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In August 2024, the Social Security Administration reported that the average monthly benefit was $1,784.
Here are some of the top ways you canboost your monthly retirement incomewithout working too hard.
Invest in Companies
An even more passive income opportunity is to invest in companies that paydividends.
Keep in mind that these dividends will be taxed.
This is also the case with most other earnings you get from other income sources.
The way dividends are taxed is a little different, though.
Dividends are taxed at capital gains rates, said Schmitz.
You might need to do some initial work for this one.
Youll also need to set your fees and keep the lines of communication with potential customers open.
Just like with Airbnb or Vrbo, youll still need to do some general maintenance on your property.
As for publishing, youve got options.
One is to go the self-publishing route.
Publishing on this platform is also free.
One of the biggest hurdles youll face is getting your book seen.
Thats where using your web connection or social media comes in.
The more people you have actively engaged with you, the more you could earn passively.
Or it could mean diving into index funds or ETFs.
Whatever the case, choose accounts that earn the highest returns.
That way, you’re free to earn a few extra hundred or thousand dollars a month passively.
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