5 ways to add to your retirement income

by the Editor, SeniorInsider | Jun 21, 2011

While retiring from the corporate treadmill seems like a dream come true for many seniors, others either find they don’t have quite enough to make ends meet or still want to do something meaningful in their retirement years. Not only does staying active and feeling like you’re contributing something put a little extra change in your pocket, but recent studies show that it can even prolong your life and keep some age-related diseases at bay.

There’s no rule that says you have to retire at 65, 70 or even 75 for that matter. Even if you don’t have the energy or desire to punch a clock, there are things you can do from the comfort of your own home that can supplement your retirement income.

The Internet


There are many ways to earn a retirement income on the Internet, from selling stuff you find at yard sales and estate sales on Ebay to sharing your expertise and knowledge by writing an e-book or hosting a blog. That said, you want to keep an eye out for those “get rich quick” schemes out there, which try to convince you that you can make thousands extra a month by simply hosting sites with ads on them or other such nonsense. Just as in your workday life, “if it sounds too good to be true, it is.” Many of these schemes are only designed to separate you from your nest egg. If you want to try the Internet as a source of income, get a book and teach yourself the ins and outs of writing a blog, selling on Ebay or writing an ebook.

Turn a Hobby Into an Income Stream


Many people have had lifelong hobbies, from knitting and building wooden toys or crafts to trading coins and collectibles. Now that you’re not having to answer to “the man” any longer, you may find that having a cottage industry at home offers you a good retirement income. Some of these items are perfect for selling on one of the many sites that allow you to list your products and sell them to those who have a love of hand crafted items or hard to find collectibles, such as Etsy.com. If you’re not Internet savvy, see if one of your children or grandchildren is. Many kids today can teach you all you need to know in an afternoon and probably even get your whole operation set up in a day or so. From there on out, all you need to do is point and click to run your own business. Another option is to sell your items at local farmer’s markets, flea markets and swap meets or even holiday fairs.

Investing


There’s nothing wrong with turning your retirement income into additional income. Many seniors have a real knack for turning their money into even more money, whether it’s investing in real estate or playing the market. With real estate at an all time low, the right property could become a nice rental with a revenue stream that can boost your retirement income while providing you with additional assets for your portfolio. The same can be said of the stock market. Picking up a few high growth stocks can increase your wealth over time. Just remember that both endeavors can also cause you to lose your retirement income, as they are not without risk.

Get a Job


Since you just got out of the rat race you may not be excited about re-entering it so soon. But many seniors find a part-time or even a full-time job very rewarding and really enjoy the freedom the paycheck brings, boosting their retirement income. As the Baby Boomers age and retire there will be a shortage of skilled workers in the workforce, making seniors a very valuable asset to employers. You may even find that your former employer is begging you to return to work as your knowledge is irreplaceable in the marketplace. A couple of young whippersnappers will be hard pressed to have the collective expertise and know-how you’ve collected over a 30 or 40 year career.

Be Your Own Boss


Finally, you can always become an entrepreneur and be your own boss. You can start any number of businesses, whether it’s being a representative of a well-established brand such as Amway or Avon or starting a business that reflects your skills and knowledge. For example, if you’ve always had a passion for cooking, you could open a catering business or sell those cookies that friends and family always rave about. If you’re from a financial background you can become an accountant or bookkeeper and if you know computers, think about teaching other seniors how to use the Internet.

There are really no limits when it comes to adding to your retirement income. You just want to be careful not to risk your existing nest egg too much. Start small, see what works, then build from there. And who knows, you may become the next big American success story, even in your retirement years.

Topics

Testimonials

  • My father had to move out of the retirement community he was living in. I didn’t know what to do. I found a new one in the same city with an opening the very same day on SeniorInsider.com. Thanks!

    Doug J

    California

  • I was in need of resources for caregivers and stumbled on your site. You answered a lot of the questions I had about taking care of my aging mother. What a wealth of knowledge, all in one place.

    Lisa Z

    Florida

  • I saved so much time thanks to your valuable resources on this site. We need more resources like yours on the Internet. I'll be sure to refer anyone who is looking for senior related information to you.

    Jeana M

    Washington

  • I was having a tough time understanding all the legal issues (probate, trusts, living wills, etc.) until I found SeniorInsider.com. You put everything into terms that I can easily understand.

    John R

    Delaware

Connect With Us

If you’d like to receive FREE information on a range of topics of interest to seniors, fill out the form below:

Please send me:

Free Senior’s Guide

Receive a Free Senior Living Insders Guide!

Free Senior’s Guide
Free Newsletter

Receive periodic news relating to active senior living!

Free Newsletter
Money Saving Deals

Get money saving deals and Special Offers for Seniors!

Money Saving Deals