I hate to think about grandparents missing out on their grandchildren’s lives because they can’t afford the plane ticket to come visit. Everyone wants to make more money, but few people have less opportunities than retirees, who live off a set income they would do well to increase. The good news is there are relatively easy ways to make money in retirement. Follow these tips, and visiting family could become a drop in the bucket. You could be travelling the world before you know it!
You might already know you can take out a home loan for quick ready cash when you retire. What you may not realize is that a reverse mortgage may be much more helpful. If you are at least 62 years of age, you can have your home value assessed using a reverse mortgage calculator tool. Then you can request to receive that money in one big payment to cover an unexpected expense. Alternatively, you can ask for a line of credit that will let you borrow reverse-mortgage funds as you need them or you can ask for regular monthly payments of the same amount each month. The latter option can be most helpful when you are struggling to pay basic bills, such as the utility costs for your home. Other than that flexibility to request payments the way you want, another reverse mortgage benefit is the ability to pay the loan back on a long-term basis instead of having to repay portions of it quickly.
If you are retired, you would probably love some extra money to fund all the fun things you want to do with your free time, or even to help you pay ongoing living expenses. The way to get that money is with a reverse mortgage. Unlike a traditional mortgage that you have to start paying back quickly, the amount a reverse mortgage calculator determines you can borrow is yours free and clear for as long as your house remains your residence. You can spend it how you want, but if you ever move you have to pay the balance back quickly. Otherwise, the lender will get as much as possible back through the sale of the home.
Become a Tour Guide
Use your knowledge of where you live to make some money. I had a friend whose father started working at the local museum. He gained a whole new community, an exercise routine, and a paycheck. You can also look into working for a private touring company. Whether it’s nature walks or monument tours, the activity gets you up and moving.
Babysit Your Neighbours
If you’re missing your grandchildren, babysit a neighbour’s kids. I have no doubt that you have infinitely more experience than loads of the people applying for nanny positions. Use it to your advantage. Don’t be surprised if babysitting turns into tutoring too, as children often need help with homework. You’ll get paid more and be intellectually stimulated.
Teach a Course Online
If you discover that you enjoy teaching, there are plenty of virtual opportunities for tutoring. You may also decide that you’d like to pursue a new career in teaching. Create a curriculum on an online teaching platform in a field you are familiar with—it can be anything! If you are an avid collector, teach about antiques. The web is a vast place full of interested students. You can also reach out to your local community center and offer in-person classes there.
Fill Out Surveys
It’s never too late to fulfill your childhood dreams. If you ever wanted to be a spy, now’s your chance. Companies pay people to go undercover and visit stores. Your job is to report back on prices, ambiance, and overall experience through online surveys. You could also be hired to do the same online, from the comfort of your own home. Website user testers are tasked with completing surveys about online shopping experiences. These types of questionnaires and focus groups can happen in person as well.
Rent Out Your Home
The most solid source of passive income remains real estate. If you can fix up and rent out a property, whether that’s a pool house, a refurbished garage, or even a bedroom, do it. The greatest challenge is seeking out the right renters. It’s not rocket science. When all is said and done, you should always follow these 5 steps to findings and keeping good tenants, as laid out by tenant check company MySmartMove: do your research, advertise well, set expectations upfront, run a background check, and create a respectful relationship with your tenants.
You’ll put in a lot of work upfront, but the benefits (and profits!) can be long-spanning. If you don’t have a second property or can’t invest, consider renting out your whole house when you are away, for the summer or the holidays, visiting family.
Rent Out Storage Space
You don’t need people to live in the rented-out space you are providing. You could also just rent out your garage or driveway for storage. Depending on where you live, there’ll be more or less demand for extra space. People often have more stuff than they can put away, especially large families like ours. We could always use somewhere to put our snow gear in the summer, or trampoline in the winter!
Hang with the Stars
If you enjoy watching films and tele programs, how about acting in one yourself? Spending the day as an extra will always give you stories to remember. It’s long, it’s boring, and it barely pays—but you’re on the tele! Props and costumes are a hoot, and collecting stories about your 2 minutes with your favorite actor is unparalleled party conversation fodder. Casting directors like to have a variety of age groups represented, so you’ll fit right in.
If you need some extra income in retirement, try to make it fun for yourself. Explore careers you always wanted to delve into but never dared, or stick with what you know and teach it to others. Whatever you decide, you’ll walk away that much richer and happily ever after.