Get $740 Monthly Retirees Can Claim – Risk Free Are you already retired or getting close to that milestone? Wouldn’t it be great to have an extra $740 per month? That’s over $8,800 per year — enough to travel, pay medical bills or just have some extra breathing room in retirement.
The good news is you don’t have to win the lottery or take big financial risks to make this happen. There are real ways retirees can increase their income — and many people are missing out because they don’t know where to start.
In this guide we’ll show you how you can get that kind of extra cash — from Social Security strategies to side income ideas that work for retirees.
Let’s get started.
Retirees Can Claim
| Detail | Information |
|---|---|
| Monthly Income Boost | Up to $740/month by delaying Social Security to age 70 |
| Alternative Options | Renting space, part-time work, investments, annuities |
| Top Platforms | Airbnb, Fiverr, Upwork, Etsy, SpareRoom |
| Best for | Retirees aged 62–70, those with savings/assets or hobbies |
| Official Social Security Info | ssa.gov/benefits/retirement |
The Best Way: Delaying Social Security
This might be the best kept secret among retirees who want to increase their monthly income.
Most people start collecting Social Security at 62 but doing so locks in a smaller monthly payment for life.
Here’s what happens if you wait:
| Age You Start Benefits | Estimated Monthly Benefit |
|---|---|
| 62 | $1,298 |
| 70 | $2,038 |
That’s a $740/month difference — just by waiting a few years.
And according to the Social Security Administration (SSA), your benefits grow by about 8% each year when you delay past full retirement age (which is usually around 67).
So, if you’re in decent health and can afford to wait, this could be one of the easiest ways to boost your income without lifting a finger.
Rent Out a Room or Space You’re Not Using
Many retirees own homes with extra space — whether it’s a guest bedroom, basement, or even a backyard cottage.
Why not turn that unused square footage into a source of income?
Platforms like Airbnb and SpareRoom make it easy to find short-term or long-term renters.
Depending on where you live, renting out a room can bring in:
- Urban areas : $1,200–$1,600/month
- Suburban areas : $900–$1,100/month
Even if you only rent part-time, that’s still a nice chunk of change to help pay the bills or fund a vacation.
Just remember to check your local laws and any HOA rules before listing your space.
Use Your Skills for Part-Time Work or Freelancing
Retirement doesn’t mean you have to stop working completely — and many retirees enjoy staying active by offering their expertise.
Whether you’re good at writing, tutoring, bookkeeping, or design, platforms like Fiverr , Upwork , and Tutor.com let you offer your services part-time.
Even just a few hours a week can earn you between $500 and $1,000/month , depending on your skills and rates.
Plus, it gives you something meaningful to do and keeps you connected with others.
Turn Your Hobby Into a Side Income
Do you enjoy knitting, baking, painting, or crafting?
You might be surprised how many people are willing to pay for handmade goods or unique creations.
Try selling your work on platforms like:
- Etsy
- Facebook Marketplace
- Local farmer’s markets
It may not replace a full salary, but many retirees earn anywhere from $300 to $1,000/month doing something they already love.
Invest in Income-Generating Assets
If you have some savings or a retirement portfolio, consider investing in assets that generate regular income.
Some options include:
- Dividend stocks
- Bonds
- REITs (Real Estate Investment Trusts)
These can give you quarterly or monthly income — to build a steady stream of passive income.
Investopedia says retirees can expect 4–8% with a diversified portfolio of these.
Talk to a financial advisor before investing — especially if you’re conservative.
Consider Annuities for Guaranteed Income
An annuity is a contract with an insurance company where you invest a lump sum and get guaranteed monthly payments — now or later.
There are two main types:
- Immediate Annuity : Payments start now
- Deferred Annuity : Payments start later, often with more money
They can give you peace of mind if you want predictable income in retirement.
Talk to a financial advisor to see if this works for you.
Things to Think About Before Boosting Your Income
Before you do anything, here are a few things to consider:
Taxes
Extra income might put you in a higher tax bracket. Also, up to 85% of your Social Security benefits could be taxed if your total income is high enough.
Medicare Premiums
Higher income can increase your Medicare Part B and D premiums . Check the income-related adjustments each year.
Earnings Limits
If you start Social Security before full retirement age and keep working, there are earnings limits. For 2025, you lose $1 in benefits for every $2 earned over $22,320 .
FAQs
How do I estimate my Social Security benefit?
Use the SSA Retirement Estimator tool online to get a personalized estimate based on your work history.
Can I rent out a room and collect Social Security?
Yes — rental income doesn’t affect Social Security, but might impact taxes or Medicare premiums.
Are annuities safe for retirees?
They can be, especially from good companies. Look for low fees and guaranteed returns.
What if I can’t wait until 70 to collect Social Security?
Focus on other income sources like part-time work, renting or investing to supplement your income.
Should I talk to a financial advisor?
Yes, especially if you have multiple income streams or a lot of savings. A pro can help you optimize your plan.