We’re just days away from the first Social Security checks of 2025. The average retiree will get $49 more compared to last month, bringing the average benefit to $1,976 per monthly check. Some people may see even larger increases, and the wealthiest beneficiaries will take home a whopping $5,108 per month.

Yet many will find that this money doesn’t go as far as they expected. Medicare Part B premiums and Social Security benefit taxes will take a bite out of many seniors’ checks, and though inflation has slowed, it hasn’t stopped.

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You’ll have the best chance of staying comfortable in retirement if you have other sources of income to supplement your Social Security benefits. Consider the following four options.

1. Personal savings

Obviously, personal savings are the ideal Social Security supplement, because you have complete control of these funds and they’re already in your possession. In the case of Roth savings, you may also be eligible for tax-free withdrawals, which could give you the money you need without raising your retirement tax bill.

If you’re still working, you’ll ideally want to defer 10% to 15% of your income for retirement. But if you’re not able to save this much, it’s fine to set aside a smaller amount. Try to increase this later if you get a raise or some of your expenses drop.

Those who are already retired may not be able to save more money in their retirement accounts. But you can choose your investments carefully to maximize your return. You don’t want to take too much risk, especially when you’re close to retirement, but you also don’t want to be too conservative and settle for little to no return.

One general rule of thumb is to subtract your age from 110. The resulting number should be the percentage of your portfolio that you invest in stocks. Put the remainder of your portfolio in bonds. Consider investing at least some of the stock portion of your portfolio in low-fee investments, like index funds, to help you hold on to more of your gains.

2. A part-time job

Working in retirement doesn’t appeal to everyone, but the steady paycheck can be invaluable if you lack adequate personal savings. You may not need as much income as you did during your working years, because you’ll have Social Security and your expenses might decrease slightly as you age. This gives you greater flexibility to choose a job that aligns with your interests and your schedule.

If you own property, you could consider renting it out for a relatively passive source of income. However, make sure you’re comfortable with the costs and duties that come with being a landlord before you pursue this option.

3. A reverse mortgage

A reverse mortgage is a possibility for seniors with substantial equity in their homes. It essentially enables you to borrow against your equity, and you aren’t required to make any payments while you’re still alive as long as you live in the house. The exact amount you can borrow depends on how much equity you have and current interest rates. You may be able to take the money out in a lump sum, in installments, or as a line of credit you can draw upon as needed.

However, this is only available to homeowners 62 and older, and you typically need to have at least 50% equity in the home. There are closing costs and other fees, and you’ll still be responsible for maintaining the property and paying the property taxes and homeowners insurance.

It’s a solid option for those who have few assets other than their home. But it might not be the right move if you intend to pass the property on to your heirs someday. After you pass away or move out of the home, you or your estate will have to repay the loan. This will reduce how much your heirs receive.

4. Other government benefits

Low-income seniors may be eligible for other government benefits that can help them meet their basic needs. For example, Supplemental Nutrition Assistance Program (SNAP) benefits can help you buy groceries, and Medicaid can help you with some healthcare costs Medicare may not cover.

You may also be eligible for Supplemental Security Income (SSI). This is a monthly benefit similar to Social Security that’s available to blind and disabled people, as well as low-income seniors. The federal maximum is $967 per month for a qualifying individual and $1,450 per month for a qualifying couple. However, the exact amount you’ll get depends on your income and assets, as well as where you live. Many states supplement the SSI benefits of their residents.

Every government program has its own eligibility criteria, and these can change over time. Review these carefully before you apply. Reach out to the program for clarification if you’re unsure whether you qualify.

These income sources may not all appeal to you, and that’s fine. Even one of them can make a significant difference to your financial security. If you take advantage of more than one, all the better. Just make sure you understand the consequences of each choice before you make it.

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