How to Make Extra Money FAST in Retirement ($100-500 More Per Month, Without Working!)
So, you’ve retired. Congratulations! All that’s left to do now is to book a tee time and sit in front of your pool with a glass of champagne in one hand and the Sunday Times in the other. Yeah right!
Unless you are one of the “lucky” few who have saved millions for retirement (and if you are, why are you reading this article?) chances are the reality of life in retirement has started to kick in and you are probably more than a little worried about your financial future.
Well, fear not! In today’s article, I’m going to offer some realistic suggestions for how you can boost your income by $100-$500 a month FAST! And, best of all, none of these ideas require you to take a part-time job or become a consultant.
So, without further delay, here are 5 ways that you can make extra money FAST in retirement.
Negotiate Your Biggest Expenses – a 10-Minute Call Can Save You $100s!
There are many things that are harder to do as you get a little older. Climbing the stairs, remembering where I put my car keys (or my car!) and trying to lose weight are the ones that annoy me the most!
But, there is also a silver lining to getting older. One of my favorite benefits is that negotiating is SO much easier. Why? Because banks, credit card companies, landlords and even phone companies know that we have less money to work with. So, they are more likely to give us breaks that would have been unthinkable just a few years ago.
So, take advantage of this perceived weakness and negotiate down your biggest bills. Trust me, it’s much easier than it sounds!
In the video below, I give 6 practical tips for negotiating down your credit card bills, bank charges and even mobile phone costs in the years leading up to (and during!) retirement.
Rent Out a Room on Airbnb
Did you know that the average host on Airbnb makes almost $1,000 extra a month? But, even if you only have a single room to rent, you could probably make an extra $200 – $500 a month.
Of course, being a host on Airbnb does require some work. You have to check people in and out. And, you have to make sure that your property is clean and well-maintained for your guests. But, the truth is that there are few ways to make big money for such a small effort.
In the video below, I discuss how to get started on Airbnb as an older adult. I also walk through some of the specific concerns that older adults have with regards to becoming an Airbnb host – and how to deal with them!
Rent Out Your Car or Parking Space
The day that I stopped my daily commute was one of the happiest of my life. I remember looking down at my car keys and just breathing a sigh of relief that I would never again have to deal with the exhaust fumes, crappy drivers and morning talk show hosts.
But, it wasn’t until about 3 months into retirement that I decided to sell my car and invest the money. It was one of the best decisions of my life. Not only did the sale give me a bit of extra cash, but, it also forced me to walk more, which led to me losing about 15 pounds!
Of course, this was about a decade ago and there weren’t really any options for renting out your car at the time. Now, services like Getaround and Turo offer platforms (including insurance) that take much of the pain out of the process of renting out your car.
Want to learn more? In this article, I give two reasons to consider renting out your car in retirement… and two reasons to put on the brakes.
Move to a Smaller House and Invest the Difference
While it is true that most of us did not save enough for retirement, most of us did make one great financial decision – we purchased a home. Now that our kids have left the house, we have several options for monetizing our greatest assets.
As I mentioned earlier, seniors are now the fastest-growing group of hosts on Airbnb. But, another option is even simpler – to sell your home, move into a smaller place and invest the difference.
For example, let’s say that you live in a $400,000, 4-bedroom house. If you were to move into a $250,000 apartment and invest the $150,000 difference at 5% interest (yes, it’s still possible!), you could give yourself $625 more per month to live on.
And, if you considered a fixed income annuity, you might be able to increase your monthly income by even more. Find out more about how to get impartial expert advice on choosing an annuity.
Find a Roommate
Did you know that 19.5-million seniors (including me!) in the U.S. are single. And, with “silver divorces” at an all-time high and lifespans increasing, this number is destined to grow significantly in the decades ahead.
To be honest, never thought that I would even consider getting a roommate again. But, the more I think about it, the more the idea grows on me.
It’s not just about the money (although an extra $500 a month would be helpful). Like many older adults, I feel like I could benefit from some daily social interaction and friendly banter.
In this article, I discuss 3 reasons that more of us should consider getting a roommate in retirement.
What additional ways have you found to make a little extra money in retirement? Are you renting a room (or your car?) Have you moved to a smaller home?