5 Ways Retirees Can Increase Their Income

(c) Judy Helm Wright–Author/PersonalHistorian/IntuitiveWiseWoman

Most retirees are looking for ways to increase their income and enjoy their retirement years.As a Personal Historian, I recommend all retirees take time to leave a living legacy of a memoir or ethical will for their descendants. You will find more information and guidance at www.MemoirLifeStoryWriting.com

However, many of our friends and neighbors are in a position where they need to create income to supplement their retirement. Finding that perfect balance of work and leisure can be tough. Here are five ways retirees can increase their income:

1. Start a business:

Many retirees have the time, knowledge, and experience to start their own businesses. This can be a great way to bring in some extra income while still enjoying the freedom of retirement.

Many may assume that starting a business will take away from the relaxation time that they have earned, but there are ways to structure a business so that it does not require constant work. For example, some retirees start businesses that can be run entirely online or with very minimal physical interaction.

2. Invest in real estate:

Investing in real estate is another great way for retirees to bring in some extra income. This can be done in several ways, such as renting out a property or becoming a real estate agent.

An increasingly popular way that recent retirees invest in real estate is by purchasing a vacation home that can be rented out when they are not using it. This can provide a great stream of income while also giving them a place to stay when they travel. This is what we did when our kids left home. We updated the basement to a two-bedroom apartment and rented to traveling nurses. You will need to check out the local ordinances around short-term rentals.

3. Get a part-time job:

Many retirees find that they miss the social interaction and sense of purpose that comes with working. If this is the case, then getting a part-time job may be the perfect solution.

Many retirees also find that they need to supplement their income in retirement, and one way to do this is by working part-time. This can be a great way to stay active and engaged, while also bringing in some extra money.

There are many flexible job options available for retirees, including working from home, freelancing, or becoming a consultant. If you can’t find just the right job, check with your local area council on aging or senior center. They usually have assistance in finding jobs for seniors.

4. Invest in the stock market:

Investing in the stock market can be a great way to generate income in retirement. This can be done through several different methods, including buying stocks, mutual funds, or ETFs.

Retirees who are interested in investing in the stock market should do so with caution and always consult with a financial advisor to ensure that they are making wise investment choices.

5. Start a side hustle:

Many retirees find that they have extra time on their hands in retirement. This can be a great opportunity to start a side hustle and bring in some extra income.

There are many different ways to go about starting a side hustle, and retirees should choose something that they are passionate about. For instance, some retirees start a blog or become involved in direct sales. Others may choose to offer their services as a consultant or a tutor.

No matter what method you choose, starting a side hustle can be a great way to generate additional income in retirement.

 

These are just a few of the many ways that retirees can increase their income. With careful planning and execution, retirees can enjoy a comfortable and active retirement lifestyle.

We have and so can you.

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