Could you possibly arrange multiple income sources?
On average, women receive 23% less Social Security income than men. In 2014 (the most recent year of data available), the average yearly Social Security benefit for a woman 65 or older was $13,150, compared to $17,106 for her male counterpart.1
This is one example of the income gap plaguing too many women in retirement. With a little ingenuity, you may be able to plan new income streams to counter it. Here are a few ideas.
Make money from a hobby. You may be able to monetize what you love to collect, repair, or create. You may not need to incorporate: 95% of U.S. businesses are sole proprietorships.2
If suitable, consider directing more assets into dividend-paying investments. If you opt for this, you must specify that you will take dividends as cash rather than reinvest them.
Rent property. A room, a vacation rental, a home…if you have an empty nest, the money earned from renting it out could exceed future housing costs over time.