Generating Extra Income in Retirement

You’ve left your 9-to-5 job and are ready to enjoy your retirement. However, your Social Security benefit might no longer be sufficient if you retired early. Maybe you have to provide for your adult children or grandchildren. Retirement can sometimes mean living a more expensive life than before. After all, when you retire, you keep many of the financial responsibilities you had when you were still working. This is a problem if you’re living on a fixed income. Thankfully, picking up some side hustles could be a smart strategy to earn extra income in retirement without going back to work a full-time job. Retirees are adopting these techniques at an increasing rate, either by choice or out of necessity. What are some potential retirement income streams that you could pursue? We’ll talk about that today.

Rent Out Your Space

Your home most likely has exctra room if you are an empty nester or haven’t downsized yet. Using services like AirBnB or HomeAway to rent out this space for a short time could be a great way to make some extra cash. If hosting a visitor in your house doesn’t sit well with you, you might want to think about renting out your whole house while you are away on a trip.

If you want to increase your rental income, you should get advice from those who have previously rented out their own space. There are lots of suggestions on how to enhance your listing and increase the number of bookings. Remember that there are state and local regulations pertaining to AirBnBs, so be sure you are aware of them.

Work as a Substitute Teacher or Tutor

Have you ever worked in education before? Do you consider yourself to be passionate about the subject? Across the country, there is a great demand for substitute teachers. In addition, this part-time job has minimal requirements and flexible hours. A bachelor’s degree is usually all that is needed to work as a substitute teacher in most school systems. Moreover, the pay is reasonable, especially for a side gig. The average pay for substitute instructors is $20 per hour, or about $42,000 annually.* Alternatively, tutoring is also in high demand if you would rather work one-on-one with students.

Sell Things You Already Own

One man’s trash is another man’s treasure on the online marketplace. If you’re trying to get rid of unwanted stuff around the house, well-known websites like OfferUp, Etsy, eBay, Facebook Marketplace, and others could be goldmines. Selling things you no longer need, including jewelry, antique furniture, artwork, retro clothes, or cookware, can earn you a surprising amount of money.

To determine the market price of your item, look through listings similar to yours. Make sure to thoroughly inspect the item’s condition as well. You might be able to charge extra if it is newer than other comparable products out there. Alternately, consider pricing it lower than similar things that have been on the market for longer in order to boost sales. Furthermore, a customer can offer to pay you a little bit extra if you can personally deliver the item to their home. When it comes to availability and meeting locations, it really pays to be accommodating.

Drive for Uber or Lyft

If you are a good driver and own a dependable car, there are lots of driving jobs available. Earning extra money in retirement by driving for ridesharing services like Uber or Lyft is a flexible option. The number of rides you take determines how much you make, and you will get paid once a week (or more frequently if you’d like) by direct deposit. Additionally, you are free to decide when and how often you work. Do you dislike driving at night, for instance? You don’t ever have to.

Leverage Your Talents

One of the best methods to supplement your retirement income is to use the skills you learned while working. It doesn’t matter if you worked as a nurse, accountant, graphic designer, paralegal, whatever have you—you can find methods to make money off of your skills after retiring. Thanks to websites like Flexjobs, Upwork, and PeoplePerHour, which make it simpler than ever to identify available work, schedule your availability, and get paid, there are more ways than ever to generate money online utilizing your personal skills. You can make use of almost any skill out there on the online marketplace.

Struggling to Save Extra Income For Retirement?

You wouldn’t be the only one worried about running out of money in retirement. This is a concern for many people. Thankfully, we can help. We can guide you through the many choices available to safeguard your retirement savings while earning interest on it over time. Hopefully, this will keep you from needing to go back to work full-time after retirement due to financial constraints. Get in touch with us to learn more; schedule a meeting so we can meet you and learn about your situation, or sign up for one of our educational seminar presentations or online webinars.

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