Want more retirement income?

The average Social Security retirement benefit delivered about $22,000 annually, as of April 2023. That’s not enough for most people to live on, so we should be saving and investing for retirement — and perhaps finding other ways of creating future income streams. Here are some ideas.

Invest in dividend stocks. Dividends are great, because healthy and growing dividend-paying companies will keep delivering dependable income to shareholders no matter what the economy is doing; over time, they’ll likely increase their payouts, too. $100,000 parked in dividend stocks with an overall dividend yield of 3 percent will generate $3,000 per year — and probably more in future years.

Work a little longer before retiring. Delaying retirement offers multiple benefits. For example, you’ll be able to build a bigger nest egg, and it won’t have to support you for as many years. You can also increase your Social Security benefits by delaying, and you may be able to keep your employer-sponsored health insurance longer.

Work a little in retirement. Holding a part-time job in the early years of your retirement can generate valuable income. Or be more creative, such as by making and selling things, or giving music or language lessons. Or rent out part of your home for a while. If you could work 12 hours a week earning around $17 per hour, you’d collect about $200 per week, or $10,000 per year. Part-time work can also give your days more structure, which many retirees miss.

Relocate. By moving to a smaller home near your current one, or moving to a region with a lower cost of living, you can save a lot by spending less on housing, utilities, taxes, maintenance, insurance and related costs.

There are plenty of other possibilities, such as a fixed annuity or a reverse mortgage, each of which can deliver dependable income regularly. (Read up on these, if you’re interested, to learn how to tell good from bad ones.) Cashing out a no-longer-needed insurance policy may be an option as well.