the idea of having to live with someone else in the home, but you could still use the cash, you could also become a full-fledged landlord and rent out your entire house. You can keep it as one unit or if allowable, turn it into two units and get double the money.
4. Start a Business or a Side Hustle
Have you ever had something you were passionate about, but life just wouldn’t let you explore it further? Well, now that the kids are adults and your daily work schedule is over, you can turn to those passions to make yourself some extra money during retirement by starting a business or a side hustle. Whether you were a manual laborer and want to lend your hands to a contractor, an accountant who would love to consult with other firms, or a painter who would love to sell their art to interested parties, it only takes a few simple steps to get set up and begin drawing in new business.
“Don’t be afraid to get creative and experiment with your marketing.” – Mike Volpe
“Nothing happens until something moves.”- Albert Einstein
Well begun is half done.”-Aristotle
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