We are just days away from announcing the 2025 Social Security Cost of Living Adjustment (COLA). This is a big deal for seniors who have struggled with high inflation in recent years. But the COLA is unlikely to be life-changing.

The latest projections from the nonpartisan Senior Citizens League suggest the COLA will be around 2.5%. That would increase the average monthly Social Security benefit of $1,920 in August by $48.

If you’re on Social Security and it’s not enough to maintain your current standard of living, you may need to turn to some of the following four alternative sources of retirement income.

1. Personal savings

Personal savings are your go-to if you have them. You withdraw as much as you need to cover your expenses, making it the most flexible source of retirement income you have. But no matter how much is in your account, it is still a limited resource.

To ensure your savings last as long as possible, you need the right withdrawal strategy for retirement. This includes only withdrawing as much as you need and choosing the right accounts to withdraw from. Tax-deferred retirement accounts, like traditional IRAs and 401(k)s, require you to pay taxes on your withdrawals, while Roth withdrawals are generally tax-free in retirement. If you are over age 73, you must also consider the impact of required minimum distributions.

You also want to be careful about how you invest the remaining money in your account. You may want to keep some money in a bank account or certificate of deposit where you can easily access it.

But you also want some of it to be invested in bonds and the stock market so that it can continue to grow. Just be careful. At this stage it is important to protect what you have saved.

2. Income from a job

If you’re healthy enough to work, you could take a full- or part-time job to make ends meet. This doesn’t necessarily have to be the same job you did before retirement; Today you can choose something that better suits your interests.

There’s also no need to allocate a lot of money, as long as it’s enough to cover what your Social Security checks and personal savings can’t. Depending on your needs and your employer, you may be able to get by with just a few days per week. Remote work is an option for people who want to travel in retirement.

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3. Rental income

Retirees who own additional properties may be able to make some money by renting them out. This can be particularly valuable if you are the sole owner of the property. However, you are still responsible for maintenance.

Traditional long-term rentals could be the right choice if you’re looking for something predictable. But short-term vacation rentals are also an option, especially if you’re staying in a popular tourist destination.

However, short-term rentals may require special attention from you as you will need to inspect and clean the property between guests. However, you can hire someone to do this for you.

4. Government support

This is a last resort, but if you are unable to cover your living expenses through other means, check whether you are eligible for other government assistance programs. These are generally managed at the state level. However, you can check whether your local community also offers help.

Government programs help with food, housing, utilities and healthcare. There are certain income criteria you must meet and you may need to periodically re-certify your income to ensure you remain eligible.

Prepare a budget

You may need a combination of these four sources of income to make ends meet. Once you know how much your 2025 Social Security check will be, you can start planning for what it won’t cover. Revisit this budget after a month or two to make sure it’s still working for you.

If not, you will either need to reduce your expenses or increase your income to find a balance that is comfortable for you.

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“4 Sources of Retirement Income Besides Social Security to Count On in 2025” was originally published by The Motley Fool