How You Can Earn Extra Retirement Income

 In Retirement

retirement income

Thinking about a way to supplement your retirement income? Even if you’ve planned well for your golden years, there’s a lot to be said for having access to additional cash that you can use for groceries, paying bills, a night out, or for anything else you might want.

For those who have not planned well for retirement, finding retirement income might actually be a necessity just to keep the lights on.

Whichever position you find yourself in, there are plenty of options out there. Here are a few ideas to help ensure that you’re able to live comfortably.

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Freelance for Extra Retirement Income

If you have skills that are in demand by businesses or entrepreneurs, there has never been a better time to start freelancing. This is a per-project situation in most instances, and you can parlay almost any skill into a successful part-time or full-time job as a freelancer.

You can write, create art, design websites, provide accounting advice and more depending on your existing skillset. You don’t even have to use skills that you built during your previous career – the ones you learn doing a hobby can work just as well.

Passive Income Streams Offer Retirement Income

You might think that it’s a foregone conclusion that you’ll have to actually work to make money during your retirement years, but that doesn’t necessarily have to be the case.

In fact, you can actually build passive income streams that will provide you with money on which to live, without having to break a sweat. Of course, this does require that you have some initial capital with which to get started.

Perhaps the best option when it comes to passive income generation is to purchase individual bonds. Corporate bonds (not government bonds) offer you a predictable return on a specific timetable.

In short, you know exactly what you’ll get at the maturity date for each bond, as well as when those bonds will mature in the first place.

With a little extra money, you can create a bond ladder that will offer passive income for years or even decades to come with the right planning and investment guidance.

Start a Business

Really, who hasn’t dreamed of starting their own business? And, retirement might seem like the perfect time to do just that. It can be, but there are a few caveats that should be kept in mind.

First and foremost, starting a business is nothing like running one. It requires more than a full-time commitment, and if you’re entering retirement, the chances are good that you’re not going to want to work 70 or 80 hours per week just to get your business idea off the ground.

Instead of going that route, it might be better to focus on starting a part-time business. Starting a full-time business is all about marketing and sales, while a part-time business can be more easily grown via word of mouth.

You also don’t have the same startup costs and overhead as someone who’s attempting to get a full business up and running in the shortest amount of time possible.

That means you can take your time and grow as you need to, purchasing tools or equipment when you can afford it and when you have a customer base that requires them, rather than going into massive debt right off the bat.

If starting a part-time business doesn’t sound right for you, consider the tried and true standby – a part-time job.

You’ll find them everywhere from the golf course to the grocery store, and they can provide you with both enjoyment and a bit of retirement income.

early retirement

Become a Tutor or a Consultant to Earn Retirement Income

You have skills, and knowledge gained over the course of a lifetime. Those can be put to use benefiting other people. You can become a tutor, providing music lessons, golf lessons, grammar lessons and more.

Alternatively, you might decide to become a consultant and help other business owners fine-tune their operations, cut costs, find new streams of revenue and more.

Just about any skill set or knowledge base can be transformed into a successful consulting business.

Beware of Pyramid Schemes and Similar Swindles

While there are plenty of authentic, proven ways to earn retirement income, there are more than a few scams out there, as well.

The golden rule here is that if it sounds too good to be true, then it most certainly is. Not only will you not see any benefit from whatever the scam is, but you’ll most likely lose all the money that you sink into it.

A few warning signs that what you’re considering is actually a scam include only being able to learn about it through a seminar, having to pay a fee to join or enter, being encouraged to get others involved, particularly friends and family, and not actually having a product or service to sell.

Rent Out Your Home

It’s retirement – the chances are good that you’re dreaming of hitting the road for extended vacations, or even splitting your year in more than one state.

If your home will be empty for any periods of time, why not convert it into a rental? Companies like Airbnb give you the chance to turn an empty home into a moneymaking opportunity with surprisingly few catches.

You don’t even have to rent out the whole home – a single room can do just as well, and can still give you a surprising amount of extra money per month.

These are just a few ways that you can earn retirement income. There are plenty of others that can generate anything from a little cash per month to a full annual income if that’s what you need.

happy retirement

Sergey Sanko
Sergey had started an IncomeClub after years of being an investment advisor for high affluent investors and managing fixed income securities. He is the lead investment advisor representative and holds a Series 65 license. Sergey earned his Executive MBA degree from Antwerp Management School.
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