Work Pension!

It may not seem like something that could end up being an alternative income, but it will definitely come in handy if you end up receiving a pension when you are in your golden years. However, in the last few years, workplaces and big companies have steered away from traditional pension plans in favor of retirement plans such as the 401(k), 403(b), and others that are similar.

There is still a chance that you will be able to access a pension if the company for which you are working is more old-school, you started working a while ago, or you have been working in certain government departments or jobs. This would mean that you are going to receive monthly payments after you retire that will continue for as long as you live! Of course, the amount you are going to be receiving will vary, but in the end, it could still be an alternative form of income that will just boost your retirement funds.

A very good example is that people who have been serving in the military are very likely to end up receiving a pension with a payment that is going to be 2.5% of a total of 36 months of their highest basic pay. Depending on how much they have made during that time, that payment can end up being pretty advantageous!

You can also benefit from getting an additional retirement account. Read more about the alternatives you have to traditional IRAs and much more in this book!