13 'Boring' Income Streams That Can Beat Your Social Security Check

Forget the trendy side hustles. When it comes to funding your retirement, boring can be beautiful. Some of the most steady income streams are the old standbys. Even if they're not very exciting on paper, they're all potentially lucrative.

Each of these straightforward retirement income sources could earn you more than the average Social Security payment, or at least supplement your Social Security income.

Instead of buying property directly, Real estate investment trusts (REITs) allow you to invest in a real estate portfolio. Think of REIT as a mutual fund for high-dollar properties like apartment buildings, office towers, and shopping centers.

Unlike some other investments, REITs are required by law to distribute at least 90% of their taxable income to shareholders, making them a good opportunity for retirees receiving Social Security.

Dividend aristocrats are S&P 500 companies that have increased their dividend payouts for at least 25 consecutive years.

A portfolio of high-yield dividend aristocrats can provide a reliable income stream that can easily exceed your Social Security benefits.

Series I savings bonds are a highly secure investment backed by the U.S. government that earns interest based on both a fixed rate and an inflation-adjusted rate. The interest you earn is exempt from state and local taxes, adding to the appeal for income-focused retirees.

While I bonds are subject to an individual annual purchase limit, a couple that plans ahead of time could strategically build an impressive portfolio for their retirement years.

In exchange for a lump-sum payment, an insurance company can provide you with guaranteed income for a set period, or the rest of your life. These immediate annuities create a pension-like payment perfect for retirement.

For a healthy 65-year-old, a substantial premium can generate a monthly income that far exceeds the average Social Security check.

Of all the retirement income sources, rental property is a classic. There's a reason for that, though. The right property in a prime location can produce an impressive monthly cash flow.

Since you can deduct depreciation, repair costs, and operating expenses, rental property can even be an advantage at tax time.

When you buy a corporate bond, you lend a company money in exchange for regular interest payments (known as coupons).

A diversified portfolio of high-quality corporate bonds typically offers yields greater than those of other types of bonds, making them a compelling option for retirement income.

Imagine an investment instrument that's a hybrid of stocks and bonds, and you have preferred stocks. They pay a fixed dividend, similar to a bond's coupon payment, but they also trade on an exchange, just like stocks.

Preferred stocks typically offer higher yields than common stocks. In addition, their dividends must be paid before those to common stockholders.

The interest income from municipal bonds is often exempt from federal and state taxes, and that's just one reason they're such an attractive investment.

For retirees in higher tax brackets, the tax-equivalent yield of municipal bonds can produce income that quickly outpaces Social Security.

While they'll never make the list of most exciting investments, CDs have their advantages. For one, CDs are very straightforward: a bank pays a fixed interest rate over a specified term.

By creating a "CD ladder" with staggered maturity dates, you can find yourself with a dependable stream of income for your golden years.

While interest rates can fluctuate, a high-yield savings account can generate a decent amount of supplemental retirement income.

For retirees with substantial cash to invest, the interest earned from a competitive high-yield account can easily surpass the returns offered by traditional savings plans.

P2P lending platforms connect investors with individuals and small businesses looking for loans. As an investor, you fund portions of these loans and earn interest as they are repaid.

While there's always a chance of a borrower defaulting, you can diversify across many small P2P loans to mitigate this risk.

Selling covered calls is a trading strategy that involves selling the right to buy a stock you own at an agreed-upon price within a specific timeframe.

While it will mainly be of interest for retirees who own a considerable portfolio of stocks, the premium you can earn from selling call options can provide an immediate income boost.

Laundromats, car washes, and vending machines will never go out of style. Once established, these types of businesses can typically be run with minimal day-to-day involvement and can be a steady source of passive income.

While you're not likely to earn tech startup-level returns, businesses that offer passive income also come with a lot less stress.

On average, retired workers in the U.S. receive less than $24,000 per year in Social Security payments. Most could benefit from an extra source of income or two.

Rather than putting your life savings into risky investments, these traditional "boring" income sources can help eliminate some money stress and create a reliable cash flow that surpasses what you might receive from Social Security.