Want $740 More Every Month – Retirement should be a time of relaxation, not financial stress. If you’re wondering how to get $740 more every month, you’re not alone. Many retirees are seeking smart, reliable ways to supplement their income without sacrificing their lifestyle. The good news? With the right strategies and some expert planning, it’s very possible to add that extra cushion to your monthly budget.
Whether you’re already retired or approaching retirement, this guide offers actionable tips based on real-world data and proven methods. Let’s dive into how you can make the most of your golden years.
Want $740 More Every Month
| Feature | Details |
|---|---|
| Monthly Income Boost | Up to $740/month with smart strategies |
| Main Methods | Delaying Social Security, side gigs, annuities, dividend stocks |
| Real Data Source | NASDAQ: $740/month Social Security boost |
| Investment Ideas | REITs, bonds, dividend stocks, annuities |
| Side Hustles for Seniors | Freelancing, Airbnb, renting tools or parking |
| Tax Efficiency Tip | Plan withdrawals to reduce tax burdens |
| Budgeting Tool | Use Mint or YNAB to track spending |
| Official Resources | SSA.gov for Social Security, IRS.gov for tax info |
Boosting your retirement income by $740 a month is not only possible — it’s within reach with smart planning. From delaying Social Security to tapping into income-generating investments, credit card rewards, budgeting tools, and side gigs, there are multiple paths to financial peace of mind. Remember, every small effort adds up.
Start by picking one or two strategies from this guide and build from there. A little planning today can make your retirement a lot more comfortable tomorrow.
Why Retirees Need Smart Income Planning?
With inflation eating into savings and healthcare costs rising, retirement income planning has never been more important. According to the U.S. Bureau of Labor Statistics, the average retiree spends around $52,141 annually — that’s over $4,300 a month.
Many retirees rely heavily on Social Security, but the average benefit is just around $1,907/month as of 2024. Clearly, more income is needed to live comfortably. Here’s where smart strategies come in.
1. Delay Social Security to Get a Big Boost
Did you know delaying Social Security can increase your monthly benefit significantly?
- If you claim benefits at age 70 instead of 62, you can get up to 76% more every month.
- For the average retiree, this can mean an extra $740/month in benefits (source).
Example:
If your full retirement age benefit is $1,800/month, delaying until 70 can raise it to over $3,100/month.
Tip: Use the SSA’s Retirement Calculator to estimate your own increase: SSA Retirement Estimator
2. Consider Low-Effort Side Gigs or Passive Income
You don’t have to return to full-time work. There are many ways to earn extra income without too much effort.
Ideas for Retirees:
- Rent out a spare room on Airbnb.
- Freelance online (writing, consulting, teaching).
- Pet sitting or babysitting in your neighborhood.
- Sell crafts or baked goods at local markets.
- Get paid for surveys or mystery shopping.
Many retirees earn $500–$1,000/month just by using their skills or assets.
Real-life example: A retired teacher in Florida earns $800/month tutoring high schoolers online just 10 hours a week.
3. Invest in Income-Generating Assets
Retirees often shy away from investing due to risk. But smart, income-focused investments can be both safe and rewarding.
Best Investment Options for Monthly Income:
- Dividend-paying stocks – Many offer 4–6% yields.
- REITs (Real Estate Investment Trusts) – Invest in property and earn rental income.
- Municipal Bonds – Often tax-free and stable.
- Fixed annuities – Guaranteed lifetime payouts.
Tip: Look for low-fee ETFs with monthly dividend payouts like Vanguard’s High Dividend Yield ETF (VYM).
Safety First:
Always consult a certified financial planner before investing. Use FINRA’s broker check tool to verify advisors.
4. Make Your Withdrawals Tax Efficient
Withdrawing money from retirement accounts like IRAs or 401(k)s? You might be paying more tax than necessary.
Here’s how to keep more:
- Withdraw from Roth IRAs first (tax-free if rules are met).
- Use Required Minimum Distributions (RMDs) strategically.
- Combine withdrawals with low-income years to stay in a lower tax bracket.
Visit IRS Retirement Topics – Required Minimum Distributions for official rules.
5. Downsize or Relocate to Save Big
Housing is a major cost in retirement. Downsizing can offer a big payoff.
- Selling a large house and moving to a smaller one could free up $100,000 or more.
- Moving to a lower-cost state (e.g., Tennessee, Florida, Texas) can reduce taxes and expenses.
Cost Comparison:
| City | Monthly Expenses |
|---|---|
| San Francisco, CA | $4,800 |
| Tampa, FL | $3,200 |
| Boise, ID | $2,900 |
Use sites like NerdWallet’s Cost of Living Calculator to compare locations.
6. Leverage Government Programs and Credits
Many retirees miss out on extra help from federal and state programs.
Programs to Check:
- Supplemental Security Income (SSI) for low-income retirees.
- Medicare Savings Programs to reduce healthcare costs.
- Property tax relief or utility discounts in some states.
Find out what you’re eligible for on Benefits.gov.
7. Create a Retirement Budget and Track Spending
A surprising number of retirees don’t track where their money goes. That’s a big mistake.
Why it Matters:
- Helps prevent overspending.
- Identifies areas to cut costs.
- Ensures your withdrawals last longer.
Use free budgeting tools like:
- Mint
- You Need a Budget (YNAB)
Pro Tip: Try a 50/30/20 rule: 50% on needs, 30% on wants, and 20% on savings or debt.
8. Use Credit Card Rewards Strategically
Yes, even credit cards can help boost income — when used wisely.
How to Earn Extra:
- Use cashback cards for groceries, gas, and utilities.
- Choose cards with no annual fee and rotating category bonuses.
- Pay in full every month to avoid interest.
Example: Using a 3% cashback card for $2,000 in monthly expenses could earn you $720 a year.
Tip: Check NerdWallet’s Credit Card Finder to compare options.
Social Security Boost Proposed for Millions – How Much More Could You Receive?
FAQs
How much can delaying Social Security really help?
Delaying from 62 to 70 can increase your monthly payment by up to 76%, or about $740 more per month for average retirees.
What’s the safest way to earn passive income in retirement?
Government bonds, fixed annuities, and high-rated dividend ETFs are among the safer passive income options.
Are side gigs worth the effort in retirement?
Yes! Many retirees earn $500 to $1,000/month doing flexible work like tutoring, pet sitting, or consulting.
Will part-time income affect my Social Security?
If you’re below full retirement age, earning more than $22,320 (in 2024) could temporarily reduce your Social Security. After full retirement age, there’s no penalty.
What are good budgeting tools for retirees?
Mint and YNAB are two excellent apps to track spending, set goals, and keep your retirement funds on track.
