Financial consultant Steve Sexton reveals creative ways retirees can gain more monthly income
SAN DIEGO, October 29, 2020 (Newswire.com) – When it comes to retirement and retirement planning, most Americans will rely on social security, saved retirement funds, pensions and/or other sources of mainstream retirement income. However, in the event those prepared plans fall short or should a person be forced to retire early, Steve Sexton, financial consultant and CEO of Sexton Advisory Group in San Diego, California, is revealing four unexpected sources of retirement income.
1. Side hustles. As a financial consultant, Sexton is amazed at the many creative ways his clients have managed to generate additional funds each month by adopting a clever (and often quite convenient) side hustles. Some of the more lucrative and doable side hustles Sexton recommends for retirees include joining a car-sharing network that will pay to rent out an often unused car several days a month or becoming a third-party seller on sites like eBay and Amazon, where one can often resell old items at 30% profit. “Your empty nest is another great place to look for additional income,” says Sexton. “Refinancing, renting spare rooms, reverse mortgages, and downsizing are all possible opportunities for increasing your monthly retirement income.”
2. Part-time work. For retirees who aren’t entirely ready to transition out of the workforce, Sexton suggests looking into part-time work. “Even with the pandemic at play, there are many opportunities for remote part-time work,” says Sexton. “Some popular options are freelance writing, customer service, and even coronavirus tracking. If there is a skill you have and maybe never had the opportunity to use it or a passion you’ve never had the chance to hone, this can be a great way to explore it while earning some additional retirement income.”
3. Life insurance policies. For persons with whole life or index universal life insurance policies, Sexton explains that they have the opportunity to borrow against the cash value of the plan, which can create an income. Additionally, persons with term, whole life, and index universal life insurance policies can actually sell their policies to a life settlement company. “I’ve had clients get as much as $600,000 from selling their policy,” says Sexton. “Now, there are some conditions there, so it’s important to talk to an advisor to make certain it is a good fit for your particular situation.”
4. Social security. “There are 579 ways to set up social security,” explains Sexton. “Some ways will make you more money than others. Depending on your options, it’s not uncommon to gain an additional $5,000 per year, which will certainly add up over time.” Sexton advises retirees and prospective retirees to consult their financial person to find the best social security setup for their unique circumstances.
For more information on Sexton Advisory Group, please visit https://www.sextonadvisorygroup.com/.
Source: Sexton Advisory Group