Will I have enough money for retirement? This question haunts many retirees and soon-to-be retirees.
You have heard too many stories about men and women who entered into retirement, only to discover they didn’t have enough money to cover the bills. Maybe you are one of those stories. Maybe you started saving for retirement too late. Maybe you are living longer than they expected. Either way, you found yourself in a place where the money going into your bank account can’t keep up with the money going out of your bank account.
This is not the retirement you wanted. You wanted to live with the freedom to go wherever God tells you to go and give like tells you to give. You wanted to live generously. But limited income is crushing your retirement dreams.
If this is you, there is good news. There have never been more options for retirees to make additional money than now. Side income is becoming common for retirees and non-retirees alike. You can supplement your current retirement income.
Here are a few ideas:
1. Delay taking Social Security. This is an easy way to make more money. Delaying Social Security will increase your monthly benefit. If you are able, wait until you turn seventy years old before receiving Social Security. This way, you get 132% of your Social Security benefit.
2. Find a part-time role that connects to your passion. Part-time work doesn’t have to be miserable. Find part-time jobs that align with your interests and passions. Do you like the outdoors? Consider a part-time gig at a state or national park. Do you like art? Consider a job at a museum. Find work that you would enjoy.
3. Sell your experience. You have several years experience. And others can benefit from it. Consider being a consultant. Leverage the knowledge you have acquired throughout your career to help others and make side income.
4. Sell your craft. Are people already asking you to make certain items? If so, placing your items on eBay or Etsy may be a great option for you. These are online marketplaces where you can sell your products. If your products are liked by the masses, you can make some significant supplemental income for retirement.
5. Become a destination. Are you hospitable and have an extra room at your house? Rent it out. Online platforms like Airbnb connect you to potential guests. And you don’t need to live in a mansion in Los Angeles to gain interest from prospective guests.
6. Drive around and go shopping. If you have a car and a driver’s license, consider partnering with a service like Uber (a private driver service) or Shipt (a grocery delivery service). All you need is a cell phone and a car, and the hours you work are completely up to you. Working for these types of services for extra income are becoming increasingly popular.
7. Start a new business or career. Do you have an entrepreneurial itch, or does a certain line of work intrigue you? Now is your chance to go after it. Many retirees have decided to quit retirement and step back into the work world. But this time, it looks different. While money motivates, they are just as concerned with fulfillment.
Finding yourself in a position where you need more money during your retirement years can be scary. The good news is that there are more opportunities than ever before for retirees to make additional income. Consider this moment an opportunity to try new things and to pursue old passions.
This might not be how you dreamed your retirement years unfolding. But don’t worry. God is not done with you yet. As you pursue these additional income opportunities, you may find God using you in ways you never thought possible. Remember, the Great Commission does not stop when retirement starts.