How You can Earn More Retirement Income

When you retire, there’s a very good chance that you’ll have fewer expenses than you did during your working years. With that said, though, some new expenses can start to creep in as well, such as the cost of healthcare, which tends to be quite high for retirees.

Fortunately, though, if you think you’ll need some extra money during your retirement years, there’s a pretty easy way to get it, and that way is to hold off on getting your social security benefits. In fact, doing so could actually earn you $5,000 more each year!    

You probably already know that you can start claiming Social Security once you hit the age of 62. However, if you hold off a little longer, you can actually increase the amount that you bring home in Social Security.

The basic rule of thumb is that for every year you hold off on collecting Social Security benefits, you’ll increase those benefits by 8% up to the age of 66.

Of course, not everybody can hold off on receiving those Social Security benefits, even if it does mean they get less of a payout. If that describes you, then don’t worry. There are other options for “making bank” in retirement.

You could, for example, choose to start your own small business. Or, maybe you could find a part-time job or do some work “on the side,” like baby-sitting or doing home-cleaning. Or, perhaps you could even “downsize” by selling your home or a paid-off vehicle that you no longer need.

The bottom line is that you can earn money in retirement; in fact, you have a lot of options for doing so. You just have to pick the right one or ones to work for you.