Additional Sources of Retirement Income

What to know about this topic:

In the Comfort Life Spotlight

Does your retirement income stream consist primarily of government and private pensions plus investments? You may be able to supplement those funds with other government sources of income, second careers or creative ways to earn extra cash at home.

Government sources of funds

Older adults whose income stream consists of government and private pensions as well as investments made over their working lives, may also qualify for other government sources of income or subsidies such as the guaranteed income supplement, survivor pension, disability allowance or veterans benefits.

Second careers

People are living longer and healthier lives so it's no surprise that many older adults are already on their second or even third career. Economic uncertainty also makes transitioning to another career a financial necessity for many people.

The good news is that your life experience, skills, talents and connections can provide you with many stimulating second career options.

Popular second career fields include health care, environment, education, government and non-profits.

Here are some tips to get you started on your next career:


Creative ways to make extra money for retirement living

If you need more ways to make money for retirement be creative. It also helps to look close to home because the best ideas are often there and many of them won't cost very much in effort, financial outlay or preparation time.

There are many low-stress, easy and fun ways to put some extra cash in the bank. You could rent out your driveway (if you live in a city where parking is difficult), or perhaps rent your basement to a student.

You can also make money from hobbies or interests. Have you ever thought of pet sitting, being a personal shopper or doing sewing alterations for people in your neighbourhood? The sky is really the limit.

Like to travel? Here's a bonus way to save money

The flip side of making money is saving it and both will help you prepare for the costs of retirement living. One way to save money and have some fun is to travel. If you decide to move to a Holiday retirement community you may be able to stay at one of their residences in the city you're visiting.

If you are still living at home and saving for your eventual move to a retirement community, you could travel the world by house sitting.

Whether you're already retired or planning for it, there are many different ways you can save money for your future.

With files from Pat Irwin.

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