s your retirement the vacation you’d dreamt it would be? Or is it more like a trip to Stressville? Unfortunately, many people make it to retirement only to find that their sudden lack of employment income is more of a strain on the senses than they’d imagined. The last thing you want to do with your retirement is to spend it worrying about money. After all, isn’t that what you did before retirement? There are things you can do to supplement your retirement cash flow. Here are five tips for padding your income after retirement:
Babysit. No, you don’t have to open a daycare. You don’t even have to place an ad on Craigslist and take random strangers’ kids for the day (or night). If you have a grandbaby who needs daycare, and would be spending the time with that child regardless, then it may be worth it for you (and grandbaby’s parents) to apply for care provider assistance with local agencies. It won’t cost you (or your younger family members) a cent, but if they qualify and list you as a caregiver, you could receive government funding to care for grandbaby.
Part-time jobs. Sure, you might not have planned on working after your retirement. That seems to defeat the purpose, right? Well, many retirees who find part-time, no pressure employment actually report that their part time jobs are extremely rewarding emotionally. You might want to give it a try.
Investment accounts. Sit down with a financial advisor and find out if there are more aggressive investment vehicles you can place some of your retirement funds in. Don’t ever place all of your eggs in one basket, but also don’t be afraid to try something new that could benefit you financially.
Reverse mortgage. If you have a lot of equity in a home, then you may want to consider this innovative mortgage product that actually pays you a monthly check (against your equity, of course).
Hobbying. If you’ve always had a hobby – quilting, woodworking or baking, for example – then you can turn these hobbies into some extra cash just by advertising your offerings on Internet resources like Craigslist, as well as through word of mouth.
Retirement doesn’t have to mean that your hands are tied when it comes to padding your income. You aren’t stuck with the fixed income you have right now. Be creative and put your years of living to good use, and you can surely find more ways than one to boost your retirement funds.
About the Author: Aldo Torno is a retirement and Roth IRA specialist who enjoys helping retired individuals live comfortably in their golden yeras. He loves helping his clients through the process of opening an account, saving, and living the lives they’ve dreamed of.
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