8 Creative Ways to Make Money After You Retire
Retirement should be a time of fun and relaxation after a lifetime of hard work. As it stands, though, the majority of future retirees will struggle to even make ends meet.
Indeed, half of all Americans have no savings at all to cater for life after work. According to the same source, the median savings for people aged between 50 and 55 years old is a paltry $8,000.
Finding creative ways to make money after retirement will be a necessity for many households around the country. Equally, extra financial padding never goes amiss. Someone with sufficient savings set aside for retirement will still benefit from additional cash coming in.
Thankfully, there are many ways to do it! You can easily augment whatever savings are available with fun and meaningful sources of income.
Sound good? Keep reading for 8 retiree money making methods.
1. Rent out Your Property
You may or may not have sufficient savings in the bank at retirement.
Chances are high, though, that you have a roof over your head. Even better, you may even own the home you live in. If that’s the case, then you have an easy vehicle for making money.
Heck, you could consider downsizing the property and freeing up the equity you’ve acquired. That could mean tens (or hundreds) of thousands of dollars in your pocket.
Don’t fancy that approach? Well, think about renting out any spare rooms.
Empty nests mean easy money. Finding permanent or temporary tenants can bring in steady income each month and provide extra company in the process.
2. Sell Products Online
The internet offers a host of money-making opportunities.
One of the most lucrative comes from selling physical products online. Internet shopping has taken off over the last decade or so. For instance, 76% of American adults now shop online.
That’s over three quarters of the population who regularly buy things via the internet.
Have products at home that you no longer need? Enjoy hand-making arts and crafts items? Interested in buying and selling items for a profit?
Well, with the right insight and approach, the internet offers an incredible outlet to start generating serious income.
3. Tutor Online or in Person
Anybody with a knack for teaching should consider tutoring.
There’s no shortage of people looking for one form of educational support or another. Online or in-person, there’s a host of possibilities for turning your teaching ability into an income.
Sometimes the barrier to entry is as low as speaking fluent English. There are people all over the world who will happily pay you to teach them. Hop onto the computer, search for English tutor opportunities, and you’re bound to come across numerous opportunities.
Alternatives include teaching an instrument, or supporting others in a particular subject area or discipline.
4. Start Pet Sitting
Retirement can present time and space that you’ve never had before.
Suddenly, you’ve got more time than tasks to fill it with; more peace and quiet than feels comfortable. If you love animals, then you could consider pet sitting for people in the area.
It’s a double-whammy of positive outcomes. First, you get the joy of spending time with furry friends. Second, you can bring in a decent income as you go.
Get the word out into the community or advertise your services online.
5. Become a Freelance Consultant
You might have spent an entire career in a particular field.
That experience and insight remains of significant value. Retirement doesn’t necessitate letting it all lapse into the ether. That knowledge represents an asset that people and companies may be willing to pay for.
Working as a consultant means you can continue to earn money in your field. This time, however, it’s on your terms. Think about people and entities that could benefit from your knowledge.
Heck, you probably have a host of connections already from your time in the industry. Get in touch with them to see if they need any support. The sky-high hourly rates you can charge will make you wonder why you didn’t do it sooner.
6. Start a Business
Retirement offers an opportunity to act on the business idea you’ve entertained for years.
You have time (and possibly money) to invest that you never did in the past. It’s never too late to become an entrepreneur. Start working on a plan for bringing your idea to the world.
Of course, there’s no limit to the particular business model you choose. In fact, the consultancy idea we listed above constitutes one example of a business idea to consider.
Think about your passions and interests. What gaps are there in the market? With some hard work and determination, why not create a product or service to fill it?
7. Become a Tour Guide
Retirees may have lived in one place for years.
It isn’t uncommon for older individuals to be well-known members of the community. They know the neighborhood and surrounding area like the back of their hand. They’re a walking talking part of the history of the place.
That makes them the perfect person to run tours!
Got a keen knowledge of a town’s history? Know some fun facts about the area? Running two or three tours a week to share that knowledge with others can become a lucrative endeavor.
8. Go Part-Time
Here’s a final idea for any retiree to consider.
Essentially, ask yourself whether you really need to step back from work entirely. Full-time roles may no longer be of interest. However, moving into part-time work could be a viable alternative.
This route means you continue to stay active in your industry, and bring in a reasonable income at the same time. You enjoy the extra time that comes with it, without the potential of getting bored.
You could even consider taking a part-time role in a totally new field.
Final Thoughts on Creative Ways to Make Money in Retirement
For many Americans, retirement isn’t the positive prospect that it should be.
Insufficient pension savings can make stepping back from work seem unrealistic. The need to earn extra cash in retirement could be vital to ensure a reasonable quality of life.
Even people with a reasonable financial cushion might still want to make extra money in retirement. After all, it’s always nice to know there’s enough cash to go around.
Thankfully, there are all sorts of creative ways to make money as a retiree. Hopefully, the ideas in this post will help you find the best method for you!
Looking for support with retirement financial planning? Contact us today.
If you are ready to retire, ready to start planning your retirement or need any financial planning help, call us at 419.491.0909 or email us. Our team is made up of financial experts who can help you ensure your financial future and retirement is secure. We will help create a custom plan based on your needs, ensuring you can move to and live wherever you desire after retirement.
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