Some retirees are noticing this Monthly Social Security checks are smaller than they expected, which adds an additional burden on their finances. If you are approaching retirement age, or have already started receiving your benefits, You can feel the economic pressure And Find alternatives to get more dollarsWith inflation and the ever-increasing cost of living, it is imperative that you have a plan to manage your daily expenses, beyond your salary.
Social Security is designed to pay Based on an average of 35 years With higher income for Account payments. However, many retirees are surprised by how low their checks are. This is according to a recent survey conducted by the insurance company nationally, 36% of Americans receive less benefits than expected.
This is what you can do if your profits are too low
Rental income
Although you may not want an additional or side job, Rent a space on your property or a room in your home It can provide you with additional income. Not only can you rent a place for someone to live, but you can also rent your yard or garage for people to store cars and other items.
Zach Swad, President of Swad Wealth Management, in conversation with GoBankingRates He commented that if you have extra space or a second home, consider renting it. With rising rental prices, this It can generate a significant amount to help you cover your expenses. If your home is located in an attractive area, you can explore the option of short-term rentals through platforms like AirbnbJust make sure you have the right insurance to protect you.
Monetize your hobbies
Retirement is the perfect time to take up those hobbies that you never enjoyed while working full-time. In addition, you can turn those interests into an additional source of income, Turn your hobbies into small projects.
Zach Sawad mentioned in this regard that you can make money from your hobbies. For example, if you enjoy woodworking, you can create custom cutting boards and sell them on sites like Etsy. If you prefer landscaping or repairs, you can offer your services on platforms like a task. Not only will this provide you with additional income, but it will also save you money It will keep you productively busy If you have a lot of free time.
Applies to assistance programs
If your current income is not enough to cover your basic needs through Social Security or other retirement income, it is important to consider applying for available assistance programs. These The software is designed to support For those who need help covering basic daily expenses.
For example, you can qualify for MedicaidLow-income housing programs,Supplemental Nutrition Assistance Program (SNAP) Or receive food from community food banks. These resources can not only provide additional financial relief, but also ensure that your basic needs are met in retirement.
Video credits: YouTube | CNBC Do it
