Generating Extra Income in Retirement

If you retired early, you may be faced with a problem: your Social Security payment may be insufficient to cover your living expenses. Perhaps you need to support your adult children or grandchildren. Retirement can sometimes increase your cost of living rather than decrease it. And, of course, many of your financial obligations from when you were working will continue after you retire.

If you’re living on a fixed income, this is an issue. Fortunately, finding some side hustles could be a good way to earn extra income in retirement without returning to work full-time. These tactics are growing more common among retirees, whether via choice or necessity. So, what are some ways you could make more money in retirement? Today, we discuss.

Rent Out Your Space

If you’re an empty nester, you probably have at least one unused room in your home. Renting out the space on a short-term basis through websites such as Airbnb or HomeAway could be an excellent method to supplement your retirement income. But, if you don’t feel comfortable having a guest stay with you, consider renting out your entire home while you’re away. To maximize your rental income, seek guidance from others who have already rented out their space. There are numerous ways to improve your listing, take better pictures, and increase bookings. Keep in mind that there are municipal and state regulations on AirBnBs, so make sure you understand those.

Work as a Substitute Teacher or Tutor

Have you ever worked as a teacher? Do you consider yourself to be passionate about education? Substitute teachers are in high demand around the country. Furthermore, working as a substitute offers flexible hours and minimum requirements. Most school systems only require a bachelor’s degree to work as a substitute teacher. Furthermore, the money is reasonable, especially for a side gig. Substitute teachers earn an average of $20 per hour, or around $42,000 per year.* If you have a postgraduate degree, you can earn extra money by working part-time as an adjunct instructor at a community college. Alternatively, if you prefer to work one-on-one with pupils, tutoring is in high demand, too.

Sell Things You Don’t Need

Popular online marketplaces such as OfferUp, Etsy, eBay, Facebook Marketplace, and others could be absolute gold mines for anyone looking to get rid of unwanted items around their house. You might be surprised at how much money you can make by selling goods you no longer use, such as jewelry, vintage furniture, artwork, retro clothing, or cookware.

Look at similar postings to yours to get an idea of the market pricing of that item. Examine your item’s condition thoroughly. If it’s newer than similar items on the online marketplace, you might be able to charge more. Or to get a quick sale, consider pricing it lower than similar items that have been available for longer. Furthermore, if you can personally deliver the item to the customer’s home, they may pay you more. Being flexible with meeting locations and availability pays off. Also, be open to negotiating the price.

Drive for Uber or Lyft

If you have a reliable car and are a competent driver, there are numerous driving job opportunities available. Driving for ridesharing services such as Uber and Lyft is a flexible way to supplement your retirement income. The number of rides you take determines your earnings, which will be paid weekly by direct deposit (or more frequently if you like). You can also decide how often and when you work. For example, if you don’t like driving at night, you don’t have to.

Leverage Your Talents

Using the skills you learned while working is one of the best techniques for earning extra money after retirement. Whether you worked as an accountant, graphic designer, paralegal, or in almost any other sector, there are methods to monetize your abilities after quitting your full-time job. Flexjobs, Upwork, and PeoplePerHour provide several opportunities to earn money online utilizing your expertise. These websites make it easier than ever to find available employment, schedule your availability, and get payment. Almost every skill out there can be employed in the online marketplace.

Extra Income For Retirement?

Are you approaching retirement and concerned about running out of money? You aren’t alone. Fortunately, we can help. We can walk you through the various alternatives for safeguarding your retirement income and collecting interest on it over time. This should prevent you from running out of money in retirement and having to return to work full-time. Contact us to learn more; set up a meeting so we can get to know you and your circumstances; or register for one of our educational seminar events or online webinars.

*Sources: Barbara Friedberg Personal FinanceBankrate

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