How Your Assets Can Be Sources of Retirement Income

If you're thinking about retiring, but you're worried that your expected income may not be enough, there are many possible sources of retirement income, and some of them may be surprising to you.

This blog sets out to help you find ways to generate income in your later years. See if any of these resonate with you.

Your car can actually be a source of income for retirement. You can prepare for retirement, or in your early years of retirement, by trying to earn money driving for a service such as Uber or Lyft.

Another strategy is selling one vehicle from your household's fleet. If you have three, you can try living with two by limiting the usage to two as a test run. If you have two, see if you can get by with one with the same test.

It can be easier than you think to share just one vehicle once you're retired and not commuting to jobs. By moving to just one vehicle, you can collect some serious cash for it in the current market, and then you'll save money in the future by not having to pay for insurance, maintenance, and repairs.

2. Your House

Your house can also be a possible income generator, whether you start now and/or in retirement. One option would be renting out space in it -- or rent out the whole home -- for short or long periods via services such as Airbnb. You could also take in a boarder for a few years, if you and your home are able to live with those circumstances.

Another option could be a reverse mortgage; these are not suitable for all retirees, but they can serve some people very well. They involve borrowing from a lender with your home as the collateral. The lender can pay you a lump sum or regular payments over time while you stay in the home.

Once you no longer do -- because, for example, you moved to a retirement home or passed -- the lender claims the home, unless your heirs want to and are able to pay back the loan.

Downsizing for More Money

One overlooked way to generate more income for retirement while getting to keep more money in your pocket over time is downsizing. There are a variety of ways to downsize. If you are most comfortable in your neighborhood or town, you could sell your home to buy a smaller and/or less costly one in the same area.

If you're not so attached to your city or neighborhood, you could move to a less costly town or state. This provides the possibility to move closer to family or loved ones, too.

By downsizing to a less costly home, you can probably make good money with the current market, and you'll likely pay less over time in your utilities, property taxes, insurance, landscaping, and maintenance (among other things).

3. Your Unused Items/Collectibles

Finally, some of the money you'll want for your retirement is all around you, in the form of items you no longer need or desire. Spend some time reassessing things in your attic, basement, garage, and even your storage unit.

All those unnecessary things could fetch lots of dollars at a yard sale -- and some you might want to try and sell online. Particularly valuable items, such as some collectibles, might be sold to resellers or others who appreciate their value.

These are just some ways to generate a bit of money for your future, for a financially secure retirement. If any of them sound feasible, see how you can trial them out with calculations or research.

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