There was a time when retirees could lead a comfortable life with the help of the three-legged stool of a lifetime saving — Social Security, a pension, and private savings and investment.
Sadly, that is no longer the case for many. Retirees find it increasingly difficult to manage their expenses on Social Security income alone because the government program was never meant to be the only source of income for anyone.
The good news is that it is entirely possible to make money in retirement. Here are seven ideas that can put some extra cash in your pocket and supplement your retirement income.
Rent out your space
This is undoubtedly the easiest way to make money in retirement. You can rent out a portion of your home, backyard, basement, garage, closet, locker, and pretty much any unused space at your place and make money on a regular basis, which can help anyone out in a rising cost environment.
Rent out your gear
Renting out the equipment and other items you own is also a great way to make some money on the side. Through various websites you can now rent out your vehicle, RV, boat, motorcycle, bike, snowboard, surfboard, power tools, camera, musical instruments and clothing to those who need it and make money without moving a muscle.
Become a freelancer
Thanks to the emergence of the gig economy it is easier than ever before to monetize your skills. From writing copy to translating documents, designing websites, transcribing audio and video files, teaching English to non-native speakers and tutoring students, there are many things you can do on a freelance basis to make some money on the side.
Become a cook
If you happen to be a good cook you can monetize your culinary skills by starting a home-based catering service business. If you are not interested in setting up your own business, you can sign up with websites like Chefsfeed and Eatwith and make money by cooking for locals and tourists who are looking for authentic and unique dining experiences. You might even start a Youtube channel to showcase your cooking skills and make money as well.
Become a mystery shopper
Mystery shopping can be a fun way to monetize your free time. All you need to do is shop at different stores and give your feedback on the shopping experience. While the pay is not great, the gig allows you to go to different places and meet different people on a regular basis, which can be rewarding in its own way. Usually the service you test is free, like going through a car wash, and it may be something you need at no cost to you.
If you love kids, this is probably the best gig for you. Research shows that spending time with young children can improve the cognitive abilities of elderly people. So, aside from getting paid, you can also keep your brain sharp by taking care of children.
Pet ownership is at an all-time high in America. No matter where you live, you can bet that there are pet owners in your area who are in need of someone who can walk their dogs and take care of their pets.
You can spread the word through your family, friends, and neighbors and let everyone in your neighborhood know that you are willing to take care of their pets. Apart from this, you can also sign up with websites which can connect you with pet owners who are in need of trustworthy pet sitters.