Tips to Make Money in Retirement

Tips to Make Money in Retirement

Ask an American worker of just about any age what they look forward to in retirement and the answer will most likely be not having to work. Retired reality, however, might be very different. Many seniors, for example, feel the pull of returning to the workforce to counter the isolation that often accompanies leaving valued co-workers behind.

There are also hard economic truths to face, as more than one in four seniors in a 2020 Employee Benefit Research Institute study reported they were spending more in retirement than they can afford. Rising costs and a fluctuating stock market also make it more difficult for many retirees to make ends meet. Here a few options for seniors looking for low-key but effective ways to supplement their existing retirement income.

Back to School: The American education system offers retirees several opportunities to not only earn extra money but make a substantial contribution to the well-being of the community. Public school districts across the country, for example, desperately need substitute teachers, positions that generally enable retirees to work when they want and to share with children the knowledge and wisdom accrued over a lifetime. If you hold an advanced degree, you should consider applying for an adjunct teaching position at your local community college.

Call the Consultant: Retirees often have decades of valuable professional experience and taking on project work as a consultant is an excellent way to draw on it on your own timeline. Consulting helps you stay relevant in your field by offering insights and advice without having to go back to the office full time. The first step is to sign up with a relevant temp firm or consider starting your own consulting business.

Room For More Income: The past decade has seen the vacation rental by owner industry explode in popularity, as Americans have increasingly eschewed traditional hotels for stays in private homes through services like Air B and B and Vrbo. If you’re fortunate to live in a region that regularly attracts visitors and have some square-footage to spare, listing your home with these services can be a reliable source of lucrative passive income. Even better, you get to set the availability, meaning you’ll never be stuck with guests at inopportune times. One tip: If you winter (or summer) elsewhere, consider hiring a property manager to manage your rental.

Happy Returns: Death and taxes are here to stay, right? Having tax-preparation skills and experience will enable you to find work completing clients’ returns each February through April. You can also take one of the tax prep courses needed to get hired on at the big-box tax firms.

Delivering the News: You probably haven’t thought of this one since you were a kid, but people still get paid to throw newspapers. The best part of the job is using your own car and getting done early so you have the rest of the day to relax and enjoy being retired.

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At Harmony Communities, we feel strongly that each resident has a sense of home. That they come home from work and feel pride in their environment and in their place in the greater community. That families are comfortable raising children in our neighborhoods, and that couples and singles know that they belong to something bigger than their four walls. In other words, we seek to create harmony within each community, making our communities not just passable, but peaceful, safe, functional, and beautiful.