extra income in retirement

Methods of Generating Extra Income in Retirement

If you retired early, you may be faced with a problem; your Social Security benefit may not be sufficient to live off of. Maybe you need to support your adult children or grandchildren. Retirement can sometimes make living more expensive than it was before. And, of course, many of your financial commitments from when you were still working will remain after you retire. If you live on a fixed income, this is a problem. Fortunately, finding some side hustles may be a smart method to supplement your income without going back to work full-time. These strategies are becoming increasingly popular among retirees, whether by choice or need. So, what are some ways you might be able to earn extra income in retirement? Today we will discuss:

Rent Out Your Space

You most likely have additional room in your home if you’re an empty nester. Renting out that space on a short-term basis through websites like AirBnB or HomeAway could be a great way to earn extra income in retirement. If you’re not comfortable having a guest stay with you, consider renting out your entire home while you’re away. To maximize your rental income, seek advice from those who have already rented out their space. There are various ways to improve your listing, take better photographs, and get more reservations. Keep in mind that there are local and state limits on AirBnBs, so make sure you are aware of them.

Work as a Substitute Teacher or Tutor

Have you previously worked as a teacher? Would you describe yourself as passionate about education? Substitute teachers are in high demand around the nation. Furthermore, this part-time job comes with flexible hours and minimal requirements. Most school systems demand only a bachelor’s degree to work as a substitute teacher. Furthermore, the pay is respectable, especially for a side gig. Substitute teachers make an average of $20 per hour, or around $42,000 per year.* If you have a postgraduate degree, you may supplement your income by working part-time as an adjunct instructor at a community college. Alternatively, if you prefer working one-on-one with students, tutoring is also in high demand.

Sell Things You Already Own

One person’s trash is another’s treasure when it comes to selling stuff online. Popular online marketplaces such as OfferUp, Etsy, eBay, Facebook Marketplace, and others might be absolute goldmines for anyone trying to get rid of unneeded goods around the house. You may be amazed at how much money you can make by selling items you no longer need, such as jewelry, vintage furniture, artwork, retro apparel, or cookware.

Check out similar listings to yours to get a sense of the market price. Additionally, examine your item’s condition thoroughly. If it is newer than similar things on the online marketplace, you may be able to charge higher. Alternatively, to increase sales, consider pricing it lower than similar things that have been available for longer. Furthermore, 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. Also, be willing to negotiate the price.

Drive for Uber or Lyft

There are several driving jobs available if you have a dependable car and are a decent driver. Driving for ridesharing services like Uber and Lyft is a flexible option to supplement your retirement income. The amount of rides you take determines your earnings, and you will be paid weekly by direct deposit (or more frequently if you like). You can also choose how often and when to work. For example, if you dislike driving at night, you don’t have to.

Leverage Your Talents

Using the talents you picked up while working is one of the most effective strategies to earn extra income in retirement. Whether you worked as an accountant, graphic designer, paralegal, or in nearly any other profession, you can find ways to monetize your skills after leaving your full-time employment. There are numerous ways to earn money online using your skills, thanks to platforms like Flexjobs, Upwork, and PeoplePerHour. These sites make it easier than ever to identify available work, schedule your availability, and get paid. Almost every skill out there can be applied in the online marketplace.

Extra Income For Retirement?

Are you approaching retirement and worried about running out of money? You’re not alone. Fortunately, we can help. We can walk you through the many options available for protecting your retirement income while earning interest on it over time. This should help you avoid running out of money during retirement and having to return to work full-time. Contact us to learn more; schedule a meeting so we can get to know you and your situation, or sign up for one of our educational seminar events or online webinars.

*Sources: Barbara Friedberg Personal Finance, Bankrate

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