How To Make Money During Retirement

How To Make Money During Retirement

Retirement income doesn’t always add up to what’s expected. Even after retirement, many seniors are still looking for a little extra income. There are some simple ways, however, to make money even after retirement and keep finances at a more comfortable level.

• Consider downsizing. Although it can be difficult to give up a home after living in it for many years, there may not be a reason to hold onto a home that includes multiple bedrooms for people that no longer live there. For those on a limited or fixed income it’s worth considering a smaller, more affordable home that costs less and requires less upkeep. Property taxes and utility bills will be lower too. It can be beneficial to sell a larger home in return for a smaller, more affordable one.
• Find a part-time job. A part-time job during retirement can mean so much more flexibility than before. There are no concerns with career paths or promotions anymore. Part-time jobs after retirement can be fun or even hobby-based. It can be a complete departure from any job before and it doesn’t have to offer all the bells and whistles like benefits or major income.
• Sell stuff. Most seniors have years-worth of accumulated things taking up space in attics, basements or even storage facilities. From garage sales to online sales sites to consignment shops, there are so many resources for making money on stuff around the house.
• Give the kids their wings. Many adult children still live with parents as late as post-retirement. Whereas the living arrangement may be fine, if adult children are not sharing expenses, they should be. It’s important not to continue subsidizing adult children’s lifestyles when they can do it on their own. Give them wings and save that money instead.
• Pay off debt before retirement. Plan for more income after retirement, but handling debt before it. Even those without a large nest egg before retirement or big savings accounts can still aim to have their home and vehicle are paid off in time to retire. Having home equity without a mortgage can provide an emergency fund if needed. Remember, it’s always better to have more in assets than debts when considering retirement.