Thursday, January 28, 2016

5 Ideas for Making Extra Money in Retirement

retirement money
Entering retirement is a big step. And if you’re concerned that you won’t have enough money to live comfortably, you should think about how you could make some extra cash. Here are 5 ideas to try out.

1. Downsize

Downsizing your home is something that might seem a little daunting for many people entering retirement. But it is a great way to free up some extra cash when you no longer need a huge house to live in. Your kids have probably flown the nest by now, so you won’t need all that space anymore. You could buy a home that meets the needs of you and your partner and have some extra money to spend on other things at the same time. It’s definitely something worth considering.

2. Try Property Investment

Property investment is a great way to make some money if you have enough to get into it in the first place. There are many top companies, like Mortgage Brokers, that offer you help and support with investing in property. So, you can do it without really having to get your hands dirty. But that’s not the only way to go about it. You could also find a property by yourself and buy it. You then have to make some improvements and see if you can sell it on for a profit. If you become good at it, you could build up a pretty good property portfolio.

3. Take a Part-Time Job

When you’ve just finished working every day, the idea of going back to work might not seem like a great idea. But taking a part-time job can be an easy way to still take it easy most of the time while still earning some extra cash. Sure, it might not be the ideal way to start your retirement. But if you build up some cash, you will then be able to live more comfortably in a few years time when you are ready to retire for real. It also eases you into retirement rather than going from working every day to working never.

4. Sell Your Knowledge

By the time you reach the age of retirement, you will have built up a strong bank of knowledge in your chosen industry. This kind of knowledge can be very useful for other people who are younger and more inexperienced. You could become a consultant who offers help and advice to people who need it. If you are someone who spent your whole working life running a small business, you could offer help to entrepreneurs who are just starting out. It’s fun, and it makes money.

5. Invest in a Company

Investing in a business is a good way to potentially make a lot of money without having to put in any effort. This is what many people choose to do when they enter retirement. They simply stick their money into a company that they think has a lot of potential. But you don’t have to actually get involved with the running of the business. Instead, you can become a silent partner in the business and watch the money come rolling in.

1 comment:

Louie Beckham said...

Great list! I think it is really important for retirees to have something to do, not just for the money they’ll make but more so because it is important for them to be able to do something to keep them busy to maintain their physical and emotional health.