How To Finance Your Retirement

Considerations to finance your retirement

Consider These Options to Finance Your Retirement.

Retirement is supposed to be a time for relaxation and enjoyment, but for many Americans, the thought of retiring causes financial stress. In fact, around 2 out of every 5 Americans are worried about saving for retirement, which indicates that millions of people don’t have the funds to retire. 

If you can relate to this, don’t worry too much. There are lots of different ways to help finance your retirement, which is why many retirees often have various forms of income. Here are three ways to finance your retirement. 

Consider Becoming A Landlord 

Real estate is a great way to boost your earnings, which is probably why nearly 30 million Americans are currently renting out real estate to supplement their income, according to Landlord Station’s reports. If you already own property you could consider renting out the home or a room within the home, and you don’t need to worry too much about bad tenants due to rent guarantee insurance. 

Rent guarantee insurance can be used to protect landlords from tenants who don’t pay their rent, meaning that the landlord doesn’t have to worry about missed rent payments or legal costs. 

Use Social Security 

Social security is the most popular form of retirement income in the US, with nearly 55 million people receiving Social Security benefits in 2011 alone. This means that it is a fairly reliable form of retirement income, but it is worth noting that most people supplement their Social Security benefits with other income streams, such as a retirement account or private savings. 

Consider A Part-Time Job 

Another option that you can consider is picking up a part-time job. While some part-time jobs aren’t necessarily suited to seniors, there are thousands of other jobs that are perfect. For instance, there are lots of online job options, such as working as a translator for a translation company or writing for a blog. While these two jobs require specific skills such as second language, there are lots of other jobs that are more accessible. For instance, you could become a part-time data administrator, or you could simply pick up a part-time job in your town. 

There are lots of ways to finance your retirement, even if it can seem like an impossible task. If you’re worried about your retirement funds consider combining multiple forms of income together to help you; for instance, you could rent out a room in your home and take on a part-time job.

Bio: Sally Phillips is a professional freelance writer with many years experience in many different areas. She made the move to freelancing from a stressful corporate job and loves the work-life balance it offers her. When not at work, Sally enjoys reading, hiking, spending time with her family and traveling as much as possible. 

Mary Spann

Mary Spann

Mary Spann is the founder and president of Upside of Downsizing®. In addition to her 26 years in construction, interior design, and home staging, Mary also holds college degrees in Social Work and Psychology, making her uniquely qualified to assist with the downsizing process, and helping 50 plus year olds achieve a happy and healthy life balance. Mary learned the key components of construction and interior design at an early age. Her father was a prominent custom home builder in Minnesota and Texas, and her mother was a successful interior designer and a real estate broker.
Mary Spann