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304 North Cardinal St.
Dorchester Center, MA 02124
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Planning for retirement involves considering various factors. Whether you’re thinking about creating multiple income streams or becoming more aware of rising expenses, it’s essential to have a solid plan. Adding more cash inflow to your retirement strategy can help cover monthly expenses, afford travel, and enhance your peace of mind. Here are four innovative sources of retirement income.
If you have extra space in your home or plan to downsize, renting out a room or your entire house can provide an additional income stream. Many retirees use platforms like Airbnb and Vrbo to earn rental income. There are also rental services specifically designed for seniors.
If you prefer cohabitation with another senior, the National Shared Housing Resource Center offers a directory for shared housing programs. This directory helps match those with available space to rent with those seeking affordable housing.
Continuing to work in retirement through part-time jobs or gigs can be enriching and financially beneficial. Known as an encore career, this type of work allows retirees to engage in roles they find interesting or socially fulfilling, such as retail, nannying, reception work, and more.
When choosing a gig, consider local opportunities, your interests, and roles you’ve always wanted to try. Look for gigs that not only provide income but also offer social interaction. Popular options include pet care, substitute teaching, tutoring, and driving for ride-hailing services.
Dividend stocks are shares from companies that regularly pay shareholders a portion of the company’s profits. These payouts can be monthly, quarterly, or annual, providing a stable stream of passive income. This is in addition to the potential appreciation or depreciation in stock value over time.
If you have funds to invest and want to add dividends to your retirement income, consider consulting a financial advisor. They can help you create a portfolio of dividend stocks with staggered payout dates to provide consistent income throughout the year. They can also assist in assessing your risk tolerance and understanding the tax implications of dividend income.
While downsizing may not be a direct source of new income, it can free up cash similarly. If you’re managing mortgage payments, high property taxes, and other expenses of a single-family home, consider the benefits of moving to a smaller home or a multi-family community, such as a condo.
Downsizing can help you free up funds and use your home equity to supplement your retirement budget. Discussing this option with a financial advisor can help you maximize your money. Lowering housing costs can significantly benefit your retirement budget, but ensure you’re ready to relocate before making a decision.
Creating new income streams through investments and renting out space, along with part-time or gig work, can help you bring in more cash during retirement. These options also provide opportunities to explore new interests and stay connected.
For personalized assistance in planning your retirement, reach out to a financial advisor. They can help you evaluate your retirement savings and develop strategies to add income streams.
For any mortgage-related needs, call O1ne Mortgage at 213-732-3074. We’re here to help you navigate your financial future with confidence.
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