Boost Your Retirement Income with These 10 Tips — The Motley Fool

“Every day the increasing weight of years admonishes me more and more, that the shade of retirement is as necessary to me as it will be welcome.”
— George Washington, Farewell Address 

If you’ve spent any time pondering how much money you’ll need in retirement, you may be thinking that you would do well to increase your retirement income, for maximum financial security. It can be vexing, though, to figure out just how you might do that. Fortunately, there are a bunch of ways to improve your fiscal future.

Image source: Getty Images.

Here are 10 ways you might boost your retirement income:

Strategy No. 1: Retire later

This may not be an appealing suggestion, but it’s a powerful one. If you can work two or three more years than you originally planned to, your nest egg can grow while you put off starting to tap it. You might enjoy your employer-sponsored health insurance for a few more years, too, perhaps also while collecting a few more years’ worth of matching funds in your 401(k).

The following table shows what a difference an extra year or two can make in your investing — if you’re socking away $10,000 annually and it’s growing by an annual average of 8%:

Growing at 8% For…

$10,000 Invested Annually

15 years

$293,243

16 years

$327,502

17 years

$364,502

18 years

$404,463

19 years

$447,620

20 years

$494,229

21 years

$544,568

22 years

$598,933

23 years

$657,648

24 years

$721,059

25 years

$789,544

26 years

$863,508

27 years

$943,388

28 years

$1.0 million

29 years

$1.1 million

30 years

$1.2 million

Data source: calculations by author.

Strategy No. 2: Work in retirement

Instead of working longer (or in addition to that), you might also ease into retirement by working a little in your first few years of retirement. Working just 12 hours per week at $10 per hour will generate about $500 per month. Better still, a…

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