Low on Savings? 10 Ways to Supplement Your Retirement Income

Many people aim to amass a giant nest egg in time for retirement, only to fall short. If your IRA or 401(k) plan balance isn't as robust as you'd like it to be, and you're not getting a ton of money from Social Security, here are some options for supplementing your senior income.

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Working part-time during retirement won't just give your earnings a boost. It could also be a great way to stay busy and keep your mind sharp. Best of all, in today's gig economy, you don't necessarily need to commit to a schedule to hold down a job. Instead, you can find something flexible that works for you.

ALSO READ: 3 Reasons I Hope to Work During Retirement

Retirement could be a great time to pursue a business idea you've always dreamed of. Maybe you want to open a cafe, or operate a pet care business. The extra money could come in handy, and you might get a world of satisfaction by pursuing that dream.

If you own a second home, hanging onto it during retirement could be a smart bet -- especially if it's paid off. That way, you can sit back and collect rental income on a monthly basis.

You may not own a second home during retirement. But if you own a large enough space, you may be able to rent out a portion of it, like a basement or garage. You may even find a tenant who's willing to help with maintenance in exchange for reduced rent, which could help at a time when your capacity for upkeep may be waning.

If you live someplace where parking is hard to come by, it pays to look at renting out a parking spot. This is an especially viable option if you've recently downsized to a one-car household but have a two-car driveway.

5 Stocks Under $49
Presented by Motley Fool Stock Advisor
We hear it over and over from investors, "I wish I had bought Amazon or Netflix when they were first recommended by The Motley Fool. I'd be sitting on a gold mine!" It's true, but we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Click here to learn how you can grab a copy of "5 Growth Stocks Under $49" for FREE for a limited time only.

A lot of people's living situations are in flux thanks to the widespread popularity of remote work. And that means many people are clamoring for storage space. It pays to see if you can rent out closet space in your home if you have a need for extra retirement income.

ALSO READ: Remote Work Is Likely Here to Stay -- Are Office REITs Doomed?

If you're an empty nester and have more square footage than you need, downsizing your home could be a good bet. Ideally, you'll walk away with a nice profit, and from there, you can invest that money and take withdrawals as you would with an IRA or 401(k).

If you own dividend stocks, it pays to hang onto them during retirement. Those quarterly dividends can serve as another income source at a time when you might need it.

REITs, or real estate investment trusts, are companies that operate different properties. REITs are known to pay higher-than-average dividends, so they're a great source of steady passive income.

ALSO READ: The 1 REIT I Really Want to Own in 2022

Bonds are a fairly stable investment for retirement, and the upside of owning them is collecting interest payments on a regular basis (generally twice a year). And if you load up on municipal bonds, that interest income will be exempt from federal taxes (and in some cases, state and local taxes, too).

5 Stocks Under $49
Presented by Motley Fool Stock Advisor
We hear it over and over from investors, "I wish I had bought Amazon or Netflix when they were first recommended by The Motley Fool. I'd be sitting on a gold mine!" It's true, but we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Click here to learn how you can grab a copy of "5 Growth Stocks Under $49" for FREE for a limited time only.

If you're coming into retirement short on savings, don't panic. Instead, think about the different options you can pursue to boost your income and ensure that you have enough money to maintain a comfortable standard of living.

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