It's common to find retirees who are asset rich and cash poor. You may own some of these assets named below that don't produce much or any income that you can convert to a much larger income stream.
Investment Real Estate
In many parts of the US, investments in rental houses or apartment buildings will yield less than 4% after expenses. In other words, in the current value of the property is $1 million, you realize $40,000 or less in cash flow. You could earn the same in a simple bank certificate of deposit. Of course, the reason you purchase the real estate was for appreciation and that's the #1 reason to invest in real estate. But you may have now reached a stage of life where the cash flow is more important than future appreciation. You can sell and reinvest for more cash flow. (There are several methods to defer or avoid capital gains tax when selling real estate including a CRT and a 1035 exchange from residential to triple net commercial property which yields higher cash flow). of course, raw land produces no cash flow and is the best candidate for conversion to an alternative retirement income option.
A reverse mortgage allows you to tap the equity in your home as income. Many people don't realize that the equity in their home has a yield of 0%. Therefore, if you need income and are at least age 62, it's easy and financially sensible to convert that equity into cash. You make no payments on this mortgage as long as you reside in the home. The main criticism of these mortgages is that the initial cost is higher than a conventional mortgage, typically 5% (e.g. $10,000 on a $200,000 mortgage). But this is a foolish reason to ignore this option because if you invest $190,000 that you receive in a 6% tax free bond, that's $11,400 of tax free cash to enjoy that you did not have before.
Your Life Insurance Policy
You can sell your insurance policy. Many investors will buy policies from you for more than you can get if you surrender it to the insurance company. These transactions are called insurance life settlements or senior life settlements. The buyer will continue to pay premiums on your policy and collect the death benefit when you die. But they will pay you cash today. For example, if you have a $1 million policy (pays $1 million to your beneficiaries when you die), that may be worth $250,000 ore more to an investor, the price being a function of your age, health and type of policy.
Growth Mutual Funds
It's not uncommon for a retiree to own growth mutual funds which pay very little in dividends. In today's market, you can buy plenty of high quality, "blue chip" stocks that pay dividends of 6% or higher. So get out of growth mutual funds into value stocks with handsome dividends.
Just these few tips could increase retirement income so that retirement becomes financially most comfortable.