This Simple Trick Could Increase Your Retirement Income Each Month

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This Simple Trick Could Increase Your Retirement Income Each Month By: Marc Guberti Marc Guberti Marc Guberti is a personal finance writer who hosts Breakthrough Success, a podcast where he teaches listeners how to grow their businesses and achieve personal transformations. Has also written: Why Most Retirees Struggle Without This Simple Bucket Secret The ‘Bridge Strategy’ Retirees Use to Maximize Social Security This Is the New Retirement Reality in 2026 5 Costco Buys That Can Pay for Your Membership Fast Your 2026 Social Security Check Is on the Way. Here’s How to Stop Fraudsters From Getting It First See full bio Published: Mar 8, 2026 4 min read Getty Images Adding a few hundred dollars to your retirement income each month could make a huge difference for your budget. It may allow you to take an extra vacation, sign up for a new membership or enjoy several extra meals out.

Gold Investor Kit Offer: Sign up with American Hartford Gold today and get a free investor kit, plus receive up to $20,000 in free silver on qualifying purchases And you may be able to do this without much effort if you have a significant amount of cash sitting in a traditional savings account — which tend to offer interest as low as 0.01% — or a checking account, which usually don't offer interest at all. Move that cash to a high-yield savings account to earn significantly more interest. Must ReadExperts are Bullish on Gold — Here's How to Get InWhy Retirees Are Turning to Gold as a Buffer Against Stock Market LossesWarren Buffett on Market Volatility — and 3 Ways You Can Take Advantage The perk of opening a new savings account As people get closer to retirement age, they tend to move more of their money out of risky assets. But if that money then sits in a traditional savings account or checking account, it’s not earning significant interest. Deal of the Week: 50% off your first week with Cook Unity, a meal delivery service crafted by chefs Some people stick with the same bank for many years without comparing options or seeing if they could get a higher rate elsewhere. But online banks have gained traction over the past decade, and some of them offer annual percentage yields around 4% or more. That’s a lot more than what you will receive from checking accounts and most savings accounts, especially if you do business with a traditional bank. Money market accounts are another type of bank account that offer higher yields, but they sometimes come with a minimum balance requirement that you must fulfill to receive the maximum APY and avoid monthly maintenance fees. Always check the rules of a high-yield savings account or money market account before opening one. Moving your money If your current bank already has a high-yield savings account, it’s easy to move the money. All you have to do is create a high-yield account then transfer the funds from your checking account or savings account to your new savings account. There, your money will compound faster and generate risk-free returns. It takes a little more effort to move funds from one bank to another, but the overall idea is similar. You open an account at the new bank, then initiate an online transfer between the two accounts. Extra Money: Get up to $1,000 in stock when you fund a new active SoFi invest account The extra income from a HYSA A retiree who has $100,000 sitting in a traditional savings account earning a 0.01% APY will only earn $10 in interest in a year. But another retiree with that $100,000 in a high-yield savings account earning a 4% APY will earn $4,000 in a year, or $333 per month. Must ReadExperts are Bullish on Gold — Here's How to Get InWhy Retirees Are Turning to Gold as a Buffer Against Stock Market LossesWarren Buffett on Market Volatility — and 3 Ways You Can Take Advantage