Everyone wants to earn more and retirees are also not an exception. Even after you retire, you feel like earning money. There are lots of ways to earn good retirement income so that you can enjoy steady flow of money.
Always remember the golden rules: spend sensibly and save sensibly. As most retirees do not have steady flow of income after they retire from job, it is always better to have an estimate of the income before spending. Cut down on useless expenditure and try to save more funds for the future.
If you are thinking about earning some easy bucks or funds in the stock market, diversification is the best option for you. Through diversification, you can invest your money in various channels and also safeguard your money from the whims of the economy. This adds to your income after retirement and also helps you maintain a balance between your savings and losses.
Investing in stocks can sometimes be a risky affair and as such you need to have a 401 (k) or IRA account. These accounts offer you steady income as well as number of tax benefits. The additional money that you earn can very well add to your retirement income. For example, if you have savings worth $700,000, you can get an added income of around $28,000.
The 5.8 % COLA for Social Security can also add to your retirement income. Although it may seem to be a minimal amount, the $84 addition can add to your benefits in the long run. Those who are of 70 years will be entitled to an amount of $19,902 till the time they reach the age of 80 years.
Last but not the least; try to find some type of part time or some work on a contract basis. If you have a good writing skill, you can work as a part timer of freelance writer. If you are musically inclined, you can join a local band. There are also other jobs that are on offer where you can easily work on a part time basis.