Jun 14, 2017

4 Ways to Make Money in Retirement

By Byron Ellis

If you’re one of the millions of Americans, gradually passing through their 50s and into their early 60s, retirement isn’t some far-off fantasy—it’s the next step in life.

Which means right now is the time to ask yourself an important question:

How am I going to make a little extra money in retirement?

It is a question most soon-to-be retirees have never even considered, but they should—even if you’ve prepared for 30 years of retirement, it may not be enough. Incredible advances in medicine and biotechnology are on the cusp of dramatically extending human longevity.

By 2030, turning 100 may be as common as turning 80 is today, which means retiring at 60 with a 30-year plan will leave you with a 10-year retirement gap to cover.

So how can you make a little extra coin? Here are some interesting, modern-economy ideas to consider.

Uber, Lyft, and other forms of Ridesharing

For younger retirees—those of you in your late 50s and early 60s—driving for a company like Lyft or Uber can be an easy to way to make an additional $20-$40 per hour. Even if you only drive for 4 hours a day, 3 times a week, that’s an extra $240 to $540 in your pocket every week.

Per year, that’s $12,480 to $28,080 of extra cash—a nice little sum to supplement the costs of everyday living.

Best of all, you can use your own car, make your own schedule, get out of the house, and meet a lot of interesting people along the way.

Rent extra space

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Many retirees have a lot of empty room around the house—why not turn that vacant space into a small, money-generating enterprise?

Platforms like Airbnb and VRBO give homeowners the freedom to rent out rooms (or the entire house) to interested occupants.The platforms give homeowners incredible flexibility in terms of determining price, duration of stay, and the type of guest they will rent to.

Like Lyft and Uber, Airbnb and VRBO can also be wonderful ways to meet new people and inject a little variety to your life. And all from the comfort of your own home.

As far as security is concerned, platforms like Airbnb offer a number of host protections (including the $1,000,000 Host Guarantee), and make it incredibly easy for you to set ground rules for guests staying on the property.

Go grocery shopping

Home-delivery grocery services are becoming extremely popular amongst today’s young urban professionals, with many not having the time to take care of simple, everyday tasks like grocery shopping.

Companies like Instacart are capitalizing on this budding market demand, and are constantly hiring “shoppers” to handle the purchase and delivery of said groceries. It’s a stress-free way to monetize a lifetime’s worth of grocery shopping knowledge.

Minimum hourly pay for a company like Instacart is $10, and that can surge to $20 or more an hour during busy periods.

Sell your handiwork

If you’re a creative type—someone who loves carpentry, knitting, embroidery, painting, etc.—why not turn your passion into income stream?

There are online marketplaces entirely dedicated to creative types who want to sell their handmade goods to the world. From picture-frames to crocheted teddy-bears to woodwork, almost any craft or hobby product can be sold.

Best of all, these sites require the absolute minimum amount of tech-savvy to operate. If you can turn on a computer and check your email, you likely have all the technical prowess necessary to sell.

Remember, planning for retirement isn’t what it used to be. As lifespans increase, retirement plans need to evolve in order to keep pace. A healthy, modern retirement plan should account for your increased longevity by including alternative income streams or part-time employment options as means for supplementing what you have already put away for retirement.

Byron Ellis

Byron Ellis

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