Yahoo Finance Retired But Worried Your Money Will Run Out? 7 Ways To Make Extra Cash Monthly
Retirement is a dream come true for many people who have worked hard over the course of their lifetime. All the time and energy that went into a job can now be focused on recreation, relaxation, and relationships with family and friends.
However, retirement doesn’t necessarily mean you’re set up financially for the long haul.
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If you are worried about watching your savings dwindle in retirement, there’s hope on the horizon: you can still make money each and every month with minimal to no stress. You’ll be working, but at a fraction of what you were doing prior to retirement.
Here are seven easy ways to make some extra cash that gets you paid every month.
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Start a Side Hustle
Just like the younger generations these days, you too can put yourself to work with a “side hustle,” otherwise known as a smaller gig that offers you flexibility, caters to your talents, and gets you some good payouts.
“Start a side business such as window cleaning or pool service,” said John Stevenson, CFF®️, who specializes in tax-free retirement solutions and guaranteed retirement planning. “The average daily pay on these types of businesses is $250-$800+ per day. This is a great way to stay active and involved in your community as well.”
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Ghost Writing
You have a lifetime of knowledge to put to use, plus you probably have some good stories of your own by the time you are retired. Why not put it to use and help out a local author, novelist, or other writer.
“Depending on your experience, ghost writers can earn anywhere from $3K-$6K per month part time,” noted Stevenson.
Freelance
The best way to make your own hours and set your own rate of work is to freelance. You are on the clock when you want to be, off the clock at your convenience, and you get to set what your fees are per job.
Ann Martin, director of operations of CreditDonkey, highlighted that “tech-savvy retirees may enjoy freelance transcription, which can often be completed on a pay-per-project basis. If you don’t need a ton of extra cash and want to work from home, this gig might be a good choice for you.”
“Offer services on Fiverr.com,” suggested Stevenson. “You can offer services as low as $5 and range anywhere from $100-$500+ per service offered. This is a great way to earn extra money while controlling your schedule. If you have a talent, odds are, others will want to pay you for it!”
Pet Sitting
Are you an animal lover? Do you mind staying at other people’s homes while they are away to take care of their furry friends or, conversely, have them stay with you? You might be the perfect pet sitter.
Martin points out that pet sitting “is a fun and rewarding way for pet-loving seniors to earn extra money while setting their own hours.”
Real Estate
Becoming a real estate agent is easier than you might think and more lucrative than you might have expected.
“Commissions for real estate agents range from 3-6% resulting in thousands in commissions per average home sale,” said Stevenson. “You can sell just one house per month and generate a lot of extra cash.”
“A $400K home sale could generate you as the buyer’s agent anywhere from $10-$12K in commissions,” Stevenson said. “Even selling six houses per year would yield a significant annual income.”
Mentoring
With all your life skills, you surely have something to pass on to a younger generation or even to peers in your cohort. Becoming a coach, teacher, or advisor can be both rewarding financially, as well as personally.
“If you have good teaching skills and a bit of patience, retirees can pursue being a private instructor or tutor for kids who need extra help, studying for entrance exams, practicing a foreign language, or even practicing sports,” said Scott Lieberman, founder of Touchdown Money. “Instructors and coaches can earn between $20-100 per hour, depending on the activity and instructor’s experience.”
Buying Lifetime Income Annuity
If you do decide to purchase a lifetime income annuity, Stevenson recommends doing it for at least $100,000. That way you are set up from now until the end.
“Depending on your age and when you decide to take income, your annual income could range anywhere from $6-$10K per year for the rest of your life,” advised Stevenson.
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