If your retirement savings aren’t enough to cover your expenses, you may need to find other sources of income. Here are some options to consider.
Two sources of extra income
- Work part-time – Finding part-time work in retirement can provide extra income and help you stay engaged and active.
- Apply for government benefits – Many retired Canadians miss out on government benefits because they didn’t know they had to apply. Learn more about government benefits.
Two ways to use your home for income
- Tap the savings in your home – With a reverse mortgage, you can borrow from the equity you’ve built in your home – but there are costs and risks. Learn more about reverse mortgages.
- Rent out part of your home – Put your house to work for you by renting out a room or sharing your home with a friend instead of living alone. Just remember that you will pay tax on your rental income. Learn more about renting out your home.
Not prepared for financial surprises? You’re not alone. Essie, 67, suddenly needed extra money to pay for a nursing home when her husband Vince got too sick to stay at home. Find out how she handled the problem.
Content in this section is provided in partnership with Investor Education Fund, a non-profit organization founded and supported by the Ontario Securities Commission that provides unbiased and independent financial tools to help Canadians make better money decisions. To find out more, go to: GetSmarterAboutMoney.ca