Clear to partly cloudy and seasonably cool, but not as cool as last night. .

Clear to partly cloudy and seasonably cool, but not as cool as last night.

Chances are, your retirement plan didn't account for this year's 8% to 9% inflation rates. If you've already streamlined your budget to the extreme, increasing your income is the next available remedy to manage those higher prices on food and healthcare.

Working is one way to raise your income, but it's not the only way. Below are five ways to generate income in retirement, none of which require you to punch a time clock.

Dividend stocks pay you to own them. The payments generally come quarterly, and you can earn annual yields of 1.5% to 3%.

Shifting some of your wealth into dividend stocks could solve your income shortfall, but there are caveats. For one, you need cash to invest. Since the stock market is down this year, it's not an ideal time to raise cash by way of selling other stocks that don't pay dividends.

A better funding source is any money you have invested in low-yield instruments that you can liquidate without losses.

Another consideration in this strategy is your risk tolerance. Trading out a certificate of deposit (CD) for dividend stocks, as an example, would raise your risk profile substantially. Dividend stocks can lose value, especially if the company you're invested in decides to pause or reduce those shareholder payments.

If you do go this route, lean into stocks that have paid dividends for decades. Dividend Aristocrats and Dividend Kings are usually good choices for retirees.

As inflation rates rise, so do yields on Treasury bonds. U.S. Treasuries are debt instruments backed by the U.S. government and are considered as safe as cash.

The simplest way to buy Treasuries is to invest in an exchange-traded fund (ETF) that holds these debts in varying maturities. Shorter-term maturities are the least risky because they adjust more quickly to prevailing rates.

Short-term Treasury ETFs are currently yielding about 3%. These don't appreciate the way dividend stocks can, but they're much safer.

As with a dividend-stock strategy, you'd need a funding source to buy your ETFs.

CDs with a one-year maturity are currently yielding between 2.5% and 2.75%. A CD is a deposit account, so it's insured by the FDIC for up to $250,000.

The national average yield on cash savings is 0.59%. If you moved low-yielding cash into a CD, you could quadruple your interest earnings.

The drawback is that a CD isn't quite as liquid as cash. You can cash out a CD before it matures, but you'll pay fees in the process. For that reason, you should only lock up funds you won't need anytime soon.

A reverse mortgage converts your home equity into cash, payable in a lump sum or via monthly income payments. It's a loan, but you don't have any monthly repayments.

Repayment happens when you pass away or move out of the home. At that point, your heirs can pay off the balance, or your reverse-mortgage lender can sell the home and uses the proceeds to repay your debt.

The downside here is that the interest rates and upfront costs on reverse mortgages can be high. For some, though, a reverse mortgage can be a good way to tap the equity in their homes.

You may already know about Airbnb, where you can market a spare bedroom to short-term renters. You may not know there are similar websites for renting out your garage, basement, spare car, motorhome, or travel trailer.

Your rental-income potential could be substantial, depending on where you live and the property you'd like to rent. Before you dive into this strategy, though, check with your insurance providers. Your policies may prohibit you from renting covered assets.

More seniors are returning to work in retirement to combat shrinking savings accounts. That doesn't have to be your path, however. If your budget isn't balancing the way you'd like, look at other, non-working ways to generate income first.

Dividend stocks are a classic choice for retirement income. Treasury debt and CDs may be viable options, too, thanks to today's higher interest rates. You could also finance your retirement income through a reverse mortgage.

Lastly, if you'd rather avoid financial instruments and debt, you could rent out an asset you're not using. You'll have more foot traffic through your home this way, but that may beat going back to work.

10 stocks we like better than Walmart

When our award-winning analyst team has an investing tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*

They just revealed what they believe are the ten best stocks for investors to buy right now... and Walmart wasn't one of them! That's right -- they think these 10 stocks are even better buys.

Stock Advisor returns as of 2/14/21

Catherine Brock has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Airbnb, Inc. The Motley Fool has a disclosure policy.

If you know of local business openings or closings, please notify us here.

- The Cadillac Pub opens where Klingers used to be at 24 E. Main Street in Fleetwood

- II-VI Inc. (pronounced "two-six") will become Coherent Corp., taking on the name of a company it recently acquired.

- ABEC, a company that provides services and products to the pharmaceutical industry, with headquarters in Northampton County, will invest in a new disposable-container facility in North Carolina.

- A new Lehigh Valley Martial Arts center will hold a grand opening starting at 11 a.m. on Saturday, Sept. 10, with a ribbon-cutting shortly afterward.

- Bethlehem Township's planning commission has approved an Amazon parking lot with 248 spaces at Brodhead and Mowrer roads.

- The Bethlehem Zoning Hearing Board rejected variance requests that would have allowed multifamily homes to go up on the Southside properties at 508-512 Selfridge St.

- Northampton County Council voted 1-8 against a tax break for development of a proposed warehouse at the Dixie Cup building on South 25 Street in Wilson Borough.

- The former Valley Farm Market, now known as Gerrity's Valley Farm Market, will take on a new name as of Oct. 14: Gerrity's The Fresh Grocer.

- Hamsa Exoticz is already open at the Lehigh Valley Mall, but it will hold a grand opening at 5 p.m. Sept. 16 with the Whitehall Chamber of Commerce.

- A new Home Depot will open a 136,048-square-foot building on about 21 acres of vacant land just off Hamilton Boulevard in Lower Macungie Township.

- Rocco Ayvazov's Monocacy General Contracting received approval from the Bethlehem Planning Commission to put up a six-story building with 55 apartments and retail space on the first floor at 128 E. Third St.

- The old Allen Organ showroom building on Route 100 in Lower Macungie Township will come down and about 100 total apartment units will go up.

- Reading Hospitality's Catering by DoubleTree will handle food at events at Reading Country Club, after Exeter Township supervisors approved a new agreement.

- Natural healing is the goal at Reike Balance, which will open Sept. 9. on Reading Avenue in West Reading.

- The Pocono Chamber of Commerce held a grand opening at the Bartonsville branch of Farmhouse Cafe.

- The reopening date for the historic Frenchtown Inn building overlooking the Delaware River in New Jersey remains unclear. 

- River Paws, a pet-supply store, is across Race Street from the Frenchtown Pharmacy.

- The planned reopening date of Aug. 13 for Toby's Cup was pushed back after ownership said a dispute about the occupancy of a home on the hot dog stand's property delayed the reopening.

Get up-to-the-minute news sent straight to your device.