Retirement is supposed to be the time of your life when you relax and don’t worry about anything. But it can be just as stressful as ever. One of the potential sources of stress is money. In retirement, you are technically supposed to live on your savings and your pension. But expenses can go up and you may find your money running short.
Many people often turn to loans such as reverse mortgages and other available options as short-term solutions. But the truth is that you still need to earn money during your retirement. Here are some smart options that can be available to you without exerting too much effort.
Start Renting Things Out
One of the best choices for income during retirement is renting things out. After an entire lifetime, you likely have a lot of things that you can plan to rent out. The most lucrative is to be a landlord and rent out houses and apartments. You can invest in property and start renting it all out to tenants. This provides you with a steady stream of income.
Another profitable source of income is to rent out your car. During retirement, you likely won’t have to go out every day so your car is likely gathering dust. Just rent it out so that you can earn money from it. Other items you can rent out include your lawnmower to even parking space in your garage.
Be Available For Consultations
When you retired, you likely had decades of experience working at your job. If you reached the highest levels of your occupation, then people would like some of that knowledge working for them. Advertise that you can work as a consultant and set a simple fee. Young entrepreneurs and companies will approach you for advice on how to handle their dilemmas and what they should be doing to succeed. You can help them out and pocket a decent fee.
Create Instructional Content
If you want to share your experience but don’t want to deal with the hassle of dealing with people, an easier solution would be to create educational content then sell it. For example, you can write an e-book about a topic that you are good at like trading in stocks that most people need an introduction to. Walk them through the basics and do some basic editing. You can then sell the e-book on various platforms for a cheap amount but if it is good enough, you can be sure thousands of people buying it. Even if you only earn a dollar on each purchase, that is still a lot of money. Videos and podcast recordings can be just as popular.
Join a Peer-to-Peer Lending Scheme
In the past, you had to jump through hoops to earn money by lending out money. But thanks to modern technology, you can join a peer-to-peer lending scheme. You give money and the platform lends it out to someone. They will be the ones in charge of collecting from the debtor and you get your share of the interest.
Investing in Funds
There are also high-dividend investment funds available. Invest your money in the fund and the fund manager does all the smart management for you. Since the fund promises dividends, you don’t have to sell out to get any income. You can invest more to get an increased payout. The only problem is that the dividends only get released at set intervals, whether it is every few months or once a year.
When you reach retirement age, you aren’t as spry as you used to be. This means that you have to be smart about earning money. You can’t put in the hard work to earn hard cash. You need to be smarter about it. Fortunately, the options above provide you with the chance at an income without you needing to move a muscle.