Money: Create Extra Retirement Income

Looking for more retirement income? Try thinking outside the box with some creative ways to earn extra income with these links. 

Many retirees work because they want to. But many also work because they need to supplement Social Security and bring in additional income.

Whichever category you fall in, there are plenty of creative options to consider if you want to pad your post-retirement income.

“The most important thing is, remember that work in retirement for many people is really an essential piece of financial security when you retire,” says journalist, speaker and career expert Kerry Hannon, author of 14 books, including “In Control At 50, How To Succeed in the New World of Work.” “Even for people who have saved adequately, it’s a safety net.”

Post-Retirement Work…works!

You can delay withdrawals. One big plus in working in retirement is that not only can you continue to contribute to your retirement accounts, but you can also delay withdrawals and let your savings continue to grow.

Keep your skills sharp. “And you really need to keep your skills up to date in order to be relevant,” Hannon says. “Don’t think you’re going to skate into retirement and then everyone’s going to jump at hiring you to do something as a consultant or even something you truly love to do.”

Creative options for extra cash

Flexjobs.com “A really good, overarching job board,” says Hannon. “The good thing about it, there are great part time jobs or remote jobs. And with the acceptance of remote work these days, it’s perfect for people in retirement, particularly if you do have some kind of health issue, or you don’t want to commute into an office or a place to do work.”

Sidehusl.com features nearly 500 online platforms that give you an opportunity to earn money on the side.

TaskRabbit connects freelancers with a variety of physical jobs, ranging from electrical to plumbing to personal shopping. It has more than a million reviews. Those side jobs include mounting TVs, gardening and yardwork and house cleaning.

Poplin bills itself as the “first and only” nationwide laundry service. Their “Laundry Pros” will pick up your dirty laundry, wash, fold it and return it. The service has 115,000 freelance workers who are paid by the pound. The typical load is 40 pounds. CEO Mort Fertel says 15 to 20 percent of those workers are 50 or older. The top Laundry Pros earn $5,000 a month and the top 100 earn an average of $3,000 a month, he says.

“Everybody wants to work from home, but the only people that can work from home are the people that can sit behind a computer and have some sort of a white-collar skill like a writer,” says Fertel.  “People who work in factories or restaurants or more traditional manual labor type positions haven’t had the opportunity to work from home. But what they do have is an underutilized washer and dryer. And so, you combine that with the Poplin app, and you have the first ever manual labor or from home gig in the world.”

Workmper.com is a site that offers employment to people who travel in their RVs. The median age is 54, according to the website, and includes temporary jobs and campgrounds and RV parks, theme parks, circuses and carnivals and cabins, lodges and motels. You can also find a job in a gift shop or work as a utility inspector.

Retirementjobs.com offers to match workers over 50 with a variety of jobs or projects at no cost to the job seekers. Applicants can seek jobs in individual zip codes.

“So many people say they’re going to continue to creatively earn in retirement, but in fact, they don’t because for whatever reason, whether it’s a health issue or caring for somebody, or ageism, they find it hard, or ageism, they find it hard,” says Hannon. “So, it really takes a little bit of foresight,” she says.

“If you can, plan ahead of time,” she says. “I like to tell people start thinking at 60 what you might want to be doing at 65. Part-time income could be seasonal, it could be flexible hours. But in order to do so, that early prep is important.”

Staying Safe

Sadly, scammers are also active in the world of online job searches and have tricks to look and sound legit.  The FTC has some tips here.

Bonus Money tip: Want to save money on your internet service? Check out Senior Planet’s free online talk about Affordable Connectivity Program on August 21 and see if you qualify! Details are here. 

YOUR TURN

Did you find a way to earn extra retirement income – even a quirky one like renting out your garage or parking spot? Share your story and tips in the comments!

 

Rodney A. Brooks is the former deputy managing editor/Money at USA TODAY. His retirement columns appear in U.S. News & World Report and Senior Planet.com. He has written for National Geographic, The Washington Post and USA TODAY. The author of “Fixing the Racial Wealth Gap,” Brooks has testified before the U.S. Senate Special Committee on Aging. His website is www.rodneyabrooks.com.

 

Your use of any financial advice is at your sole discretion and risk. Seniorplanet.org and Older Adults Technology Services makes no claim or promise of any result or success.