In many of the United States, living on a Social Security pension alone is difficult. Some places are more expensive than others and even charge taxes on the pension. On the other hand, it is also true that many states do not charge state taxes for living on Social Security. However, it should be remembered that federal taxes are mandatory, regardless of the state in which we live.
Since it is sometimes difficult to maintain a good economic level while collecting only Social Security, we have to look for another source of income. In this sense, we can work as we usually do, but there are other ways to earn money. Creativity is a fundamental element if we want to expand our economy during retirement, so we have to think outside the box in many occasions.
However, any usual way of earning money, such as working for our old company, is also valid. The important thing in these cases is to be able to pay all the bills and do what we really want to do without being forced to owe money. With the average Social Security benefit of $1,666 per month, we could live comfortably in many places. But sometimes it is insufficient, so we must find other sources of income.
Ways to increase income in retirement
There are many ways to earn money to supplement retirement, and all of them are good. It depends a lot on the individual retiree and the size of your Social Security check. Let’s take a look at some of the ways to make money and increase your monthly income.
- Sell anything you don’t need. You can have a garage sale to sell all the items you don’t need. This can save space in the house and also make you a good amount of extra money.
- Run errands for the neighborhood. People who work don’t usually have time to run errands. So, if you already have your retirement, you’re sure to have some free time. You can get money by running errands for people who don’t need it. This way you can supplement your Social Security.
- Rent out part of your house. You can sublet an extra room, the garage or even the garden. This will add a lot to your monthly income and you won’t need to spend all of your Social Security to pay the bills.
- Tutor children. You can tutor children in need. If you have experience in an industry, take advantage of it to teach children everything you know and make money while doing it.
- Become an entrepreneur. Create a company and start making money with it. Try to find one that doesn’t require a lot of your time, but that you can do from home.
And these are not the only ways to make extra money. You can make money in many different ways, so make your Social Security check last longer in retirement through these activities.