6 Unexpected Sources of Retirement Income | Smart Change: Personal Finance | wcfcourier.com – WCF Courier

Before you enter retirement, you should have lined up sufficient income streams to support you for many years. After all, if you retire at, say, 65, you may well have 30 or more years of retirement ahead of you. Fail to prepare, and you may run out of funds before you run out breath.

Fortunately, it’s not too late to beef up the income you collect in retirement — even if you’ve already retired. Here are six income sources to consider.

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1. Your home

For starters, consider a reverse mortgage, through which you borrow money using your home as collateral, and typically receive a monthly income stream. Better still, the payments are likely to be tax-free, too.

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That income can be a lifesaver in retirement, though it often may not be quite as much as you’d hoped for. The loan typically won’t have to be repaid until you’re no longer living in your home, such as when you die or move into a retirement home or care facility. At that point, many borrowers choose (or have) to sell the home to pay off the loan. If a reverse mortgage appeals to you, be sure to do more research on the pros and cons.

2. Your home (again)

There are other ways to profit from your home, such as by renting out space in it. You might do so on a temporary, short-term basis via a service like Airbnb or VRBO, allowing people to live in part or all of your home for one night or a week or two at a time.

For even more income, you might be able to take in a boarder for a year or more. This can actually be a great arrangement for some seniors, if you have one or more younger people living with you who can help out around the house.

3. A different home

A third home-related way to generate more income — or simply spend less in retirement — is relocation. You might relocate to a town or region with a lower cost of living, or you might stay in your current area, but move into a smaller home. Either way, you may end up able to spend a lot less on property taxes, insurance, utilities, maintenance, and repairs. In a lower-cost region, you might spend less on food, healthcare, and other expenses, too.

4. Renting out surprising things

Along with renting out space in your home (or the entire home), you may …….

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