People that want to boost their income for their retirement years will have multiple options to consider. A lot of those that have not reaped all the benefits of compound interest by investing early may need to catch up. The following presents a few ways that they can do this.
Max 401K/IRA Contributions
Companies that are providing 401K plans are giving people a chance to save for retirement. Anyone that wants to boost their retirement income should contribute the max amount that the employer yes matching. Employees that have 401K and IRA plans should also look to maximize their contributions. The amount change sometimes and employers need to stay mindful of the changes.
Getting another job before retirement can help boost retirement income. When a person gets a second job they are going to automatically boost their earnings for the year. When they boost their earnings they are also going to be increasing their social security retirement income.
A second job is also a good way for retirees to save extra money. They can put this extra money into other Investments that can also provide a return on the investment during retirement years.
It is a good idea to look at the possibilities for passive income if there is a desire to boost the retirement income. People can do this by investing in properties. Real estate investing is very popular way to build more income even when a person is retired. They don’t have to do any physical work. They can just make investments while they are working and build up a number of investment properties. When they retire they will have the ability to acquire investment income by renting these properties to tenants.
The early retirement age is 62. People that are willing to work to 65 to 70 will be able to boost their retirement income just by working longer. People that are willing to work beyond the age of 62 will boost their pension if they are with a company that provides this. They are also going to boost their social security income as well. It is also possible to increase retirement income when people wait to year after retiring to file for their social security benefits.
Securities offered through Sanctuary Securities, Member FINRA and SIPC. Advisory services offered through Sanctuary Advisors, LLC, an SEC registered investment advisor