Get Back to Work: Explore part-time roles in retail or hospitality, sell your artwork, or consider temporary work through a temp agency to keep earning and saving.
Delay Social Security: Maximize Social Security benefits by delaying withdrawals until age 70, increasing benefits by 8% annually after reaching retirement age.
Utilize Reverse Mortgage: Tap into home equity with a reverse mortgage, receiving funds as a lump sum, line of credit, or fixed monthly payment.
Downsize Possessions: Sell unnecessary belongings like a large home, extra vehicles, or designer items to bolster savings for retirement.
Adjust Retirement Contributions: After age 70½, shift contributions to a Roth IRA if eligible, or continue 401(k) contributions if still working past retirement age.
Optimize Social Security for Couples: Maximize savings by having the higher earner delay claiming benefits, while the spouse claims the spousal benefit.
Embrace Roommate Living: Consider living with a roommate to reduce living expenses, gain companionship, and share household responsibilities.