Your sunset years are an excellent time to reflect on your life’s hard work and enjoy yourself to the fullest. Take a vacation. Pick up a hobby. Sit by the pool all day. The options are endless when it comes to living your golden years how you’ve always planned.
However, bills, food, and other expenses still exist during retirement, which means you need a pretty hefty nest egg to pay for everyday expenses and the adventures you’d like to take. Whether you’re strapped for cash or want to play it safe and have some extra spending money, we’re here to help. Check out this list of potential supplemental income sources that can put you back on track to an enjoyable retirement.
1. Pick up a part-time job
Wait, didn’t we just talk about how retirement is a time for you to hang up the towel and never work again? Not exactly. Retirement doesn’t mean you no longer have to work. When you clock out for the last time from your 9 to 5, you’ll find you have a lot of extra time on your hands. The first few months may seem like a dream, but sooner or later, you’re going to want something to make your days a little more exciting. In this case, apply for a part-time job!
The best thing about part-time jobs during retirement is that they’re a low-stake job, and your career doesn’t depend on it. You’ll be able to search for jobs that may be of interest to you. Have you always had a green thumb and loved the great outdoors? Apply to a local nursery and water plants all day! Or do you love to strike up conversations and meet new people? See if you can become a barista at a small coffee shop during the morning.
There are plenty of part-time work opportunities you can take advantage of to be prepared for retirement. You may even want to consider becoming a freelance worker. This can take many forms, such as freelance writing, graphic design, coding, marketing, sales, and so much more.
2. Invest or take out a loan
If you know for sure you never want to work a day in your life again, look for ways to earn passive income. Do you have a majority of your cash saved in a low-interest savings account? Switch it over to a high-interest savings or investment account and watch your money grow. You may even want to consider investing in the stock market, as having a diversified portfolio won’t put all your eggs in one basket.
Having an emergency fund during retirement is essential, especially if a surprise medical bill or broken down car comes your way. However, there’s no reason to have more money than you need to cover a couple of month’s expenses, such as your mortgage or rent payment, food, and gas.
Another option for retirees like you to access the equity in your home is through a HUD reverse mortgage. This is a good option for those who may not be making enough money through their retirement accounts or social security to cover their monthly expenses. A reverse mortgage is similar to a loan, where you’ll be able to borrow from your home’s equity. Make sure to speak to a financial consultant to determine whether this option works for you.
3. Join the gig economy
The gig economy is booming. The gig economy is filled with freelancers and contractors who complete short-term jobs before moving onto the next one. This is a great option for those who just need a few extra hundred dollars a month to fund their hobbies. If you love driving and exploring your city, consider becoming an Uber or Lyft driver and transport people to their destination. It’s a great way to make some extra cash while meeting people. Other options include babysitting, yard work, dog walking, or delivering food.
4. Monetize your hobbies
Do you have a hobby that can now take the majority of your attention? Maybe you have a workshop in your basement where you can build furniture. Or perhaps you have a knack for sewing and make warm and cozy beanies. Whatever your hobby may be, turn it into something profitable! There are many sites where you can create your own online shop and sell your items, such as Etsy, Craigslist, eBay, and Shopify.
5. Become a consultant
Depending on the industry you worked in, consulting can be an extremely lucrative venture. Industries like finance, marketing, and software development are always looking for seasoned veterans to offer advice. You can even become a virtual assistant and help companies stay organized. Becoming a consultant or mentor is a great way to bring in some extra cash while doing something you’re good at.
Retirement is a time to live stress-free and complete all the items on your bucket list. However, without the right finances, living a blissful retirement can be difficult. With these tips on how to make supplemental income, you’ll be able to bring home some extra revenue while still having enough time during the week to do your hobbies.
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