Retired but insecure? Here’s 5 ways middle-class Americans can still become rich once they’ve entered their golden years

1. Keep earning income

The most obvious way to become richer in your later years is to keep working even after you’ve “retired.”

There are many different ways to do that. You could take on a part-time role in the industry you retired from. If you’ve acquired a lot of knowledge or skills throughout your career, you could also look into consulting positions, which can be quite lucrative but require relatively little hands-on time.

You could also start your own business, opt for a low-pressure side gig like dog walking, or try to turn your hobby into a business — such as by selling crafts on Etsy or using your long-honed thrifter’s eye to become an eBay reseller.

Whatever approach you take, if you keep earning more, you’ll have more to spend —- which means more legacy to leave behind.

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2. Invest wisely

Investing can help your money earn money for you. You can choose safe investments, like certificates of deposit (CDs) or bonds, but you won’t earn as high of a return. You can also put money into the stock market, or even consider alternative investments such as cryptocurrencies.

Keep in mind, though, that the higher the potential returns, the greater the risk you typically must take on. At this stage of life, you don’t have as much time to recover if an investment goes wrong. You can’t take on too many risks in the pursuit of wealth. As a rule of thumb, you should only invest in speculative — or volatile — investments if you can afford to lose everything you put in.

3. Live on less

There are different definitions of what it means to be rich. If your goal is to have a lot of wealth invested so you feel more secure or leave a legacy, then one way to do this is by reducing your expenses.

If you cut your spending, you can withdraw less from your retirement accounts, so your account balance has more opportunity to grow. If you have enough money coming in from Social Security and a pension, you may even be able to keep saving and investing more so your nest egg grows instead of dwindling.

You can also look at cutting a big fixed expense to free up more cash. If you can downsize and cut your housing payment in half, for example, you may feel richer, because you'll have more money to spend on whatever you want each month.

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4. Relocate to a less expensive area

Relocating to a lower-cost-of-living area could also help you to become — or at least feel — richer in a few different ways.

For one thing, your money will stretch further, giving you more of a feeling of abundance. If you sell a house in a high-cost-of-living area and move to a lower one, you could also reduce housing costs and potentially get enough equity out of your old home to pay for your new place in cash. If you have any funds left over from that transaction, you can put the difference away for a rainy day or into a wise investment.

Of course, you’ll want to make sure the place is a good fit, makes you happy, and allows you to access the medical care you need and social activities you enjoy. The good news is that there are plenty of great places for retirees to live where those things don’t cost a fortune.

5. Purchase an annuity

Finally, if your idea of being rich is to never have to worry about running out of money, or about where your next payment is coming from, you could opt to buy an annuity.

Annuities can be complicated, and in comparison to other investments, they may have lower returns and higher fees. That being said, they do one thing well: They provide guaranteed lifetime income that won’t run out. For some people, the financial stability that comes from having a guaranteed source of funds is worth the cost with any downsides — and it makes them feel wealthier.

To decide which of these ideas makes sense for you, take the time to think about how you want becoming rich to change your life. This will guide you in the direction of a solution that can help you achieve your goals.