Though financial portfolios may look bleak in this economy, there are some tricks for seniors to make some extra money in retirement.
Golden Gateway Financial, a website that calculates retirement finances, released advice today directed at senior citizens having trouble making ends meet.
Not surprisingly, Golden Gateway suggested revisiting one's budget, as well as securing a reverse mortgage releasing the home equity of a property.
The company's website has online tools helping visitors with both.
It also pointed to exploring a life settlement and a social security "double dip."
With a life settlement, seniors are encouraged to sell off their life insurance policy for a lump sum. Golden Gateway claims 85 percent of life insurance policies never actually pay a benefit.
To social security "double dip," seniors would have to cancel their current benefits and then re-apply at a higher age, which could yield greater benefits. But be warned recipients must first pay back benefits received in order to be eligible. More information can be found at www.ssa.gov.
The U.S. unemployment rate is projected to rise to 7.5 percent by the end of 2009, an increase from last month's rate of 6.5.