If you think of the term “fixed income,” you probably think of retirees. After all, people in retirement are typically relying on Social Security benefits, which are set by certain formulas, and perhaps on required minimum distributions from retirement accounts.
But there’s a lot more flexibility to retirement income than you may think. Here are 10 ways that you can boost your income in retirement — with some requiring action now and some later.
Beef up your saving and investing, and the difference it can make may surprise you. Imagine, for example, that you think you’re doing pretty well saving $1,000 per month for retirement.
But if you could sock away $1,200 or $1,500 instead, that would amount to $14,400 or $18,000 per year instead of your current $12,000. Here’s how much you might accumulate with those sums: Data source: Calculations by author.
The table above shows that if you’re only a decade from retirement, boosting your savings from $1,000 per month to $1,500 per month might net you close to $94,000 more by retirement. Increasing your savings by that much can seem a tall order, though. Read more from fool.com…
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