Personal FinanceEgoitz Bengoetxea Iguaran from Getty Images and JJ Gouin from Getty ImagesMaurie Backman
In 2025, Social Security recipients got their smallest raise in years.
You can boost your retirement income by working part-time or renting out part of your home.
Also make sure your investment portfolio is generating steady income.
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Each year, Social Security benefits are eligible for a cost-of-living adjustment (COLA). The purpose of COLAs is to make sure that benefits are able to keep up with inflation. But unfortunately, they often fall short.If you’re having a hard time making ends meet based on your 2.5% Social Security COLA this year, that’s understandable. Not only is it the smallest COLA to arrive in years, but it’s also already trailing behind recent inflation.But if that’s the case, don’t just resign yourself to being cash-strapped for the duration of 2025. And don’t force yourself to resort to drastic measures like skipping medication doses or meals just to get by. Instead, look at these options for boosting your retirement income at a time when your Social Security benefits just aren’t cutting it.1. Go back to workIf you’ve been hesitant to get a part-time job out of fear that it’ll result in your Social Security benefits being taken away, here’s some good news. Social Security recipients are allowed to earn money while receiving benefits. And once you reach full retirement age (FRA), you can earn any amount of income without risking having benefits withheld.If you haven’t reached FRA and are receiving Social Security, you’ll be subject to an earnings-test limit before your wages from a job negatively affect your benefits. But that limit is pretty high — it’s $23,400, or $62,160 if you’ll be reaching FRA later this year. Even the lower number here gives you plenty of leeway to boost your overall income.And if the idea of having to work on a preset schedule isn’t appealing to you, know that you could always join the gig economy instead. This allows you to work when it’s convenient. And it may be your ticket to finding a job you actually enjoy.2. Rent out part of your homeIf you own your home and have an extra room, renting it out is a good way to generate income. And if you don’t have a room to spare, you might still be able to rent out portions of your home strategically.Some people, for example, rent out their swimming pools by the hour. Others rent out parking in their driveways in areas where spots are hard to find. Think strategically about the ways you can turn your home into an inc