Seniors, Consider These Ideas And Earn Extra Income

Seniors, Consider These Ideas And Earn Extra Income

 In earlier times, seniors used to look at retirement as an income of three sources: Pension, savings, and Social Security. No more is all these available. The company pensions decline and the hit of financial markets resulted in seniors facing less income in retirement than anticipated.

Tips to promote your income and savings

 Delay retirement

Do you know that you can delay your retirement and delay the age of receiving Social Security benefits and thus increase the benefit amount?  The age for retirement today is 66, but on waiting until age 70 or may be even later to take the Social Security, you can see your monthly payments will show significant increase. Check the fact sheet of Social Security and learn about important decisions.

Determine if you want to get back to work

If you already have stopped working and have got Social Security, going for a part- or full-time job may offset extra expenses.  Mature workers over 55+ with no or very limited income may consider some SCSEP, Senior Community Service Employment Program. This offers community service work training and part-time job for most people.

Tap your home equity

If you are a home owner, free up income by tapping into home equity. You can find several ways of doing and this also includes taking a home equity loan, or a reverse mortgage. A home equity loan is also known as a second mortgage. It gives a fixed repayment schedule with lump sum of money. This loan type could be a good choice in a home improvement project or in case you wish to consolidate debt. At the same time, HELOC allows getting money if you are in need of extra cash and will pay interest only on the borrowed amount. HELOCs are useful if you want a “rainy day” cash or fund to pay for purchases such as a new furnace.

Get financial assistance from family

In case you are in need of cash or a 2020 Medicare advantage plans comparison head on over to   to settle caregiver expenses or some medical bills, you may ask family to support and preserve this asset. These extra costs should not disturb the financial plans or the ability of saving their own retirement. It is difficult for families to discuss options and finances realistically. The government made this less costly for families to pay medical bills. Even a taxpayer can show elderly relative as his dependent and support you with the claim. Thus receiving support from relatives staying at home helps ease burden.

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