6 Ways to Increase Your Retirement Income

by Art Koff, Founder of RetiredBrains.com

1. Annuities may be considered a form of "reverse insurance" that generate income for a retired individual instead of money for beneficiaries. For more information click here.
2. A life settlement involves the sale of an unwanted, unneeded, or unaffordable life insurance policy for a comparatively larger cash sum. For more information click here .
3. A reverse mortgage essentially converts equity in an asset [one's home] into income. For more information click here.
4. A structured settlement basically involves accelerating the collection of installment-type monies due the individual [such as a damages award] into a discounted lump sum 
5. Post-retirement work is a job in which you receive compensation as an employee or self-employed individual, where the key may be the impact on Social Security benefits - income and health. Click here for more information.
6. Delay Social Security Benefits. If you retire at 62, you’ll receive about $750 a month, according to Social Security. Wait to 66, you’ll get $1,000. Wait until 70, you’ll get $1,320.
   
   Here are examples assuming you would receive a monthly benefit of $1,000 a month had you waited to start collecting until your full retirement age of 66.

• Start collecting at age 62 and you’ll receive $750 a month.
• Start collecting at 63 instead, you’ll get $800 a month.
• Start collecting at 64, you’ll receive $866 a month.
• Start collecting at 65, you’ll get $933 a month.
• Start collecting at 66 — full retirement age — and you’ll receive the full $1,000 a month.
• Start collecting at 67, you’ll receive $1,080 a month — an 8% increase.
• Start collecting at 68, you’ll receive $1,160 a month.
• Start collecting at 69, you’ll receive $1,240 a month.
• Start collecting at 70, you’ll receive $1,320 a month — which is 32% more than if you started drawing benefits at age 66.

For more information check out Social Security information
___________________________________________________________________________________

Our Blog readers have asked us to cover various topics. Suggest topics by clicking here.
If your suggestion is used we will send you a complimentary copy of Invent Your Retirement: Resources for the Good Life as a thank you.

Future topics that will be covered:

•    Starting a business with little or no cash investment
•   Work at home part-time to earn $$
•    Discounts on products and services
•   Type 2 diabetes information
•    Boomer & senior travel information
•   Volunteering 
•  The high cost of health care