If you retired early, your Social Security benefits may no longer be sufficient. Maybe you need to help 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 work will remain when you retire. If you live on a fixed income, this is a problem. Fortunately, finding some side hustles could 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 make extra income in retirement? Today, we will discuss.
Rent Out Your Space
If you’re an empty nester or have not downsized yet, you most likely have additional room 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 income. Or, 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 tips for improving your listing and taking better pictures to get more bookings. 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
Did you ever work 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 has flexible hours and minimal requirements. Most school systems only require you have a bachelor’s degree to work as a substitute teacher. And the pay is reasonable, 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 in high demand as well.
Sell Things You Already Own
Utlize popular online marketplaces such as OfferUp, Etsy, eBay, Facebook Marketplace, and others if you’re trying to get rid of unneeded stuff around your house. You may be amazed at how much money you can make by selling items you no longer need. For example, jewelry, vintage furniture, artwork, retro clothes, or cookware. Check out similar listings to yours to get a sense of the market price of your item.
Examine the item’s condition thoroughly. If it is newer than other similar things on the online marketplace, you may be able to charge a premium. Alternatively, to get a quick sale, consider pricing it lower than similar things that have been available for longer. If you can personally deliver the item to a customer’s home, they may offer you a higher price. Being flexible about meeting places and availability can get you far.
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 generate extra income in retirement. 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, so it doesn’t interfere with your own schedule.
Leverage Your Talents
Using the talents you learned while working is one of the most effective strategies to raise extra income in retirement. Whether you worked as a nurse, accountant, graphic designer, paralegal, or 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 internet platforms like Flexjobs, Upwork, and PeoplePerHour, which make it easier than ever to identify available work, schedule your availability, and get paid. Almost every skill out there can be applied on the online marketplace.
Struggling to Save Extra Income For Retirement?
If you’re 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 for protecting your retirement income while also creating additional income over time. This should help you avoid running out of money in retirement and having to return to work full-time. Contact us to find out more; schedule a meeting so we can get to know you and your situation, or sign up for one of our seminar events or online webinars. We’re always here to help.
Source: Bankrate
