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Three ways to make income after you retire

Retirement is an exciting time, but it can be tough to leave behind the safety net of a stable income or the work routine you’ve followed for decades. Many seniors who reach retirement age end up working part-time; this can be for a variety of reasons, including wanting more spending money, miscalculations in retirement savings or just a desire to experience new types of work.

Whatever your reasoning, you can take multiple avenues to stay employed during your retirement without feeling overworked. There are plenty of ways to generate extra cash while remaining active and engaged in your passions — whether that involves honing your skills in a hobby or spending time with your loved ones.

Here are just a few options:

START A SMALL BUSINESS

Now that you’ve left the nine-to-five life, you can pursue your hobbies more deeply and discover new interests you previously never had the time to explore.

The demand for handmade goods and online courses is higher than ever. Take advantage of your skillset and market yourself and your creations or talents on sites like Etsy, Fiverr and Skillshare. You can sell just about anything you can imagine in these online marketplaces.

Keep in mind that you don’t necessarily need to sell material goods. Teaching lessons and online coursework can help others achieve their goals. Enlist a loved one who knows how to navigate social media to help market your product. This enterprise can be a fun project to share with children or grandchildren.

INVEST IN REAL ESTATE

Consider saving any money you made from downsizing or moving to your retirement home, and invest it into purchasing a vacation rental property. This is a win-win situation because you have a vacation home you can use with loved ones and rent out when you’re not there for extra income. Choose a location where you and your loved ones enjoy vacationing, or pick an up-and-coming place that’s predicted to generate more return on your investment.

The key is not to tie up all your money in an asset like real estate because it’s not very liquid, so if you invest in a rental property, have other readily available assets that you can fall back on during unexpected hardship. If the thought of managing additional property stresses you out, consider hiring a property manager to act as a landlord on your behalf (if your budget allows).

WORK PART TIME

If you find that you miss the routine of going to work, you can try working parttime. The key is to choose a job that you will enjoy rather than focusing on highpaying work. If you like animals, consider working at a local farm or animal rescue. If you enjoy the arts, work at an arts and crafts store or a local theater. Make sure you enjoy the atmosphere of your job because you’ve earned the right to choose something fun and fulfilling.

Your drive to generate income doesn’t have to end at a certain point in life. If you implement one or more of the ideas mentioned, you can have a fun and be financially comfortable in retirement.

 

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