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How to Make Supplemental Income in Retirement

Your golden years are the perfect time to enjoy yourself to the fullest. Take all those trips you always wanted to! Start that hobby you’ve been putting off! how to make supplemental income in retirement

Finally, learn that musical instrument you didn’t have time for during your career! Retirement is the time to live it up. If you’re spending money on travel and hobbies, though, you’ll probably want to consider ways to supplement your retirement and savings. Check out this list of possible supplemental income sources to see if any are right for you.

Work Part-Time

Wait, weren’t we just talking about retirement? Don’t worry, there’s no need to clock back in at the old 9 to 5. That said, just because you’re done with that daily grind doesn’t mean you can’t keep working in some capacity. 

In fact, working (but not exhausting yourself!) can be a healthy and rewarding thing to do during retirement, as it keeps your mind active and gives your days a clear focus and purpose. Consider freelancing if the career you’ve retired from is one that easily translates into a service you can do on your own time, like writing or marketing. 

Offer Consultations

In the same category, consider continuing on as a consultant or mentor. Consulting can be very lucrative in certain industries, like finance and marketing. If you’re retiring from such an industry, it can be a great way to maintain a sense of continuity, bring in extra cash, and still have plenty of time in the week to devote to your hobbies and travels. 

Mentoring can be a great service too, and no doubt, after a long and esteemed career, plenty of young people will benefit from your wisdom and advice. It can also feel really good to give back in this way in retirement, which is an added perk!

Consider Loans and Investments

There are plenty of ways to supplement your passive monthly income in retirement. If you’ve got a lot of cash parked in a low-yield savings account, consider putting that money into an investment account. Having emergency savings is an absolute must, but there’s no reason to have more money than you’d need to cover a few months’ expenses. 

Another option that might work for some folks is to access the equity in your home through an HUD reverse mortgage. This is perhaps a good option for retirees who are not making enough money through social security and retirement to cover their living expenses. Basically, a reverse mortgage is a loan that pays you for the value of your house, at the price of your house. 

Dabble in the Gig Economy

Driving for a company like Lyft or Uber can be a great way to supplement your income in retirement. The advantage of these app-based services is that you can make your own hours and decide how frequently you want to work. If you only need a few hundred a week to fund your hobbies, driving folks around town, babysitting, dog walking, or delivering food could be a perfect way to stay active, meet interesting people, and keep a steady flow of cash coming your way. 

Monetize Your Hobbies 

You’ve been collecting interesting antiques from yard sales for the past 20 years and now they’re piling up in your garage. Or, maybe you’re an absolute master of crocheting fun holiday sweaters. 

If that sounds like you, it might be smart to consider an online store. Plenty of sites, like Etsy or eBay, are perfect for collectors and hobbyists to make extra cash by selling their wares online. Selling your crafts can be perfect for adding focus and fun to your day in a way that’s financially smart and productive. 

Take some time to consider what’s right for you. Remember that retirement is the time to sit back and enjoy the parts of life that truly bring you joy. Make sure that whatever supplemental income choice you move forward with helps you to stay focused on the best life has to offer.

The NextGen Wealth Weekly Roundup August 9, 2019
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NextGen Wealth, LLC is a registered Investment Advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities product, service, or investment strategy. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial advisor, tax professional, or attorney before implementing any strategy or recommendation discussed herein.

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