Retirement Social Security

4 Smart Ways to Supplement Your Social Security Income Before 2026 Is Over

Consider these options to boost your income beyond Social Security.

By Chris Lewis, CEPF , Edited by Laura Hohenstein

Updated Sept. 3, 2026

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Social Security can provide an important financial foundation in retirement, but the program was never meant to replace a retiree's income.

If your monthly check isn't stretching as far as you had hoped, you're not alone. With the rising cost of living and inflation eating into your earnings, it makes sense to look for ways to supplement Social Security income.

Here are four ways you can earn extra income to supplement your senior benefits before the end of the year, along with one rule that could undercut the whole plan if you're not careful.

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Invest in dividend-paying stocks or ETFs

Dividend-paying stocks and dividend-focused exchange-traded funds (ETFs) can offer a stream of passive income. Dividend-paying companies pay part of their profits to shareholders quarterly or annually. Dividend-focused ETFs, on the other hand, bundle many of those companies into one fund.

However, this option may come with trade-offs. Dividend income is not guaranteed, and the value of the underlying shares can go up or down with the market.

If you consider this option, consider companies or funds with long records of consistent, reliable payments, rather than those promising the highest yields. An excessively high yield can sometimes be a sign of financial trouble at the underlying company.

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Take on part-time or gig work

Retirement doesn't have to mean leaving paid work altogether. You can find a part-time job or do consulting, freelance work, tutoring, pet sitting, or some other gig work. This can give you extra income and more flexibility than a traditional full-time job.

Working can also ease the transition into retirement for people who miss the routine or social interaction that came with their careers.

But before you increase your work hours, there's an important Social Security earnings test rule you need to know (more on that below).

Watch out for the Social Security earnings test

If you are under full retirement age for all of 2026 and are currently receiving Social Security benefits, you can earn up to $24,480 before the retirement earnings test applies. If you earn more than that, Social Security will deduct $1 for every $2 you earn over the limit.

The rules are different during the year you reach full retirement age. In 2026, the earnings limit is $65,150 before the month you reach FRA. Social Security withholds $1 for every $3 you're above the income threshold.

Once you reach full retirement age, the earnings test no longer applies. This means you can earn any amount without a reduction to your benefits.

You don't lose all your withheld earnings, though. Social Security recalculates your benefits once you reach FRA and credits back withheld benefits due to excess earnings.

If you're considering increasing your work hours while still under FRA, ensure you check the current annual limit on SSA.gov before committing to extra hours.

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Rental income

If you own a second home, vacation home, accessory dwelling unit, or a spare room or space, renting it out could create another stream of retirement income.

However, being a landlord comes with several responsibilities, such as managing tenants, maintenance, repairs, vacancies, property taxes, and other expenses. Being a landlord generally requires time and effort unless you hire someone to manage the property.

Buying a property to solely generate extra income may not be worth it. Renting out a space you already own, such as a garage or spare room, is an excellent way to begin.

Create a structured withdrawal plan from your savings

Instead of withdrawing your retirement savings every time an expense arises, creating a structured withdrawal strategy could help savings last longer and make budgeting more predictable.

Taking out too much too soon can increase the risk of running out of money in retirement. Many experts usually recommend the 4% withdrawal rule, which allows you to draw up to 4% of your retirement portfolio each year.

A finance professional can help you determine a withdrawal rate that best fits your situation based on portfolio size, life expectancy, and other income sources.

Bottom line

There's no one-size-fits-all way to boost a fixed income. The best choice depends on your risk tolerance, your health, whether you're still working, and your overall tax picture.

Dividend investing carries market risk, gig work could trigger earnings tests, rental income means you have landlord responsibilities, and structured withdrawals need to be planned carefully to avoid draining savings too fast.

Such decisions can have long-term financial consequences, and it may be worth consulting a financial professional or tax advisor before making a major change to your income strategy. This article is for general information only and isn't personalized financial advice.

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