7 Ways To Boost Your Retirement Income

Dreams of a leisurely retirement filled with travel and hobbies often fall short due to lack of savings and income sources. However, with some creative ideas and execution, you can supplement your retirement funds.

Here are a seven ways to boost your retirement income.

“Retirees can easily boost their income by renting out part of their property as storage space or living space,” said Todd Stearn of The Money Manual. “You can be very aggressive about earning more money by turning a spare bedroom into an Airbnb. Alternatively, you can earn hands-off passive money allowing folks to store their items in your garage for a monthly fee.” 

Renting out extra rooms, parking spaces, garages and attics can provide rental income and tax deductions. List your space on sites like Airbnb, VRBO, JustPark or StowThat to find paying guests or tenants. Consider hiring a property management company if you don’t want the hassle.

You could even build a small rental unit. This kind of project doesn’t have to be as complicated or as expensive as it sounds. “Many houses are well-suited to be modified without too much expense to include an autonomous rental apartment,” said Joanne Cleaver, author of “The Career Lattice.” “The rent is great extra income, and the homeowners will save on taxes through pro rata write-offs of certain expenses. Just be sure to check with your home insurer first about maintaining coverage, or find a new insurer that will meet your new needs.”

Part-time and work-from-home jobs allow retirees to earn income on a flexible schedule. Telecommuting positions in areas like virtual assistance, writing, tutoring or customer service can be found on sites like FlexJobs. Or, use your professional expertise to work as an hourly consultant. 

“Many retirees want to travel. Many retirees don’t want to lift heavy objects. Many retirees want to share their knowledge with younger generations,” said Scott Lieberman, author of “The Most Profitable Online Businesses.” “For these reasons, I love helping retirees create online income streams! With online income you can work from anywhere in the world on your own schedule.”

“As a remote freelancer, you can offer to contribute just one article per month or one article per week or more, depending on how much you want to earn,” said Lieberman. “I’ve paid freelance writers anywhere from $100 to $600 per article.”

Turn a hobby, skill or interest into extra cash. For example, a retiree who loves golf picked up a part-time job at a golf course pro shop. Another put her decorating skills to use by working part-time for a retailer on store displays.  

“If you have specific knowledge from many years of experience in your former career field, try teaching an online course,” Lieberman shared. “There are online platforms that make it easy. You upload videos explaining what you know, charge a fee for access to your course, and the platform helps you find paying students.”

Driving for a ride-share service like Uber allows retirees to control their hours. Renting out seldom-used items like cars, RVs or specialty equipment provides income from possessions that would otherwise sit idle.

“An easy way for retirees to make a bit of money in their spare time is to take online surveys that pay cash,” Stearn said.

Sites like Delve, Focus Pointe Global, Survey Junkie, Swagbucks and InboxDollars offer gift cards or cash rewards for sharing your opinions on products, services, concepts and ads. Sign up and check periodically for opportunities to participate.

Many entrepreneurs and small business owners need advice and help from consultants who work on an hourly basis. If you’re an expert in your field, a consulting business can bring in extra income and still give you the flexibility you crave during retirement.

“Consultants and the expertise they bring are in demand,” said Tim Hird, executive director of Robert Half Management Resources. “Businesses are working with these professionals to access specialized expertise, support key projects and help their full-time employees.” 

To start a consulting business, “tap your network for their thoughts and referrals,” he said. “Also consider working with a staffing firm specializing in placing experienced professionals. The firm can handle the marketing and administrative aspects of consulting for you and allow you to do what you enjoy most: the work.”

Some of your fellow retirees and other people need help with basic services.

“The very oldest among us will need increasing help and support,” said Roy Cohen, career coach and author of “The Wall Street Professional’s Survival Guide.” “For those who want to remain independent, having a person to help with errands, driving, personal hygiene and other activities will become essential.”

Other senior-friendly jobs include dog walking, house sitting and tutoring. “The prospect of working beyond the age of 62 or 65 is fast becoming a reality,” he added. “People are living longer, healthier lives and realizing that work is central to maintaining a sense of purpose and joy.”