Retiring means finally getting out of the workforce and enjoying the fruits of your labor. However, those who retire no longer have access to their primary income stream. While you can fall back on your retirement savings, these funds are rather limited and can only be used so much. In fact, many retirees have trouble maintaining their financial security because nothing replenishes. But that doesn’t mean you have to go back into the workforce to earn more money. There are plenty of ways for you to make extra income without having to sacrifice any of your free time. In this post, we’ll be covering ways retirees can keep themselves financially secure.
Become a Freelancer
Freelancing has become a very well-known career ever since the lockdown during the COVID-19 pandemic. It’s where people can work for themselves rather than a company or corporation. When you become a freelancer you will get plenty of flexibility in your schedule, so you can pretty much work whenever it suits you. That said, there are plenty of jobs you can freelance in, which include:
- Online teaching
- Graphic design
- Writing and editing
- Social media manager
- Software engineer
This is just to name a few, but it should give you a pretty good idea of what you can freelance in these days. What’s more is that freelancers can open their own LLCs, so they don’t have to pay too much in taxes. If freelancing interests you, start researching positions in a field you’re experienced in.
Invest in Real Estate
You’d be surprised how many people who are retired end up investing their money. You mainly hear about the stock market, but lately, real estate has become immensely popular, and for good reason. It’s considered by many avid investors to be the safest and opportunistic investment to date. What’s more is that there are quite a few ways one can invest in real estate.
The first method involves owning and renting out an apartment complex. Purchasing a rental property will cost you quite a bit of funds, but if you manage to rent out most of the apartments, you won’t have much to worry about. When finding the best option, search as if you were buying a new house. Research the area the building is in and see what’s around it.
Are there any shopping plazas around? Is the area walkable? What schools are nearby? What does the building itself include? How much will you need to invest into new additions, like lounge rooms, office spaces and even a pool? These are all factors you need to consider as you search through the market.
Furthermore, this also applies if you choose flip houses. But if this isn’t something you see yourself managing, you’re not out of options. Instead of investing into the property itself, you can choose to put money into apartment shares. Apartment shares allow investors to put their money into small sections of a pre-established complex and make money off those who rent in that area.
You know how in the stock market you own small portions of a company? The same applies in real estate; you buy individual sections of a building. There’s a lot you need to consider regardless of what you choose. Whether it’s a short-term or long-term investment, you have a lot of opportunity to make a lot of money. Not to mention, there are numerous tax benefits of rental properties that you can take advantage of.
Sell Items Online
Online stores, like Etsy and Shopify, are another area that’s gained a lot of attention during the pandemic. To this day, it remains one of the best ways to make a little passive income. Setting up an account is relatively simple as it only requires a few clicks. When it comes to the products you’ll sell, it can be anything you don’t need or want. If you like the process, you can consider opening your own online store or consider drop shipping.
Consider Becoming a Consultant
We mentioned this earlier when we talked about freelancing, but consulting is something that’s incredibly lucrative for retirees. With all that knowledge, wisdom, and experience under your belt, sharing with those willing to learn is a great way to help them succeed. What’s even better is that you can get paid while doing so.
If you go the freelancer route, you’ll be able to charge your own rates. One thing to note is that you need to build up a presence online if you want attract clients. Set up your LinkedIn and TikTok to maximize getting a callback. Consulting is also a great way to manage stress during retirement because it allows you to continue to feel purposeful while maintaining the freedom of creating your own schedule to allow for personal enjoyment as well.