Going into retirement can be a stressful time in life for those who may not have saved enough for this stage. Even if you weren’t able to save enough money during your working years, it’s still possible to live comfortably once you retire. You’ll need to count on payments from social security or a pension as your primary income, but you can also get a little more money through some other methods. Here are six ways you can earn a few more dollars each month during retirement.
1. Reverse Mortgage
Lots of seniors take advantage of the equity in their homes by applying for a reverse mortgage. This is a good idea if you have a lot of value in your home. Typically, you can apply for a reverse mortgage through your bank and get a quick cash payment. Most retirees use the lump sum to help cover additional living expenses or pay off unexpected bills, such as medical costs or other emergencies. This is a great way to get some short-term income.
2. Part-Time Job
Another way to generate more regular income beyond your social security payments is through a part-time job. Seek a job in a field that you have an interest in so going to work won’t feel like a chore. You could try some part-time work at a coffee shop or retail center to help give yourself more wiggle room in your budget. Today, with the popularity of the internet, you could also seek some work online and conveniently stay home and make money on the side. This can help stretch your retirement budget comfortably.
3. Swaps and Sales
Over time, you may have accumulated a large inventory of things as you reach retirement age. Many seniors look to downsize when they get to the retirement stage to help simplify life. Instead of donating everything or throwing things out you don’t need anymore, try arranging to sell your unwanted trash at a swap meet or yard sale. There are lots of convenient online yard sale groups that can help you earn some extra cash quickly.
4. Insurance Rate Adjustment
Seniors can also take advantage of more competitive insurance rates through their agent. Your Atlanta insurance agency may be able to give you a cheaper rate on common necessities such as car insurance, life insurance, or homeowners insurance. It’s common for your rates to be somewhat lower when you get to retirement age, especially on your car insurance. Senior drivers tend to make fewer trips and file fewer claims than other types of consumers.
5. Senior Discounts
Shopping is another place where you could enjoy heavy discounts once you get to retirement age. There are hundreds of companies that make budgeting easier for retirees because of convenient senior discounts. Many restaurants offer senior rates or early bird specials if you want to get dinner before the rush starts. You can also join an organization such as the AARP to get access to additional discounts through various programs. Paying less for your most common purchases can help you adjust to your new retirement budget.
6. Mystery Shopping
Finally, some retirees are able to earn some extra cash each month by signing up for an easy and fun job, mystery shopping. Mystery shopping companies pay consumers to visit businesses, such as restaurants and retail stores, and evaluate the service. In many cases, shoppers get reimbursed for their purchase and earn an additional stipend. For someone who has a lot of time during the day, mystery shopping can help a person keep busy.
As you get closer to retirement, start thinking about other ways you can maintain the same lifestyle you have while working. You may need to consider additional sources of income to help keep you comfortable and happy.