Most of us think only of maintaining our current lifestyle in retirement by increasing our savings and/or income.
Another way to increase income after retirement is to down size.
Many retirees fail to realize how much money it takes to maintain a large home.
After all the kids have left, do you really need it? You would have to decide, but it could be a nice step to lower your expenses, and thus increase your income.
Remember too, that you can keep profits from the sale of a home you lived in for at least 2 of the last 5 years without paying any taxes on that income.
These limits are always improving, so check with your tax advisor to see what they are for your situation.
Another thing you may consider doing is moving to a less expensive area.
Here in Oklahoma we have many people who move in from California, New York, and other more expensive areas of the country.
They are shocked at the homes they can buy here for just a fraction of what it would have cost where they came from.
Housing is not the only area they find cheaper.
We met a couple who were living in Mexico because of the cost of living difference.
He was disabled and the couple were raising two teenage children.
His disability was only about $1,000 per month from Social Security.
However, in the area of Mexico they lived, that would buy a lot.
They had rented a home which included a guest house, garner, and a house aide that came 5 days per week.
I forget now what they said the rent was, but it was unbelievable.
Can you imagine trying to raise a family of 4 on $1,000 a month here in the states? If you analyze your situation you can probably see many areas you can cut down in, and actually increase your lifestyle in the process.
Those type of strategies are excellent for retirement planning! Forget day trading stocks and learn how to trade the mini index!