4 unexpected sources of retirement income

Most people know the obvious sources of retirement income. Dividends, Social Security, and pensions are factored into most people’s plans.

However, you don’t necessarily have to limit yourself to these traditional forms of income in your later years. There are plenty of other ways to help fund a nice retirement, even if you’ve passed the point in your life when most people stop working and start to relax. Here’s a look at three of the best bets if you’re looking to supplement your available cash later in life … even if you’re already at this stage in your life.

HOW TO RETIRE WITH $ 2 MILLION ON THE AVERAGE SALARY OF AMERICANS

1. Continue to work

You may have quit what you consider to be your career, but that doesn’t mean you have to quit doing a job altogether. Many employers are looking for more mature employees with some real world experience and a proven work ethic. This is particularly the case at this time, in light of the labor shortage in the country.

Retailers are particularly keen on hiring older workers, although there also does not appear to be enough qualified educators. The federal government also operates programs to fill vacancies with qualified seniors, even part-time.

There is an issue to consider if you decide to continue your working years with a new (or the same) employer. In other words, if you are already receiving Social Security benefits, the salary you earn may have an impact on the amount of your monthly allowance if you have not yet reached your full retirement age. Beyond certain thresholds, you will start to lose your benefits, although you are entitled to a slight increase in your monthly payments at full retirement age depending on what you give up due to excess work income. .

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2. Rent a room

If you have space that is not being used, why not rent a spare bedroom or an even larger part of your house?

They are not necessarily long term leases. In fact, it is more profitable if they are not. Many consumers are looking to travel, but are also looking to avoid expensive hotel stays. However, they will pay quite a bit of money for a less conventional place, including someone else’s house.

And to embark on such an enterprise is not difficult to do. Companies like Airbnb and VRBO run websites that allow owners to connect with travelers. These platforms will take a small portion of your cost, but they are worth it because they attract thousands of travelers.

Depending on where you live, short-term homeowners can charge in the range of $ 1,500 to $ 3,000 per month on a single property.

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3. Sell online (or offline)

Technology and the Internet have not only made it easier to find or rent housing. They made it easier to buy and sell just about anything. Just look Amazon!

However, you don’t have to be the next Amazon to make a lot of money selling products online. eBay was built from the ground up with small sellers in mind. Meta-platforms ” Facebook Marketplace or even Craigslist are also great ways to let potential buyers know that you have something to sell.

But you don’t know what to sell? Don’t sell yourself short. Everyone has a hobby or some specialized knowledge that makes that person an expert at something. Use this knowledge to buy and then resell goods for a profit. Specializing in a particular type of product like baseball cards or antique furniture could be more profitable than selling a little of everything.

4. Writing

Finally, add writing to your list of unexpected sources of retirement income.

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That’s a pretty broad suggestion, but no less broad than your range of options when it comes to writing words for profit. Blogging about your personal experiences on a particular topic, commenting on news sites, and even creating fiction are all viable possibilities. Obviously, you need to have a modest level of writing talent – even for writing simple stories. Like most other skills, however, this one can be learned. Nor is it a job that demands perfection.

You are unlikely to get rich writing gigs, part time or full time. New bloggers may only make a few thousand dollars a year, even with constant, continuous effort. Authors of self-published books usually earn even less.

But it is a business in which the increase in quality and quantity associated with the passage of time can increase income. Best of all, being a writer allows you to work when and where you want, doing something you love (or at least love to talk about).