People are still being expected to retire at 60 when Americans are living longer, and old age is said to begin at 74 years of age. Individuals will continue to live for 15 or more years after retirement and must fund that living by finding new ways to make money. Although you may have your pension, this is usually a fraction of what you were earning while you worked full time, and a new source of income is needed to supplement it. In this article we will offer a few suggestions of ways to maximize your income.
If your employer is open to the idea, you can stay on at your old job but reduce the days that you work. Bosses are often relieved by this offer as the new incumbent will take months to train and may cost them more. On the other hand, if you can find a mornings-only job, you will be able to stay active, use your brain, and bring in something to add to your monthly pension.
If you have a specialist skill or uncommon knowledge, one option is to become a consultant. For example, if you worked in engineering, you could provide a service to consult on projects. Also, there are always opportunities for data capturers, editors for academic journals, or coaching students on subjects that they struggle with.
Join the Sharing Economy
You could work in partnership with Airbnb by renting out rooms in your home. This is great if you live close to an airport or in areas that attract tourists. You could also provide an Uber service where you transport people by car from one location to another.
Provide Local Services
There is always work for people who are prepared to walk dogs or pet-sit when the owners are away. Housesitting or babysitting will give you a change of scenery along with some extra money. Consider taking people who are older than you shopping. These services can be advertised easily on Facebook and with notices in shopping centers.
Alternatively, use your skill as a seamstress or gardener to do jobs for people that they don’t have time to do for themselves. Use your cooking talents for catering at events or your skill at baking to provide desserts and tarts to local shopping centers. The options are endless.
Become an Options Trader
Online investing is another option for maximizing your income after retirement. At first, there is a lot to learn and a lot of new traders consult a selling options expert to learn about sell options. Knowing when to buy or sell, in other words, your trading options, is key to success.
To become an options trader, you need to open an account. Choose an options trading system that does not have complex guidelines on entry and exit. These are best for the novice trader. Trading systems differ in the amount of capital that you are required to have for options investing. The next step is to choose between put options and call options. Read up everything you can on options investing and soon you will gain experience.
Retirement need not be the end of your working life. There are plenty of opportunities. Be determined to find something you enjoy that also provides you with an income.