Retirement means a life of leisure to many Americans. People don’t want to make money in retirement. They want to enjoy the money they have made. Unfortunately that won’t be possible for a lot of retirees. We would like to show you how to make money in retirement while still enjoying life. But first let’s look at the statistics.
Did you know that 54% of Americans nearing the age of retirement have no idea how much money they’ll need? On average, these seniors have $150,000 in their bank accounts.
And that’s just the average. Many retirees have far less than that.
If you think you can solely rely on Social Security, think again. The average monthly retirement benefit is about $1,365 or $16,000 annually. People retiring at their maximum retirement age receive about $2,687 per month or $32,000 per year.
We know that the savings of the average retiree wouldn’t last for the rest of their lives. Even with social security and Medicare, retirees will only be able to stretch $150,000 for a few years.
It’s too bad. But it doesn’t have to lead to poverty. It just means retirees might have to find another way to make money in retirement.
Ways to Make Money in Retirement
The good news is that there are many different ways to generate income in retirement. But before figuring out how to make money, try to estimate how much money you will need. After that, you can start scouting for opportunities to make money in retirement, and meet your expenses.
Rent out your home or a room
Do you live near tourist destinations? Or maybe there is a big event in your town regularly. For example, our assisted living homes are located in Surprise and Goodyear Arizona – home of several Major League Baseball Spring Training facilities.
You might want to consider renting out a room in your house or even the entire property. You can do it short term for events like Spring Training, or when it’s convenient for you, such as when you go on vacation. One popular way of doing so is to list your house on Airbnb. You can make your own rules and set your desired rates.
People think property management is full of headaches. Yet many people do it. Like anything else, if you learn how to do it well, renting out rooms or homes can be very easy and lucrative.
Search on the internet and talk to other property managers for tips and techniques. There are also local Real Estate Investing Associations that are full of property managers that would love to help you out.
If you love cats and dogs – or any type of pet for that matter, pet sitting may be a great way to make money in retirement. Taking care of pets gives seniors a ton of benefits. It combats isolation and gives them a sense of fulfillment just to name a few.
If you don’t know where to start, you can download a free ebook entitled, 5 Must-Do Steps to Starting a Successful Pet-Sitting Business, from Pet Sitters International to give you an idea on how to start your business.
Become a Local Tour Guide
One way to remedy social isolation while making money at the same time is to become a local tour guide. You can set up an account on Vayable, an app similar to Uber and Lyft but instead of drivers, you book tour guides.
If you’ve lived in your area for a long time, I’m pretty sure you know the ins and outs. Many people want to learn about the hidden gems in a new area that only the ‘locals’ know. You can show people
- The best ‘hole-in-the-wall’ restaurants
- The best bargains
- The best businesses that give great service and
- A host of other local attractions that will help others
Be a Teacher
Teaching your skills or hobbies is not only fulfilling, but it can also be profitable. According to Alex Whitehouse, a financial advisor for Whitehouse Management, “Skills that used to be considered commonplace might now be in great demand.” So don’t ever think that you don’t have any skill worth teaching.
Don’t discredit your skills because talents such as quilting, canning, carpentry, and the like are considered as ‘lost arts’. So if you can teach these old skills to the younger generation, you can earn a whole lot of money.
Hold a Garage Sale
Got a lot of stuff you need to get rid of? Most people have accumulated a lot of stuff by the age of 65. Some of the things you own have a sentimental value, while others really don’t serve a purpose anymore, such as old clothes, books, accessories, and even furniture.
These items are just taking up space in your homes. Holding a garage sale is an effective way of downsizing for retirement. Getting rid of all the unnecessary stuff sooner is definitely a great idea. Allot one week to go through all of your stuff. But don’t rush, just take one room per day.
Don’t worry about having to sell everything during the garage sale. You can sell or donate whatever’s left on eBay, Craigslist, and Goodwill.
Teach Fellow Seniors in a Senior Center
Do you have a penchant for music, arts, performance, or entertainment? You might want to share your talents with fellow seniors by offering paid classes to senior communities. They generally pay under $50 per person and the classes are usually one to two times per week.
Rent Out Your Parking Space
If you have an empty parking pad or if you have an extra parking space, you can make money out of it by renting it out. You can use websites like Parking Panda to get you started or you can tell your neighbors about it. As for Parking Panda, you can list your space for free and they’ll do the rest. When someone takes your offer, Parking Panda will keep a small percentage of the monthly fee and give you the rest of your earnings. Check out their website to know whether the app is available in your state.
Sell Handicrafts on Etsy
Do you like creating handicrafts, home décor, stationery, and more? Etsy offers you an avenue to sell your work. The website enables you to open your own online shop and show your market all your handicrafts. Etsy boasts that over 30 million buyers spent $2.8 million on their site in the past few years.
Work Holiday Retail
Not only will holiday retail give you a seasonal part-time job, you’ll be able to interact with other people as well. During the busy holiday season, thousands of major retailers in America hire holiday retailers. And if you’re doing really great, these stores will rehire you again. Don’t worry too much about loving the work since the job only lasts six to eight weeks.
This may be a bit of a tougher way to make money in retirement. But if you are social, it will allow you to go out and meet new people.
Drive Uber or Lyft
Apps like Uber or Lyft make it easier for people to get paid to drive. The great thing about these apps is that you’ll be able to work at your own convenience. The schedule is flexible. You can take it up a notch and go all out so you can earn more tips. You can put in a lot of bottled waters, candies, and treats, along with great conversation.
Cater or Cook for Busy People
Professionals and other busy people barely have time to cook healthy meals for themselves. If you love to cook, you can offer your services to these people. Provide a set number of meals they’ll receive each week, along with the list of dishes and its nutritional value.
Do know that preparing meals specifically for popular diets, such as Paleo or South Beach, usually cost more. People will pay a premium for healthy meals and you can save some for yourself. Cooking will give the double benefit of helping you stay healthy and allow you to make money in retirement.
Do you have other creative ideas to make money in retirement? Let us know in the comments below.
A Paradise for Parents staff and our resources can answer all your questions. Don’t hesitate to give us a call at (623) 295-9890 or email us at email@example.com to know more about the services we offer. You can also fill out an online form located on our homepage. We’d be happy to assist you in your search for an assisted living facility for your loved one.