8 ways to stretch income in retirement

Worried about retirement income? These 8 strategies can boost your cash.

By Suzanne Sharma | May 12, 2014 | Last updated on May 12, 2014

1 min read

You may have planned for your retirement as best you could, but unforeseen circumstances can arise. Maybe the markets weren’t as kind as you’d hoped and your investments took a hit, or maybe you opt to help out an adult child who lost his job.

Whatever your reason, here are some ideas that can help you get more cash in your golden years.

Solution	Benefits	Drawbacks
1. Rent out part of your home	Guaranteed monthly income stream	You could wind up with tenants from hell
2. Downsize or move into a rent-controlled apartment	Capital from sale of home; fewer maintenance responsibilities	Must adjust to living in a smaller apartment
3. Invest in a GIC ladder	Safe; can leave money for heirs	Could still run out of money
4. Invest in a life annuity	Higher cash flow; tax advantages	No money for heirs
5. Go back to work	Don’t have to cut back spending	May not be physically fit enough
6. Work from home or open a consulting business	Business costs are tax-deductible	You’re still working
7. Take a line of credit against your home	Instant cash	You’re in debt; could still run out of money
8. Cut frivolous expenses	Easy way to gain extra cash	May not have the retirement you’d hoped for

Suzanne Sharma

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