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Ways to Increase Retirement Income

The retirement period can be very enjoyable if you take time to plan it very well. It’s very possible to enjoy steady flow of income during retirement if you pay the price while you’re still in the active case. There are various ways you can use in increasing your retirement income without cracking your brain. Let’s take a look at some of them.

•             Annuities

You can invest in a profitable annuity for retirement in order to enjoy steady flow of income when you retire.  Annuities are usually sold by insurance companies to people who want to invest their money for their future retirement.  You can safeguard your retirement period with the annual income that flows from annuity.  However, this depends on the kind of annuity you go for.  Annuities are of various types. Among them include immediate annuities, deferred annuities, fixed annuities, variable annuities life annuities and so on. You can always enjoy the best of annuity for retirement when you locate a reliable insurance company that offers the profitable options.

•             Part Time Work

You can also increase your retirement income by engaging in a part time work. The fact that you’ve retired from active service doesn’t mean you’re tired of living. There are numerous part time jobs you can still engage in for the sake of raising extra income. Such part time works can also help you to maintain healthy living since you’ll be exercising your body in the process.

•             Real Estate

It’s very possible to increase your retirement income if you invest in real estate.  You can invest the money you earn from annuity for retirement into a profitable real estate opportunity. You can buy properties with the lump sum of cash you receive from annuity. In most cases, real estate investment allows your money to work for you while you rest. It’s indeed a sure fire way of enjoying steady flow of income during retirement.

•             Reverse Mortgage

You can tap into home equity through a profitable reverse mortgage.  In most case, the amount you’re permitted to borrow depends on several factors such as the interest rates, your life expectancy, and market value and so on.

•             Avoid Retirement Account Distributions

You can increase your retirement income by avoiding early retirement account distributions.  This usually comes with regular income tax and 10% tax penalty on the amount you withdraw.  On the other hand, you can be tapping into your IRA accounts without penalties when you reach the age of 59.

•             Invest in the Stock Market early

You can increase your retirement income by investing in the stock market early enough.  If you happen to purchase lots of stocks while you’re still in the active service, you’re sure to reap the harvest when you retire. It’s always very important for you to diversify your investments for better results.

Well, apart from other avenue discussed above, annuity for retirement remains one   sure fire way you can always explore if you really want to increase your retirement income. It’s always very necessary for you to be properly guided when choosing the options. Locate a good financial adviser to help you out.