Four Sources of Retirement Income Besides Social Security
Social Security checks are getting a boost next year, but if you're a retiree, you'll probably still need money from other sources to make ends meet.
Social Security and Supplemental Security Income (SSI) benefits for more than 72.5 million Americans will increase 2.5 percent in 2025. The 2.5 percent cost-of-living adjustment (COLA) will begin with benefits payable to nearly 68 million Social Security beneficiaries in January 2025.
If you're a Social Security recipient and this won't be enough to maintain your current standard of living, you might need to call upon some of the following four alternative sources of retirement income.
- Personal savings
- Income from a job
- Rental income
- Government assistance