Latest news with #supplementalincome
CBS News
11-07-2025
- Business
- CBS News
3 ways seniors can supplement their Social Security now
There are multiple ways to supplement Social Security income that seniors may want to investigate right news that Social Security's insolvency could hit a year earlier than initially expected wasn't exactly welcome by seniors reliant upon the funds the service provides. Combined with ongoing issues surrounding Social Security overpayments and the potential for those disbursed funds to be clawed back, seniors may find themselves in a precarious financial position this July. Retirement savings and pensions, already increasingly rare, only go so far to help make ends meet. And if the safety net Social Security has been providing is starting to deteriorate, these seniors may find themselves looking for alternative supplemental income. Fortunately, there are multiple avenues worth exploring, some of which are easily overlooked at first glance but which can still provide valuable and consistent income. Still, with financial resources limited, it makes sense for seniors to take a strategic and thorough approach before taking their next step. That starts with exploring the three sources below that could supplement their Social Security funds now. See how much you could get paid each month with a reverse mortgage here. 3 ways seniors can supplement their Social Security now Here are three ways seniors could start boosting their monthly income right now: Reverse mortgages A reverse mortgage is one of the better and more effective ways to supplement your Social Security now, as the funds come directly from the house you've paid into. Only available for homeowners who are age 62 or older, reverse mortgages provide monthly payments to owners, deducted from their home equity. Those payments will only need to be paid back, however, when the home is sold or in the event of the death of the homeowner. Still, if you're looking for a way to secure reliable income and don't want to have to borrow to get it (like you would with a home equity loan), a reverse mortgage could make sense for you now. Learn more about your reverse mortgage options here. Annuities If you need reliable income, it may feel counterintuitive to spend a large portion of the money you have saved on anything extra right now. But an annuity could be worth it. In exchange for providing a lump sum of money to an annuity provider, you'll then receive monthly payments for life in return. The higher an annuity you purchase, the greater your payments will be. But the real benefit here lies in the reliability and security an annuity provides, as it can be counted on regardless of what happens in the economy and long past your initial purchase amount has been exhausted. Learn more about opening an annuity here. Personal loans Arguably the least favorable of the three options on this list, a personal loan can still help fill the financial gap that's been recently uncovered by Social Security shortfalls. This will require taking on additional debt and interest rates here, around 12%, are markedly higher than they were at the start of the decade. But you don't necessarily have to use all of the personal loan funds you're provided, as they can often serve as an emergency fund where needed. And with alternatives like credit cards accompanied by interest rates just under a recent record high, this can be one of the less expensive ways to supplement your income right now. Get started with a personal loan online now. The bottom line Concerns over Social Security shortfalls may not be resolved overnight but by exploring their alternative funding sources, seniors can better determine their next steps. Reverse mortgages, annuities and personal loans can all help, perhaps to a considerable degree. So take the time to research all three right now and remember that you don't necessarily need a large amount of money to help as just enough financing to cover any gaps left over by Social Security will likely suffice.
Forbes
20-06-2025
- Business
- Forbes
Bridge Jobs Are The Career Step Everyone Should Consider
More professionals are embracing bridge jobs to stay active or ease into retirement without stepping ... More away from work entirely. getty There used to be a light at the end of the tunnel for people in their early 60s getting ready for retirement. The old working career model, in place for decades, required hard work and loyalty in exchange for a pension and savings account. But for many today, it's more of a moving target. Rising costs and a desire to remain active are prompting people to stay in the workforce longer. In this in-between space, a different kind of job is gaining traction. Bridge jobs are temporary or transitional roles that help professionals navigate between major career stages. Think of it as a short-term position that supports your financial needs. The stark reality of today's economic climate is that 50-60% of retirees work in bridge jobs. Many of them need supplemental income before fully retiring; however, when individuals assume these roles after the age of 66, they potentially widen the wage gap. Bridge jobs aren't just for retirees; they're also a smart move for younger professionals navigating career pivots or reentering the workforce. Whether it's shifting industries or building new skills, bridge roles are powerful stepping stones. Unlike a gig, which is often piecemeal, bridge jobs are typically structured roles with some level of consistency or benefits. Common examples include: Teaching or adjunct faculty roles while transitioning industries. Contract-based project management gigs between executive posts. Freelance consulting while launching a business. Customer support or administrative work while reskilling. Remote content roles for professionals pivoting into tech or media. Skills That Make Bridge Jobs Work Bridge jobs demand flexibility. The most effective candidates bring a high level of adaptability and emotional intelligence. Employers value individuals who quickly learn new systems and manage workloads independently. The must-have skills to land these positions include: Context switching—The ability to quickly shift between tasks, projects or communication styles without losing focus. Microlearning—The capacity to absorb and apply new information in short bursts, especially helpful when onboarding into fast-paced or unfamiliar environments. Boundary management—Knowing how to set limits on time and energy in roles that can easily spill over into off-hours, particularly for remote or freelance work. Cultural fluency—Adapting to different workplace norms and expectations. This is critical when moving between industries or international teams. Reputation management—Swiftly building credibility with new colleagues or clients, often without a long track record in the role. Self-coaching—Using self-assessment or lightweight performance frameworks to stay on track without traditional career development support. Bridge roles offer structure and flexibility, making them a strategic choice for career pivots, ... More reentry or phased retirement. getty Finding a bridge job requires shifting the lens from traditional job boards to opportunity-rich networks. Start by targeting companies known for flexible or contract hiring, such as startups, nonprofits or consultancies. Here's where to look: Gary's Guide—A curated tech platform spotlighting job openings, startup gigs and tech opportunities, especially in innovation-driven markets like New York. LinkedIn—Use terms like 'contract,' 'interim,' 'freelance' or 'consulting' in job searches. Upwork and Toptal—For freelance and project-based consulting work. Universities and boot camps—Teaching and mentoring roles are great stepping stones for people during transitional periods. Industry Slack groups and professional forums—These platforms post niche, high-quality roles not listed elsewhere. The stigma around non-linear paths is fading. And for many, a well-chosen bridge job can be the boldest career move yet. MORE FROM FORBES Forbes What Time Poverty Is Costing You—And How To Take Control By Cheryl Robinson Forbes Medical Gaslighting Is Real. Women Leaders Are Raising Their Voices By Cheryl Robinson Forbes Late ADHD Diagnoses In Women Are Shaping A New Leadership Model By Cheryl Robinson
Entrepreneur
17-06-2025
- Business
- Entrepreneur
Mom's Side Hustle Made $30k in 2 Months, Then $500k a Year
It's the era of the side hustle, and if you've ever considered starting one to earn some extra cash outside of your 9-5, you're in good company. These days, more than one-third of U.S. adults have side hustles, and their supplemental gigs make an average of $891 a month, according to recent research from Bankrate. Of course, the most successful side hustlers see much higher earnings, especially when they start a business that brings in nearly as much as — or significantly more than — their full-time sources of income. Katya Eckert, 41, of Greenwich, Connecticut, is one of them. Learn more about Eckert's innovative product and how she built her business here. Responses have been edited for length and clarity. Image Credit: Courtesy of A DOMANI. Katya Eckert.
