6 Easy Ways to Plan on Making Money in Retirement
If you’re not thinking about retirement, it’s about time to start. If you are already thinking about it, then you’re probably trying to plan financially. Between a 401(k), IRA, money market account, and whatever other ways that you’re trying to build your retirement fund, having enough money to last your retirement without any money coming in can be a stressful thing. Although, you don’t have to cut off all forms of steady income to be retired. You can turn hobbies into cashflow to supplement what you’ve already saved.
Teach
There are a variety of ways that you can teach part-time during retirement. Additionally, you can teach remotely with minimal effort on your part. Create instructional videos to post to YouTube and keep a flexible schedule that isn’t tied down to anyone else’s schedule. Whether you’re teaching remotely via video chat or making instructional videos, teaching from home is an excellent way to make money and continue to maintain a life of leisure during retirement.
If you’re trying to find ways to teach, look for companies where you can either teach English as a second language to children overseas or even find ways to hold classes with people who want to learn more about the trade that you will have retired from.
Freelance
Freelancing and gig work are other ways that you can lead the flexible lifestyle that you want during retirement but continue to bring in money. There are plenty of opportunities to find freelance work, especially with someone who has years of experience in their industry as you do. Or, you can take up a hobby like photography and provide photos for websites like Photobucket or even local newspapers.
Leverage your work experience and provide freelance services to companies as a writer or copy editor. Many marketing agencies and publication companies will pay good money to anyone who has the chops to provide quality copy or feedback to writers who are learning.
Get a Reverse Mortgage
If you own your home or have a lot of equity in it, a reverse mortgage can be an excellent option for those who aren’t planning on moving to a new city or downsizing. A reverse mortgage is where you take out a loan against the equity of your home and either get a lump sum of cash or take monthly or yearly installments from the bank. The loan doesn’t require repayment until you die, move, or nobody in your family currently owns the home. You begin to qualify for a reverse mortgage at the age of 62.
It’s important to plan ahead if you’re planning on taking out a reverse mortgage. What are you going to do if you or your spouse die and remarry? Speak with a reverse mortgage expert to make a plan for your home and finances should one of you pass away. There are options to refinance that will help with the terms and conditions of your loan.
Own a Rental Property
Being a landlord can be a pain sometimes. You have to vet your tenants and maintain the property and pay for repairs. However, most tenants aren’t high maintenance and your property won’t require extensive repairs after they leave. The monthly rent check that comes in is a solid source of income that is reliable as long as the property is occupied.
If you don’t want to buy an additional property to rent, you can always rent out space in your home. Retirees are often empty-nesters who have a spare bedroom or even a basement that can be rented out. These options make it easy to rent to tenants because you don’t have to worry about covering an additional mortgage payment or utility bills.
Blog
Turn your knowledge and expertise into profit by writing a blog. This is a great hobby that can turn into a small supplemental income each month. You don’t have to be Hemmingway to create fun and useful blog posts that will build an audience. Simply provide useful information in an interesting way and those who are looking find it. You can create a blog where you teach particular skills, give movie and book reviews, provide travel advice, and much more. There are free and affordable options for creating blogs and you don’t need any previous web design experience.
Be a Dog Walker
It’s important to stay active during retirement. Whether you choose to take up a new physical activity or simply want to make sure you take a walk every day, you’ll want to keep moving. If you enjoy walking, offer to walk your neighbors’ dogs for them. This will not only bring in a steady income but keep you honest when it comes to getting a daily walk for exercise and fresh air.
