Some ways to increase retirement income include delaying Social Security benefits, working part-time in retirement, downsizing your home, and investing in dividend-paying stocks or bonds.

It depends on your individual situation. If you need the money for essential expenses and have no other options, then it may be necessary to withdraw from retirement accounts. However, it is generally recommended to avoid early withdrawals and to only withdraw what is needed to cover essential expenses.

A reverse mortgage is a loan that allows homeowners aged 62 or older to access the equity in their home. The loan does not have to be repaid until the borrower dies, sells the home, or moves out permanently. However, reverse mortgages can be expensive and can reduce the equity in your home over time.

One tax-efficient way to withdraw from retirement accounts is to use a Roth IRA. Roth IRA withdrawals are tax-free, as long as the account has been open for at least five years and the withdrawals are made after age 59 1/2. Additionally, you can use a strategy called “tax-loss harvesting” to offset gains in taxable accounts with losses in retirement accounts.

Annuities can be a good option for some retirees, as they provide a steady stream of income for life. However, annuities can be expensive and may not be suitable for everyone. It is important to carefully consider the terms and fees of any annuity before purchasing.