Monday, August 10, 2020


It’s no secret that retirement funding can be difficult to secure. While the recommendation you’ll hear from personal finance experts is that you should have about 1 to 1.5 million saved up before you permanently leave work, most Americans simply do not have this kind of budget. If you’re wondering how you plan on funding your retirement, you’re not alone.

Luckily, there are some innovative ways that you can add cashflow to your portfolio, even if your savings is less than ideal. In this article, we’ll cover the top five ways that you can add supplemental income to your retirement funding, so you can have confidence in your financial stability.

Encore career

One of the easiest ways to help pay for your retirement once you’ve left your career behind you is to simply start up another one! Now, we’re not suggesting you return to going to work 9 to 5 again, but that doesn’t mean you have to stop working altogether. There are plenty of great options for seniors to work, even if only part time. Here are a few options:

·        Continue on as a consultant, charging a fee for your consultations in the industry from which you left.

·        Act as a mentor, guiding young, early-career professionals in your old field.

·        Find part-time work online, doing administrative or clerical tasks.

·        Monetize a hobby, selling your crafts for a small profit

While the amount of money you may be able to expect from each of these will vary, having the extra income stream is sure to help if you’re in a tight spot.

Reverse mortgage

A reverse mortgage is a way to access the equity in your home. How does a reverse mortgage work? Basically, you take out a loan – they will pay you in monthly installments, all in one lump sum, or as a line of credit – based on the equity in your home. Most of the time, you don’t actually have to repay the loan until either you pass away or you move out of the house. And the repayment usually happens by way of the sale of the house, so you can stay living there throughout the period you hold the loan.

This is a great option for many seniors who do not wish to move out of their homes during retirement, and may be worth considering if you have substantial equity in your home.


If you are not interested in taking on debt in retirement, you could consider downsizing instead. If you have a large family home with spare bedrooms, the property taxes could be steep, and you could be sitting on equity that could otherwise be used to fund your retirement.

You might think about selling your home and moving into a smaller space in retirement. If the smaller space is cheaper, you might be able to use money from the sale of your old home to help finance your retirement expenses. That can be a serious cash influx and, unlike in the case of a reverse mortgage, won’t leave you or your next-of-kin with debt.


Family connections

There’s nothing wrong with asking for a little help, and sometimes, that can be the best way to ensure that your needs are met in retirement. If you do have children who make a good amount of money, or other relatives who you could move in with, it might be worth reaching out to see if they can help. They might not even be aware that you are financially struggling, and might be grateful that you let them know you’re in a tough spot.

Social Security

Lastly, you might not be aware of all the government-funded options that you have available to you as sources of funding in retirement. Social Security Insurance exists to fund those who have worked for their whole lives and help them stay out of poverty once they leave the workforce. If you worked for most of your life, there’s a good chance you’ve been paying into Social Security. Be sure that you are aware of what’s owed to you, and that you avail yourself of that funding when it comes time to retire.

Retirement funding is one of life’s greatest challenges. However, with a little creative thinking, you might be able to find just what you need.

Join Our List
and receive information on community events, announcements, exclusive sales and our issue emails.