Many retirees find themselves living mostly on Social Security once their careers come to an end. If your retirement income consists of a modest monthly Social Security check and small retirement plan withdrawals, you may be struggling to cover all your expenses.

Here are two ways to boost your income this year.

1. Work part-time

You might assume that once you start collecting Social Security, you're no longer allowed to earn money from a job. But that's not true.

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You can earn any amount of money by working without a negative impact on your benefits once you've reached full retirement age for Social Security purposes. Prior to full retirement age, you can still work, but you'll need to be mindful of the program's earnings limits.

Those limits change annually. In 2026, you'll have $1 in Social Security withheld per $2 you earn above $24,480 if you won't reach full retirement age before Dec. 31. If you'll reach full retirement age later this year, you'll have $1 in Social Security withheld per $3 above $65,160.

2. Rent out a room or part of your home

Downsizing in retirement is a great way to lower your monthly expenses overall. But if moving isn't feasible or desirable, you may be able to turn your home into an income stream.

Consider renting out a room in your home if you have the space to spare. If you have a finished basement or garage, even better, since that could allow you to collect rental income while maintaining more privacy.

You may also be able to get creative in turning your home into an income stream. That could mean renting out a spot in your driveway if you live in an area where parking is difficult.

Many older Americans find themselves short on income in retirement. Rather than resign yourself to pinching pennies for years on end, consider part-time work or using your home as a way to generate money.