Your sunset years were meant to be spent playing with the grandchildren, and crossing items off your bucket list; not the need to earn extra retirement income during your golden years for survival. But for many seniors, the reality of a down economy has them also looking for new adventures that can earn them some extra cash on the side. While your tenure with full time employment may be long over, there are still many chances for you to earn some extra money while still living out a fun and enjoyable retirement.
Sources of Retirement Income - Fun Ways to Make Money!
Here are three of the most popular methods retirees are choosing to earn some extra spending cash while working beyond retirement [3]:
1. Start the business you've always wanted
If you worked for the public sector, or perhaps always dreamt of getting out from under the big boss and start making decisions of your own, starting your own business is not only a great way to earn some extra money, but to also fulfill a career dream you have always dreamt of doing. If you have a particular skill, put it to work for you.
For example, women who are excellent at crafting and knitting are selling their goods at local farmers markets, and even online at craft selling websites. This is an excellent way to put your hobby to work for you while also earning some side income.
2. Invest in local small businesses
If you are not the most business savvy individual but you still know that you want to contribute to someone who is, find a start-up business and give them a portion of your savings to get started and off the ground. If you trust the business sense behind the person you are investing in, and the product they are offering, you will likely earn your money back quickly, and earn more over the long term as their business grows. This fun investment allows you to give back to your community and make some side money at the same time.
3. Get a part time job working for your favorite establishment
Starting a business or making an investment may be slightly risky for some retirees. For this reason, many people choose to get a part time job working for a business they enjoy. For example, avid contractors and handymen sometimes get jobs at the local hardware store doling out advice to homeowners who want to make improvements but are unsure of how. Others work for their church providing services, such as clerical work or music direction.
Closing Comments for Our Retirement Income Strategies
Regardless of how you choose to spend your retirement it is important to do it in a way that you love. Whether you work for yourself or part time for a business doing a service that you enjoy, you can make the most of your golden years and still bring in some extra cash for gifts for the grandchildren or to use on a that trip you have always dreamed of taking.
If you haven't reached retirement age, it's not too late to make a plan... follow the link for an article which will give you 5 tips for planning your retirement [4].
Are you one of the many pensioners needing to work during your retirment years just to have a little extra play money... we'd like to hear your story, please comment below!