Worried You Won't Have Enough Retirement Income? Do These 3 Things.

Published: Monday, September 29, 2025 at 10:18 am

Facing Retirement Fears? Three Strategies to Boost Your Income

Many individuals eagerly anticipate retirement, yet a common concern often casts a shadow: the fear of insufficient funds. This worry can persist regardless of the size of your retirement savings. Fortunately, several proactive steps can be taken to bolster your income during your senior years.

One key strategy involves utilizing Roth retirement plans. Unlike traditional IRAs and 401(k)s, which offer upfront tax breaks, Roth accounts provide tax-free growth and withdrawals in retirement. This means more money in your pocket each month, alleviating potential income shortfalls.

Another valuable approach is contributing to a Health Savings Account (HSA). If you're enrolled in a high-deductible health insurance plan, contributing to an HSA offers tax-free contributions, investment gains, and withdrawals for qualifying healthcare expenses. While you can use HSA funds anytime, reserving them for retirement healthcare costs can maximize growth and provide a dedicated financial resource. Healthcare expenses in retirement can be substantial, and an HSA can help alleviate this financial burden.

Finally, consider delaying your Social Security claim. While Social Security is a critical income source for many, delaying your claim past your full retirement age can significantly increase your benefits. For those born in 1960 or later, full retirement age is 67. However, delaying until age 70 can result in a 24% boost to your benefits. Furthermore, Social Security benefits are subject to annual cost-of-living adjustments, meaning a larger initial benefit translates to more significant increases over time.

BNN's Perspective:

While these strategies offer sound financial planning advice, it's crucial to remember that individual circumstances vary. Consulting with a financial advisor to tailor these recommendations to your specific needs and risk tolerance is always a wise decision. A balanced approach, combining these strategies with a diversified investment portfolio, can provide a more secure and comfortable retirement.

Keywords: retirement income, Roth IRA, 401(k), HSA, Social Security, retirement planning, financial planning, healthcare expenses, tax-free withdrawals, retirement savings, senior years, financial security, cost-of-living adjustment, retirement benefits, investment

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