Whether you need extra cash to help cover bills or you want more financial freedom to enjoy your retirement, there are a variety of easy ways for retirees to earn money. Just because you are retired doesn’t mean you have to completely stop working or pursuing different avenues for supplementary income. We’ve compiled a list of jobs and financial decisions that are great options to consider at any stage of retirement.
- Babysitting & House Sitting
- Sell Your Stuff
- Sell Your Life Insurance
- Reverse Mortgage
- Uber or Lyft Driver
- Rent Out a Room
Babysitting & House Sitting
Babysitting and House Sitting
Many retirees have extensive experience with children. Fortunately, there are always parents in need of trustworthy people to take care of their kids, making babysitting is an excellent opportunity. Not only does it typically pay well, it can be entertaining and rewarding.
If babysitting is not your speed, consider housesitting. People on vacation are often looking for someone to watch after their pets and home while they’re away- a great job if you like animals. Plus, you often are allowed to stay at the house, which can be a fun miniature vacation.
Sell Your Stuff
Sell Your Stuff on Ebay or Craigslist
Ebay and Craigslist are awesome online marketplaces where you can sell your unused or old stuff. You just take photos of the product and post it online. This is a great opportunity to make extra cash for things that are cluttering up your house. Collectors scour these sites, so you can even sell antiques and valuable items.
Sell Your Life Insurance
Sell Your Life Insurance Policy
Many people don’t realize they can sell their life insurance policies for cash, often for much more than the surrender value. Life insurance is a piece of property, much like your home, and you can sell it through a process known as a life settlement. In this transaction, the life insurance policyholder sells their policy to the buyer, known as a provider. The provider then continues to pay the premiums on the policy.
This benefits the policyholder in two ways. First, they receive money immediately that can help pay for home costs or any other expenses. Second, the policyholder no longer has to worry about premiums.
Surprisingly, many people allow their policies to lapse because they are unaware of this option. Annually, 250,000 policyholders lapse on their payments, missing out on an average of $51,300 each. Find out what your policy is worth here.
For many in retirement, their most valuable asset is their home. One way to take advantage of this would be a reverse mortgage, a loan where you transition the equity of your home to cash.
The loan is paid to you either in increments or as a lump sum and can be used to pay off your current home mortgage or to cover other costs. The amount of the loan depends on your age, home value, and interest rates. When the loan is due, your heirs can either pay it off independently or sell the home, with any remaining money from the sale returning to the family.
Even better, HECM reverse mortgages are insured by the Federal Housing Authority. Reverse mortgages make sense for certain people, but if you want your heirs to inherit your home, you might want to consider a different option. Moreover, reverse mortgages still require the homeowner to pay property taxes and homeowner’s insurance.
Uber or Lyft Driver
Become an Uber or Lyft Driver
If you have a car and driver’s license, you are probably eligible to drive for a ride-sharing service. You earn money from tips and the number of rides you give. A major perk of this job is the flexibility. You are allowed you to work as little or as much as you like. Best of all, drivers earn more than you might think. It is not uncommon to make more than $20 an hour in busy areas. This supplementary income can help pay off your mortgage payments or any other expenses you may have.
Rent Out a Room
Rent Out a Spare Bedroom
If there is a spare bedroom in your home, you could turn it into easy cash. Renting out an extra bed to travellers or to more permanent residents is an excellent way to help pay the bills. Websites such as AirBnB, Craigslist, and Spareroom allow homeowners to rent out single rooms to people. You are also given the option to deny any renter beforehand to help maintain your safety. In addition to the extra cash from rent, having another person in the house is a fun way meet new people and stay busy.
Hopefully, these ideas have energized you to go out and make extra money during retirement. And remember, these are just suggestions. If none of the ideas above excite you, go and find something that does. We’d love to hear your ideas in the comments below!