Having enough money for retirement can be tough, especially with people living longer and the stock market going through periods of extreme volatility. How can you boost your retirement income? Here are some tips.
- Get a part-time job
Many people get bored in retirement, so getting a part-time job is a perfect way to both give you something to do and boost your income.
- Rent your house
An easy way to make extra retirement income is to rent out your house to vacationers or business travelers. You can list it on house-sharing or vacation rental sites.
- Sell your stuff
It’s likely you’ve accumulated lots of stuff over the years, and you probably don’t use all of it. Selling some of that stuff can generate extra cash for your retirement.
- Reevaluate your investments
If you have very conservative investments, such as certificates of deposit, you might be missing out on returns. Look at your investment portfolio and see if there are places you could earn better returns.
- Sell a car
Retirees often drive a lot less than they think and can get by with only one car. If you have an extra car, you can sell one to get extra money. You also will save by not having to pay the extra taxes and insurance.
- Rent your car
Don’t want to give up a car permanently? You can rent your cars out to people using an online service.
- Rent out tools
You could get more income by renting out tools and other gadgets you don’t use often. There are online marketplaces to do so.
- Offer pet sitting services
Retirees have lots of time on their hands. Why not monetize that time by offering to pet sit for people?
- Be a house sitter
You probably have people in your area that need a house sitter while gone. It’s a perfect opportunity for retirees to make money.
- Be a poll worker
In many states, people working on election day get paid. So you can do your civic duty and make a little money.
- Start your own business
If you’ve got specific skills, you could start a business and make extra money on the side.
- Participate in studies
Medical companies often pay volunteers to do studies of drugs and vaccines. If you are healthy, you can participate and make money.
These are just a few of the many ways you can boost your income in retirement.
