Are you worried you may not have enough retirement income to live on when that time finally comes? That's understandable, since Social Security only replaces, on average, about 40% of your work-based wages, according to the Social Security Administration.

Meanwhile, mutual fund company Vanguard reports that while the average size of 401(k) retirement accounts of the 65+ crowd currently stands at just under $280,000, that number is skewed sharply higher. The median figure (the number right in the middle of all of the average's underlying data points) is actually a little less than $88,000, which means half of all these accounts are worth less than $88,000. Either way, both of these numbers could prove limiting in terms of generating spendable income in retirement.

Fortunately, you have options. Assuming you're going to do the obvious things -- like owning dividend-paying stocks, interest-paying bonds, and certificates of deposits (CDs) -- and maximize any annuity or pension payments you're due, here's a closer look at three ways of generating retirement income you may not have yet considered.

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Source Fool.com