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Retirement Tip of the Month

Methods of Generating Extra Income in Retirement

If you retire 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. And, of course, many of your financial obligations from when you were working will continue even after you retire. If you’re living on a particularly fixed income, this is an issue. Fortunately, finding some side hustles could be a good way to make some extra income in retirement without having to return 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 some extra money in retirement? Today we will discuss them.

Sell Things You Don’t Need

Popular online marketplaces such as OfferUp, Etsy, eBay, Facebook Marketplace, and others might be absolute goldmines for anyone trying to get rid of unneeded items around their house. You may be amazed at how much money you could make by selling items you no longer need, such as jewelry, vintage furniture, artwork, retro apparel, or cookware. Examine similar listings to yours to get a sense of the market price of the item you’re offering. If it’s newer and in better condition than others like it on the online marketplace, you may be able to ask for a higher amount. Alternatively, to get a sale quickly, consider pricing it lower than similar things that have been available for longer. And, if you can personally deliver the item to a customer’s home, they may offer you a higher payment. Being flexible about meeting places and availability pays off big time. Also, willingness to negotiate the price helps.

Rent Out Your Space

If you are an empty nester or have not downsized yet, you most likely have room to spare in your home. Renting out that space on a short-term basis through websites like Airbnb or HomeAway could be a great way to generate passive money. If you’re not comfortable having a guest stay with you, however, you could instead rent out your entire home while you’re away. To maximize your rental income, seek advice from those who are already renting out their space. There are various ways to improve your listing and get more bookings, which you can learn from those experienced in doing so. Keep in mind that there are local and state restrictions on AirBnBs, so make sure you are aware of those.

Work as a Substitute Teacher or Tutor

Have you worked as a teacher before? Do you consider yourself to be passionate about education? Substitute teachers are in high demand in this country. Working part-time as a substitute teacher offers flexible hours and minimum requirements; most school systems only require a bachelor’s degree to work as a substitute teacher. Furthermore, the pay 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 as well.

Drive for Uber or Lyft

If you have a reliable automobile and are a good driver, there are a number of driving-related job opportunities available. Driving for ridesharing services such as Uber and Lyft is a flexible way to earn extra retirement income. The number of rides you take determines your earnings, which will be paid on a weekly basis by direct deposit. You also get to decide how often and when you work. For example, you don’t have to ever drive at night if you don’t want to.

Leverage Your Talents

Using the talents you learned while working is one of the most effective strategies to supplement your income after retirement. Whether you’re a nurse, accountant, graphic designer, paralegal, et cetera, you can find ways to monetize your skills on the online marketplace after leaving your full-time employment. There are numerous methods to earn money online using your skills, thanks to platforms like Flexjobs, Upwork, and PeoplePerHour, which make it easier than ever to identify available work, outline your availability, and hopefully get paid. Almost every skill out there can be applied in the online marketplace.

Struggling to Save Extra Income For Retirement?

Are you approaching retirement? Is running out of money a concern of yours? If so, you’re far from the only person with that worry. Fortunately, we can help. We can walk you through the various options out there for safeguarding your retirement savings and earning interest on them 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 own personal circumstances; or, register for one of our educational seminar events or online webinars.

*Sources: Barbara Friedberg Personal Finance, Bankrate

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