Last updated on August 26th, 2025 at 04:17 am

When you retire, you might be shocked to realize Social Security and Medicare won’t provide all this financial stability you need. It’s essential to create a safety net for yourself to ensure your golden years are truly golden! RetireCoast.com has provided practical tips for establishing a retirement safety net with income sources and healthcare coverage beyond government programs.

Launch a Business in Something You Love

One fantastic way to supplement your retirement income is to launch a business out of something you’re passionate about. It could be anything from quilting to tutoring to woodworking or consulting. If you already have the skills in something, why not use them? Remote work is becoming more common by the day, so you can even turn your passion into an online business and serve customers across the globe.

Establishing an LLC is crucial for any new business. This type of entity gives you legal protection for the business, limits your personal liability, and can help you save on taxes. A formation service makes it easy to set up an LLC quickly by taking care of all the necessary paperwork and filing with the state; you won’t have to worry about unfamiliar laws or tedious paperwork!

Get a Part-Time Job

Working a part-time job can help you supplement your income without putting too much strain on your body or mind. Many employers are looking for seniors who have the experience and wisdom necessary while being available on a flexible schedule. Working part-time also keeps you connected with people, which is essential for good mental health as you age.

You’ll need an impressive CV (curriculum vitae) to outline your professional qualifications and accomplishments. Building your own template for a CV with an online tool can help you create a professional-looking document quickly and easily. With such a tool, you can make a template with all the necessary elements for your CV, including your Education, Experience, and Skills sections, while customizing it to different job applications.

Make Wise Investments

If you want to create a reliable safety net, making wise investments is key. Research stocks, bonds, mutual funds, and annuities so that you can make choices that bring healthy returns while protecting your money from inflation, market volatility, and other risks. Be sure to consult an experienced financial advisor before making any major decisions about investing.

Delay Your Social Security

If possible, try to delay when you start receiving Social Security payments — until after age 70. Doing so can increase your monthly payments by as much as 8%! That said, if there are no other income sources available at this time, you may not want to delay past 66; that way, you’ll have some steady income each month until other sources open up.

Build an Emergency Fund

You should also aim to establish an emergency fund to help cover unexpected expenses like home repairs and medical bills. Having such a fund will give you peace of mind knowing that if something happens, you’ll be taken care of without having to worry about how you’ll pay for it right away. The recommended amount for an emergency fund is three to six months of living expenses, so start saving today!

Learn How To Save Money 

Last but certainly not least: Learn how to save money! This might seem obvious at first glance, but many seniors find themselves struggling financially because they don’t know how (or haven’t had the chance) to develop good saving habits throughout their lives, especially

after they retire. However, it’s never too late! Start small by cutting back on unnecessary expenses like eating out every day or buying new clothes every season. Eventually, the small savings add up!

Conclusion

Creating a safe financial future after retirement requires planning ahead and making intelligent decisions when it comes to investing and saving money. Consider starting a business or getting a part-time job to supplement your income. Make good investments, and delay your Social Security if possible. 

Lastly, start building an emergency fund and improving your saving habits to take control of your finances and position yourself for a brighter future. This next chapter will be your best!

Would you like to access more helpful retirement advice and resources? Visit RetireCoast.com today!

Contributed by Claire Wentz. Caringfromafar.com

Frequently Asked Questions

Living in Mississippi offers low housing costs, affordable healthcare, and a slower pace of life. The warm climate and friendly communities make it attractive for retirees. On the downside, wages and job opportunities can be limited, and parts of the state experience extreme weather like hurricanes and humidity.

Some of the best Mississippi communities for seniors include Ocean Springs, Pass Christian, and Bay St. Louis. These Gulf Coast towns combine affordable housing, medical access, and vibrant cultural scenes. Many seniors also enjoy Gulfport for its amenities and proximity to beaches.

On average, retirees in Mississippi can live comfortably on $45,000–$55,000 per year, depending on lifestyle. Housing is about 30% lower than the national average, and Mississippi exempts Social Security income from state taxes. This makes it one of the most affordable retirement states.

Yes. Mississippi is considered retirement friendly because of its low cost of living, no state tax on Social Security, and relatively mild winters. Retirees also benefit from affordable real estate and a variety of cultural and outdoor activities along the Gulf Coast.

The “$20 method” is a slot machine strategy where a player inserts $20 into multiple machines and plays a set number of spins, cashing out quickly if they win. It is more of a budgeting tactic than a guaranteed winning method, and results vary widely.

Popular retirement businesses include consulting, property management, online stores, and service businesses such as bookkeeping or home repair. The best choice depends on your skills, interests, and how hands-on you want to be during retirement.

Yes. Many entrepreneurs launch businesses later in life with great success. Experience, professional networks, and financial stability often give older entrepreneurs an advantage. Examples include real estate investing, consulting firms, and small service businesses tailored to local communities.

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