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With the average monthly benefit hovering around $1,900, many retirees find it challenging to make ends meet.
GOBankingRates spoke with financial experts to uncover strategies for building a more robust retirement income beyond Social Security.
Here are seven ways toavoid living only on Social Security in retirement.
Most monthly statements provide a projected annual income chart.
He said he believes this is where people need to be investing to make real money.
He suggested reviewing your portfolio regularly to confirm youre not missing out on any gains.
Look in the unrealized gains and losses column either on statements or online.
Maximize Retirement Contributions
Its also important to ensure youre maximizing all of your retirement contributions as well.
That way, youre putting as much money to work as possible.
Invest In Real Estate
Mendenhall suggestedseveral real estate strategiesto boost your retirement income as well.
Mendenhall recommended dividend-paying stocks, side businesses and royalties from intellectual property as a few options.
These types of investments can bolster your income.
Manage Your Portfolio Wisely
Of course, your money and investments also need to be managed wisely.
No position should ever be more than 5% of the total investment portfolio.
Take the profits and move the capital into higher income producing securities, Selengut said.
Its also important to examine your risk.
They dont pay any income and may be way below what you paid for them.
Bite the bullet and say goodbye, he said.
Carefully evaluating your holdings is key to portfolio management.
You should be able to safely generate more than 8% in todays environment, he added.
Seek Professional Advice
Getting expert guidance can be invaluable.
This is particularly affecting younger generations, as DeLuca noted.
The millennial generation has surpassed the baby boomers as the biggest population estimated at 72.7 million.
This generational timeline is from 1981-1996.
The vast majority of these Americans grew up with social media.
Because of this, there has become this extreme demand to be relevant, he said.
Willer offered practical advice to avoid falling into this trap.
Dont get into credit card debt, and pay your credit cards off in full.
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