By : Kandace Heller
Retirement should be a time for family, relaxation and focusing on personal growth. It should not be a time for stress and financial hardship. If your social security check isn’t enough to continue your current standard of living, there are ways to obtain additional income to supplement your social security check. Below are five ways how.
1. Retirement Savings Accounts
Of course, you should try to save for your retirement independent of what you pay into social security. There are a number of different kinds of savings account instruments you can use that have good tax advantages. One is an Individual Retirement Account or IRA for short. You can contribute as much as $4,000 a year to an IRA. Income taxes do not have to be applied to the funds until they’re taken out during retirement.
2. Employer Pensions
Another common method is obtaining an employer pension. In recent decades, lessened job security and employer benefits have made pensions less common. However, certain people in certain fields can still obtain a pension. This should certainly be considered when choosing long term employment.