Once you have retired, you need to budget carefully to stay within your fixed income. If, for example, the value of your investment diminishes, you will have little choice but to spend less or find a way to make the additional income. However, there are plenty of ways to earn a little extra cash in retirement without having to go back to work.
So how can you enjoy your retirement without having to worry about money? Here are our top ways to make additional income in your golden years.
Bed and Breakfast
If you have a large family home and your children have flown the nest, why not consider making use of the extra space in your home?
More and more people are looking for an economically viable way to travel, and cheap weekends away are becoming very popular. Visitors are looking for a cozy and cheap place to sleep. So, if you have spare rooms and would enjoy the company and hosting, starting a bed and breakfast business could be a good option for you.
There are modest start-up costs in turning your home into a bed and breakfast, and if you provide a good service, this could be an excellent cash generator.
Do you have knowledge you could impart? If you are a retired teacher, lecturer or have worked in a specialist field, you can probably charge a premium for being a private tutor. Private music lessons are also an option for those who play a specific instrument well.
You will need to advertise your services, but positive word of mouth will spread news of your business.
Handyman or Woman
Have you spent several years fixing things around the house? If you have the confidence and know-how to repair furniture and appliances, then perhaps you should start-up a part-time handyman business.
Many people who work full-time do not have the time or skills to fix simple things around the home. If you have been a tradesperson as your career, or you're just handy around the house, then this would be a natural step.
You needn't take on large construction projects. Focus on simple tasks, such as putting up shelves and assembling furniture, and small electrical or plumbing jobs.
Alternatively, you could focus on garden maintenance and offer your services as a gardener. Again, you do not need to be an expert, but with many homes where both partners work full-time, you will not struggle to find clients who would like you to take this task off their hands each week.
There are minimal start-up costs to this business, as you can set up from home and will likely have many of the tools required already. There is a steady earning potential, as word of mouth referrals are likely to be the best marketing you can get.
Selling Your Stuff
As a retiree, you may have a lifetime's supply of clothing, books and furniture. It may be that there is money to be made from selling your clutter! Never assume that items will not sell – don't forget that one man's junk is another man's treasure.
You can sell these items at online sites like ebay.com or craigslist. These sites are simple to use, so you will only need a little knowledge of the Internet and computers to get going.
There is no risk and no start-up cost if you have all of the tools already. This is an excellent way to make additional money and make space in your home.
The Bottom Line
With a little thought and effort, most people have skills, talents or possessions they can use to generate additional income in retirement. You will need to get out into your community and market yourself, but with the earning opportunity, it will be worth the effort.