5 ways seniors can boost their income this July

The start of a new month is often an ideal time to re-evaluate your financial situation. For many seniors and older adults, however, it is critical to do so. With budgets closely tied to retirement savings and Social Security — and inflation and higher interest rates deteriorating both — many seniors must look for ways to boost their income this July.

While each person's financial situation is different — and the level of risk each is willing to take varies — there are some broadly applicable ways that many seniors can boost their economic situation right now. However, each poses its own set of benefits and challenges, so seniors must carefully research before proceeding. To that end, below we've gathered five simple and effective ways seniors can improve their income this July.

Start by seeing how much home equity you have to borrow here now.

5 ways seniors can boost their income this July

Need to increase your income this July, and possibly further into the future? Then consider these five options now.

Tap into home equity

The average homeowner has around $300,000 of home equity right now, which can be tapped into for a variety of reasons and needs. Just understand that your home will serve as collateral when borrowing this way, so only withdraw an amount you're comfortable paying back. Look to home equity loans and home equity lines of credit (HELOCs) versus cash-out refinancing, which will cause you to lose your current mortgage interest rate.

See what home equity loan rate you could qualify for here.

Open a CD or high-yield savings account

While neither a certificate of deposit (CD) nor a high-yield savings account will immediately boost your income, it will over time, particularly if you shop around to find an account with the highest rate and best terms. And since traditional savings accounts have interest rates around 0.45% right now – and both CDs and high-yield savings accounts are upward of 4% or higher, you're likely losing money by keeping your funds in a regular savings account.

Get started with a CD instead here.

Consolidate debts

If you're one of the millions of Americans burdened by high-interest credit card debt, with the average rate over 20% right now, then it may be time to consolidate that debt. With a debt consolidation loan, for example, you may qualify for a rate significantly lower than what you're currently paying to reduce your debts, putting money directly back into your account that you otherwise would have gotten stuck paying to your credit card company.

Learn more about your debt consolidation loan options online now. 

Refinance loans

While today's rate climate is still elevated, it's cooled lately thanks to a lower inflation rate and a presumptive cut to the federal funds rate. So it may be worth taking a closer look at the interest rates you currently have on your mortgage, personal loans, student loans and more for opportunities to refinance. Even half a percentage point refinance could make a major difference in the available cash you have each month.

See what mortgage refinance rate you qualify for here.

Cash-out insurance policies

Some insurance policies can only be utilized in case of emergency or for a singular purpose. Others, like whole life insurance, for example, come with a cash component that could be utilized while still alive. So if you have one of these insurance policies and are comfortable reducing the ultimate payout beneficiaries would receive, it's worth investigating now. You may have access to a substantial amount of money, depending on how long you've paid into a plan.

Learn more about whole life insurance online now.

The bottom line

If you're a senior looking for extra income this July — and in the months and years to come — then there are multiple options worth considering. From home equity borrowing to the benefits CDs and high-yield savings accounts offer now to debt consolidating, loan refinancing and cash-out insurance policies, there are various ways to boost your income. Just be sure to carefully weigh the pros and cons of each so that the options you do ultimately choose don't put you in a more precarious financial position than you would have been if you elected to do nothing.