The following post is a guest contribution. If you would like to write for My Money Design, please feel free to contact me.
It can be a very scary thing being on a fixed during retirement. Medical bills are growing, the price of gas and food is increasing, and everything around you seems to cost a lot more than it used to. Despite all your best intentions to save and plan for a comfortable retirement, you may suddenly find yourself in situations where you can see the limits of fixed income.
How to Make Money on the Side to Support Your Retirement Income:
Fortunately you don’t ever have to necessarily be on a completely fixed income. Even if you were one of the lucky ones who planned ahead, you’re more than likely still going to need a little extra help each month. The good news is that there are plenty of ways for how to make money on the side even though you’ve reached retirement.
Don’t worry! These won’t be things like going back and getting a full time job. These are just some simple tips that help ease the strain on your nest egg and help it breathe its way for decades to come.
Freelance Business Services:
If you’ve ever been a writer, reporter, an accountant, bookkeeper, computer technologist or hairstylist, there is still money to be made as a freelancer in the field. Get online or print up some business cards to get the word out there that your services are for hire. You can offer them at a discount price since you have a lower overhead than a business that has to maintain offices and staff.
The combination of your education, life and work experiences make you a valuable commodity. Many types of businesses might be looking to get advice and suggestions on improving and expanding their operations. Retired business managers have a lot to offer younger companies that are trying to get up and running strong. Marketing professionals, architects and engineers all have the ability to act in a consultancy capacity when retired.
Sell Items Online:
Spend a few days a week going to rummage sales and thrift marts to find CDs, DVDs and other items that are cheap and in good shape. Take these items and post them on places like Craigslist, eBay, or other online classifieds sites to sell them at a profit. It’s not hard to start making a few dollars every week by simply being observant and snagging up good deals.
Tutoring is the classic way how to make money on the side. Who is better suited to help students with math, science, history, philosophy and all types of different subjects than someone who has passed all of them.
This is a service that you can offer for an hourly fee. You can post in the classifieds, or post cards at the universities and schools with your name and contact information. Tutoring is a great way to meet new people and make a few dollars by using your knowledge and ability to teach in a one-on-one environment.
Become a Tour Guide:
Use your knowledge of local history and geography to your advantage and become a tour guide. Vacationers that come to your area will find it helpful to have someone that knows the best sights to see guiding them. You can charge a minimal fee for groups and advertise your services through resorts, eateries and travel agencies.
One of the best ways to add income when you are retired is to keep the income you have from leaving your pocket in the first place. Many services and products can be had for senior discount prices. Always inquire as to whether a discount is available. Every dollar saved is an addition to the monthly retirement income you have at your access.
It Starts With You:
Remember, whether you sprung for an annuity or will be receiving an age-based or private pension, chances are your going to need a little something extra month to month to get you by during retirement.
Retiring is supposed to mean that you can take it easy and get back to doing the things that you loved to do when you were young. Those hobbies or tricks you use for how to make money on the side may not have paid enough for you to live comfortably during your working years. But in retirement they pay enough for you to be happy. So take the strain off of spending all your time managing your retirement funds by bringing in some extra income doing things you like to do. You will find fulfillment, enjoyment, and a retirement full of new life experiences.
Images courtesy of FreeDigitalPhotos.net