extra income in retirement

Methods of Generating Extra Income in Retirement

You’ve already said goodbye to your 9-5 job, and are enjoying retirement. But, maybe you retired early, and your Social Security check isn’t cutting it anymore. Maybe you need to support your adult children or your grandchildren. Life can sometimes get more expensive, rather than less, during retirement. And, obviously, a lot of the financial obligations you had when you were still working don’t stop once you retire. If you’re on a fixed income, this is a problem. Thankfully, finding some side hustles can be a great way to supplement your income without having to go back to work full-time. More and more seniors have begun employing this, either by choice or necessity. So, what are a few ways you might be able to generate extra income in retirement? Today, we will discuss.

Rent Out Your Space

If you’re an empty nester or haven’t downsized yet, you probably have a spare room at your house. Renting out that room on a short-term basis through websites like AirBnB or HomeAway can be a great way to earn passive income. Or, if you’re not comfortable having a guest live with you, you could rent out your entire home whenever you’re out of town.

To get the most rental income possible, you’ll want to read up on advice from people already renting out space. There are plenty of articles out there on how to improve your listing, take better photos, and get more bookings. Keep in mind there are both local and state regulations on AirBnBs, so make sure you’re familiar with those.

Work as a Substitute Teacher or Tutor

Have you ever worked as a teacher? Would you say that you have a passion for education? Across the nation, there is a great demand for substitute teachers. Additionally, this part-time position offers flexible hours and minimal requirements. In most school systems, becoming a substitute teacher only requires a bachelor’s degree; no prior teaching experience is necessary. Additionally, the pay is respectable, especially for a side gig. The average salary for substitute teachers is $20 per hour, or about $42,000 annually.* Should you possess a postgraduate degree, you might perhaps increase your income by taking on a part-time role as an adjunct instructor at a community college. Or, if you would prefer working one-on-one with students, there is also a demand for tutors.

Sell Things You Already Own

When it comes to selling things online, one man’s trash is another man’s treasure. Popular online marketplaces such as OfferUp, Etsy, eBay, Facebook Marketplace, and others may be veritable goldmines for anyone trying to get rid of unneeded stuff around the house. You may get more money than you’d imagine by selling some of the items you no longer need, whether they be jewelry, antique furniture, artwork, retro clothing, or classic cookware.

Look through other listings that are similar to yours to get a sense of the market price. Examine the item’s condition carefully. If it’s newer than others like it on the online marketplace, you may be able to charge more. Alternatively, you might make a quicker sale by setting the price lower than it is for similar items that have been offered for a while. Additionally, if you can transport the item to a customer’s home yourself, they might agree to pay you a little extra. It actually pays to be accommodating when it comes to meetup places and availability. Additionally, be open to negotiating the price.

Drive for Uber or Lyft

There are many driving jobs available if you have a reliable car and are a decent driver. One flexible method to earn extra income in retirement is to drive for rideshare services like Uber or Lyft. Your earnings are determined by the number of rides you take, and you will receive your money by direct deposit once a week (or more frequently, if you’d like). You also have the freedom to decide how often and when to work. Do you dislike driving at night? You don’t have to!

Leverage Your Talents

One of the most useful methods of earning extra income in retirement is to use the skills you’ve picked up during your time working. Whether you worked as a nurse, an accountant, a graphic designer, a paralegal, et cetera, you can find methods to monetize your skills in some way after leaving your full-time work behind. There are numerous ways to generate money online using your skills, thanks to online spaces such as Flexjobs, Upwork, and PeoplePerHour, which make it easier than ever to search for available work, schedule your availability, and get paid. Even typical job search sites, such as Indeed, include contract job postings. Almost every skill out there can be put to use on the online marketplace.

Struggling to Save Extra Income For Retirement?

If you’re approaching retirement and running out of money is a major concern for you, you wouldn’t be alone. Thankfully, we can help. We can walk you through options to safeguard your retirement income while earning interest on it at a reasonable rate over time. This way, you can hopefully avoid running out of money in retirement and having to go back to work full-time. Reach out to us to learn more; schedule a meeting with us so we can get to know you and your situation, or reserve a seat at one of our seminar events or online webinars.

*Sources: Barbara Friedberg Personal Finance, Bankrate

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