However well-planned and well-spent you may have been in terms of your retirement savings, you may still need more income to maintain your current lifestyle or the retirement lifestyle you want. Consequently, considering approaches in which you may be able to supplement your retirement income is important.
As recently as a few decades ago, retiring meant hanging up one’s boots and bidding farewell to one’s career. However, Canadian seniors are increasingly opting to work beyond the age of 65, altering what it means to be a retiree.
Are you interested in joining them and making additional money in retirement? Then keep reading!
6 Easy Ways To Make Money
1. Putting Your Space Up for Rent
One of the best ways to supplement your retirement income in your golden years is to rent your property to strangers. Using services like Airbnb, you may earn substantial money by renting out your house.
There is a lot of value in your recently remodelled basement, a cottage that is only occasionally used, or a month-long vacation home.
Renting out your idle home is a great way to generate extra revenue while keeping it off the market. You can lease out your house to tourists. It has been estimated that Airbnb hosts earn an average of $924/month.
Retirement income may be supplemented in this manner. A tidy and well-decorated Airbnb home will bring in the most money.
2. The Tools You Own May Be Rented
Owning their own equipment is a lifelong passion for some individuals, leading to a hefty investment. To generate additional money when you’re retired, you may rent your equipment to others who need it.
By charging for the usage of your tools, such as hammers, wrenches, and power tools, you may generate money. To maximise your return on investment in the instruments you acquired, you may use them to assist others without having to lift a finger.
3. Animal Caretaker
Retirees can make extra money indulging in their love for animals and pet care, whether dog walking, grooming, or pet sitting when owners go on vacation or travel for work.
Dog walking and grooming require strength and endurance, so be sure what you choose is appropriate to your physical capabilities.
Primary animal care chores include feeding, cleaning, and administering medication. If you’ve ever cared for a pet, whether it was your own or your child’s, it qualifies as relevant work experience.
Simply having a good track record, relevant experience, and solid references matters to potential employers.
Many pet-care employment marketplaces exist where you may build your profile and post flyers with your information, such as Rover, PetSitter, Fetch!, and Care.com. They provide various care services, such as elder care and daycare.
4. Invest for Additional Income
If you’ve already retired and didn’t begin investing early, now is an excellent opportunity to do so. It’s a fantastic approach to increasing the value of your money. It’s a great way to earn money while you sleep.
Many retirees worry that their funds may run out before enjoying their golden years. However, putting the money into equities can help alleviate this concern. In other words, dividends will be paid out regularly. You’ll be able to save much more money this way.
By actively studying how to trade in the stock market, you’ll be able to increase your wealth.
Many people are afraid to do this because they believe it’s a hazardous business, but it has the potential to provide you with a sizable additional income. Before putting your money on the line, you must undergo a learning process or consult a registered financial adviser.
Another option is to invest in government securities with a low-risk profile.
5. Tutoring and Educating Others
Virtual education is here to stay, thanks to high-speed internet and Covid-19. It’s something to think about after retirement if you like teaching. Teaching English online is one of the most common methods to achieve this. Having a Bachelor’s degree with an ESL certificate will boost your chances of getting a higher-paying teaching position. It’s a benefit if you’ve previously taught, but it’s not required.
Many websites, such as VIPKid and Preply, allow those interested in tutoring to sign up for flexible positions. In retirement, this is a terrific opportunity to earn some additional cash without ever having to leave your house!
This is an option even if you prefer teaching or tutoring in person. In order to get your foot in the door as a tutor, it’s a good idea to work with children of friends, neighbours, or relatives. You can expect to earn $15–$26/hour teaching online.
6. Start A Blog
Starting a blog might be the perfect solution if you want to make a little shift in your life. You may begin to make additional money after retirement in a low-stress and low-cost approach, and it doesn’t take much time either.
There are several platforms from which to pick, such as WordPress, Wix, and Blogger, and for videos, Youtube, to mention a few. You may monetize your blog by joining affiliate programs, selling advertising, or posting sponsored material after you have a large readership base.
When you have a blog, you may even make money by selling products that are relevant to the subject matter.
If you’re struggling to come up with a theme, here are some suggestions:
- The first step to preparing for retirement is to start a blog where you can share your wisdom, opinions, and experiences with other people who are approaching retirement or have already retired.
- Write about anything that interests you, as long as there is a receptive audience for it – from cuisine and gardening to novels and art.
If you’ve just retired, it’s time to raise a glass to yourself, toast your accomplishments, and bid farewell to the world of regular employment.
You’ve worked hard for it, and you deserve it.
This is an excellent time to think about starting a side business while still enjoying a social and active lifestyle in retirement.
Whether you want to earn extra money to supplement your pension and Social Security or make money from something you’ve always wanted to do, consider the options above.