None of us want to keep working into our retirement. Oh, sure, we want to stay active, but working a nine to five with a commute? It’s not what the golden years were made for, but in today’s uncertain economy, the prospect of spending our retirement relaxing and enjoying life seems more far-fetched than ever before.
But just because you might need to continue earning money during your golden years doesn’t mean that it has to be a typical job, and it doesn’t mean it has to ruin your retirement experience. There are quite a few ways to supplement your income once you’re retired. Here are four easy ways to keep the money flowing once you’ve stopped officially working.
This is the #1 way to earn an income during your retirement with minimal effort. Passive income is any type of income you receive that you don’t actively have to work for. For example, residual sales from a book generate income for an author long after they put in the work of actually writing it. This all sounds great in theory, but what are some real, concrete examples of passive income? There’s a many, but some of the most common are funds from a pension or retirement fund, rental income from properties you own and other investments.
Once your kids flew the coop, you probably found that you suddenly had a lot more space in your house than you knew what to do with. Well, we can tell you one thing you should do with it: rent out one of your rooms. Renting out a room is relatively easy and, depending on where you live, potentially very lucrative. If you don’t necessarily want to commit to having a full-time boarder in your home, an app like Airbnb can pair you with travelers who are looking for accommodations that are more affordable and unique than a hotel room. But if you need a more steady stream of retirement income, you’ll want to find a suitable long-term tenant.
There aren’t many ways of earning the extra money that is easier than staying in an empty house, but that’s exactly what you can get paid for doing when you’re a house sitter. Pet sitting takes a little more effort, but both are great options if you aren’t prepared to commit to a regular job or don’t want to do anything too stressful. The key to getting sitting gigs is trust, so start by house or pet sitting for your friends and family, then start expanding your circle as you build your resume.
Another gig that’s enjoyable and doesn’t require you to work day in, day out is tutoring. Throughout your life you’ve undoubtedly picked up a wide variety of skills and talents, and now is the time to start drawing on them to supplement your income. Finding students isn’t usually very difficult, especially when you can use online sites to automatically match your skillset to students looking to learn.
Math, foreign languages, writing, musical instruments, fine arts: those are just a few of the skills you can charge to teach. Even teaching ESL students the answers to simple questions like “How do I file taxes?” or “Where are title loans near me?” can be considered a form of tutoring.