5 Ways to Save or Make Money in Retirement

5 Ways to Save or Make Money in Retirement

Getting close to retirement can be scary for many reasons, but it doesn’t necessarily have to be. As we get older, we start to think more about our retirement savings, the future of social security, the size of our pensions and retirement plans, (or if we even have a pension or retirement plan!) As noted on Fool.com, 36% of Americans over 65 completely depend on social security, but don’t let that be you! Mitigate the financial retirement jitters with some of the following tips:

  1. Make Frequent Use of Senior Discounts, and Join AARP!
    Although it seems quite cliché to take advantage of senior discounts, they can be huge when it comes to your pocketbook! For example, you might be surprised to find out that you may be able to take the bus at a discount (or even for free) if you live in certain cities. Living in the burbs? You’ll find endless senior discounts for museums, movies, restaurants, and other entertainment venues if you just ask. You can also consider joining AARP, which offers a variety of senior discounts from car rentals, to hotels and restaurants.

  2. Rent Your Extra Space
    Whether you have a spare bedroom, a finished basement, extra parking, or even storage space, you may be able to make money from your existing property! Although this option might not be for everyone, it can help to add a buck or two to your wallet after you’ve retired from your 9-5 day job. Services like AirBnB make it easy to rent a spare room, and a simple Craigslist ad can help to advertise storage space.

  3. Adjust Your Lifestyle
    It might not be the first tip you want to hear, but adjusting your lifestyle and spending is critical to balancing a budget in retirement. Start by sitting down and going through your previous 3 month's expenses line by line. Could you have brewed a pot of coffee at home instead of opting for that $5 latte? Would a night of cooking at home with a bottle of wine have been just as fun as heading out to a restaurant? You get the idea. A few dollars saved here and there can make a big difference down the road in stretching your retirement funds!

  4. Start Your Own Online Business
    If you consider yourself a crafty, creative, intelligent, or entrepreneurial senior citizen, you might just find a way to sell your own work. Sell your crafts and other handmade items online at Etsy.com, or perhaps your antiques to a local antique dealer. Consider freelance work, even if it wasn’t your career path before. Can you write blogs or website content? Can you tutor students in English or another foreign language? Opportunities are abound for the creative mind!

  5. House or Pet Sitting
    Here’s another opportunity that often goes overlooked: house or pet sitting. Advertise by word of mouth, or with flyers in your local grocery store, and let everyone know that you offer these services. Word of mouth travels fast!

Although these are just a few tips, there are many ways to save, and to make money after retirement. Beyond the benefit of the obvious additional cash flow, you might just discover that you have a passion for a new hobby or activity. Retirement opens many doors to opportunity, and to self discovery. It will only be up to you to walk through them!