It’s important that retired couples carefully format their budget to fit their standard income. Unfortunately, if you overspend or your investment values start decreasing, you’ll have to start spending less or return back to work. However, there are plenty of ways to make money on the side, without needing to stick to a part or full-time job on top of retirement.
1. Market Your Skillset
No matter what skills you possess, you can market it for whoever wants to pay for your knowledge. You can easily do this by posting an ad online, hanging up fliers, or your local newspaper.
2. Take Advantage of Your Social Security
How old were you when you signed up for Social Security? If you were born in 1943 or later, your Social Security payments will increase eight percent every year you resist using them up until you’re 70 years of age. If you find yourself in good health, it’s wise to delay the benefits and compound the interest, until you need it.
3. Get a Reverse Mortgage
For homeowners that are 62 years or older, reverse mortgages are a great way to get a little extra cash. They can offer you a cash out, a new line of credit, a monthly distribution, or all three. Do some research to find more info on reverse mortgages.
4. Work as a Consultant
At your age, you’re bound to have a large of amount of experience in some field. If you do, can use this knowledge to startup your own consultant services. This type of work can not only offer you a solid paycheck, but you can also work from home on your own schedule.
5. Sell your Junk
Retirees are known to collect a serious amount of junk, from old books to furniture and unneeded clothes. You can make a quick buck from selling these items at your own garage sale or by using online resources, such as Craigslist and eBay.
You can even take your clothes to a consignment store, in case your garage or Ebay wasn’t a big hit.
6. Find Higher Interest Rates
Do some research to find the savings accounts, bonds, and certificates of deposit that offer the highest interest rates. Think about opening an online savings account. These accounts generally offer better interest rates than brick and mortar institutions. Shopping around is a great way to supplement your income and is a lot safer than investing in stocks.
7. Monetize Your Hobby
To make more money after retirement, you can also transform your favorite hobby into a new source of income. If you like crafting, woodworking, sewing, making jewelry, painting, or anything else, you can sell your finished products online or locally. You can also offer a service based on your favorite hobby. For example, if you enjoy sailing, you can teach sailing lessons in your spare time.
You can help out busy parents in your area by offering to babysit their children. You can also offer to watch your own grandchildren for a modest fee.
9. Use Senior Discounts
Getting older comes with its perks. There are many discount programs available to seniors. These special discounts can help you keep more money in your wallet and have a little bit of fun in the process.
If gardening is an activity that you enjoy, there are a few ways you can make money with this hobby. You can sell excess fruits, vegetables, and flowers to your friends, neighbors, or even a local farmer’s market. You can also offer gardening services to people in your community. Mow lawns, weed gardens, prune bushes, or help others design their gardens. There are many ways you can make a little bit of money doing something you truly enjoy.
11. Rent Out a Room
If you have an unused bedroom in your home, consider renting it out to travelers. This is an especially profitable venture if you live in a large city or other popular tourist destination. You can also rent out a basement or garage as storage space if you do not wish to share your living space with strangers.
12. Review Your Investments
Look over your portfolio and ditch any funds that perform poorly on a consistent basis. Also, look for any investments that cost a lot to maintain and transfer the money into a similar investment with lower expenses and management fees.