If you have already retired and are living on a fixed income, you may be wishing you had a little extra cash coming in. Here are a few ideas on how you might be able to access some extra money for those unexpected expenses or even just for fun.
First, let’s talk about some of the passive ways you can bring in some additional funds.
- Cash Value Life Insurance – If you have a whole life, universal life, or other life insurance that has cash value, you may be able to access that money tax-free for your retirement. Contact your insurance carrier to find out if this is an option for you. Keep in mind that any money you take out of the policy will reduce the death benefit your loved ones will receive, so be sure to get all the facts before taking action.
- Home Equity – If you have equity in your home, you may be able to access that value by getting a reverse mortgage, home equity line of credit (HELOC), or home equity loan. Be sure to consult with reverse mortgage specialists and shop around before signing any paperwork, and check with a few different financial institutions on the loan or line of credit.
- Real Estate Rentals – Even if you don’t own rental property, you may still be able to bring in some extra cash with your primary residence. Consider renting out a room, space in your garage, or room on your lot for a monthly fee. There are always people looking for a room to rent, extra storage space, or a place to park their RV when they’re not using it. Be sure to vet your prospects carefully to ensure your safety.
- Rent Your RV – If you have an RV that you use intermittently, consider renting it out on a weekly basis as a vacation rental. As long as you have water and power hookups, you don’t even need to allow your renter to take your RV off your property. You can find renters on any vacation rental website, such as Airbnb or HomeAway. Again, be careful to ensure your safety in choosing renters.
If these passive income generators aren’t an option, you may want to consider doing something on a part-time basis to bring in that extra cash. Here are some ideas:
- Consultant – If you had a job career before you retired, you probably have a lot of knowledge that other people need. Create a consulting service to share what you know.
- Tutor – Elementary and high school students often hire tutors to help them with particular subjects. Find students in your area who need your expertise.
- Personal and Home Care Aid – Elderly & Handicapped – Offer your services to do some basic household chores, shop for groceries, or tend to the needs of an elderly or handicapped individual in your area.
- Retail – Part-time retail sales positions are often available, especially during the holidays. Be sure to find something you’ll enjoy selling, so it doesn’t seem like a job. Websites like indeed.com can help you locate retail positions in your area.
- Personal Assistant – Busy Moms, Small Businesses – Offer your services as an assistant to a busy mom or small business owner by advertising in your community newspaper or on websites such as guru.com. You can also check with your local chamber of commerce.
- Tour Guide – Wineries, Museums, Historical Sites, Parks – These jobs can be fun and interactive. Find an interesting place in your area that needs a guide.
- Driver – Limos, Shuttle Services, School Busses – Check your local school district website and transportation service companies for open positions. Opportunities through Uber.com and Lyft.com let you drive your vehicle on your schedule.
- Non-Profits – Choose a charitable organization near and dear to your heart.
- Child Care / Respite Care – Offer your services as a babysitter for date night or give a neighbor a break from caring for an elderly parent or disabled relative. Care.com makes it easy to list your services for families looking for help.
- Call Centers – Airlines, Hotels – Check job search websites such as indeed.com to find open positions in your area.
- Schools – Crossing Guards, Admin, Cafeteria – Check your local school district website for open positions.
- Freelance Writing – There are countless opportunities to do freelance writing. Use your favorite search engine to find one that works for you. Try searching “How to become a freelance writer, ” and you’ll be on your way.
- Sell Items Online – You can sell your items that you no longer need or buy and sell items you find at a garage or estate sales. You can also make items to sell online. eBay, Amazon, and Etsy are great sites where you can sell your items, or you can set up your website to market your wares.
- House Sitter, Property Caretaker, Pet Sitter – You can offer your services to people in your neighborhood by joining an online social network in your neighborhood. Try Nextdoor.com to get started.
Perhaps one or more of these ideas struck a chord with you. Here’s hoping you find all the extra income you need for your retirement.
Securities and advisory services offered through Infinity Financial Services. Member FINRA/SIPC
Infinity Financial, LGC Wealth Management, and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for tax, legal or accounting advice. You should consult your tax, legal and accounting advisors before engaging in any transaction.