Crucial Constructs, an online business training and advisory resource, has launched a new report analyzing several methods that retirees can use to better manage their finances.
More information can be found at: https://crucialconstructs.com/proven-ways-to-supplement-your-retirement-income
As the increased cost of living has created what some experts are referring to as the ‘retirement crisis’, the latest report from Crucial Constructs takes a back-to-basics approach in achieving financial security.
Investopedia reports that inflation has outpaced increases in household income for the past 20 years. Indeed, a survey conducted by TD Ameritrade revealed that approximately 50% of Americans now believe that the rising cost of living is the greatest threat to their financial security.
Many who are at or near retirement age are therefore discovering that their financial planning falls short. However, Crucial Constructs suggests that there are several steps retirees can take to remedy this situation.
In the first instance, the author encourages retirees to take advantage of state and federal programs. As explained, a number of essential expenses such as housing, medical insurance, and groceries can be supported by these freely accessible government provisions.
A second option is to downsize and/or relocate. Aside from the obvious financial benefits this entails, the report points out that moving to a retirement village that has integrated facilities such as gyms and community centers can also help to reduce costs in other areas.
For those who don’t wish to move to a retirement village just yet, the author suggests a number of novel ways to generate supplemental income from an existing property.
From renting out a spare room to developing an existing house into multiple rented units, getting creative with current assets can provide significant benefits.
Finally, the report suggests a number of entrepreneurial approaches to increasing retirement income. These points are also expanded on in several previous reports from Crucial Constructs.
A company representative stated: “On top of the financial benefits of an additional source of income, working in retirement also has psychological and physiological benefits. However, it would help if you remembered that there would be some physical limitations on what you can comfortably do as you get older.”
Interested parties can learn more by visiting: https://crucialconstructs.com/proven-ways-to-supplement-your-retirement-income
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Sahyadri Times journalist was involved in the writing and production of this article.