Many Baby Boomers who are presently retiring have been saving up their entire lives for the opportunity to kick back, put up their feet, and enjoy the easy life for a while. But what too many of these retirees are finding out, is that they were so busy working and raising a family, they didn’t save enough money for their golden years.
What to do? One of the easiest and most profitable solutions is to apply for a reverse mortgage loan. Engineered for long-time homeowners aged 62 and older, a reverse mortgage allows you to tap into the decades of equity you’ve built up in your family home. You can receive the money in one lump-sum payment, or you can choose to receive monthly payments.
The important thing about a reverse mortgage is you never have to worry about paying a single mortgage payment again. And the loan doesn’t have to be repaid until the borrower either leaves the home or dies. You can see how much of a reverse mortgage you qualify for by using this online calculator created by All Reverse Mortgage.
But what if you don’t have a whole lot of equity built up in your home? Or what if you don’t own your home at all? You still need to find a way to survive financially during retirement without entirely depleting your savings. At the same time, you don’t want to make money at something you hate. Not at this stage in your life.
According to a recent article, many younger people picture a typical day in retirement to be working in the garden for a while, then falling asleep on the couch with a paperback book in hand, and no real responsibilities to take care of. But finances aside, most retirees simply don’t possess the mindset to just do nothing. In this day and age, 60-something is not old.
At the same time, you’ve come to realize you don’t have quite enough cash to live the lifestyle you want for yourself and your spouse. That means, there’s not enough for extended vacations, or maybe a summer home in the mountains, or even the additional expensive medications your doctor has been prescribing as of late.
Or it could be that you’re restless and full of energy. The last thing you want is for your muscles and brain to waste away at a time when you can choose to do whatever you want to do. With all that said, here are some fun, if not easy ways to make money in retirement.
Tend a Garden
If you’re one of those individuals who possesses a green thumb, you might consider gardening not only for the sheer joy of it, but instead to make extra cash. Succulents and houseplants are said to be very popular. You can grow them right out of your home and sell them to residents.
You can also grow fruits and veggies, sell them to residents, to farmer’s markets, and even supermarkets that feature “homegrown” all-natural organic sections.
Baking and Cooking
If you’re retired, you will have the time to cook your favorite deserts and dishes. You might cook so much, you will be looking for people to share the meals with. But instead of creating lots of leftovers, why not sell your baked good from out of the home?
Or you can cook for busy local families and/or single professionals, and even deliver them personally. You will get paid not only for the food but tipped for the personal delivery service.
Maybe you’re really good at making things out of nothing. Perhaps you are naturally talented at knitting, crocheting, and sewing. Or perhaps you know how to work with leather. Woodworking could be your thing.
No matter your specific talent, there is a market for handcrafted items. This is said to be especially true when they are created locally. You can sell these items at craft fairs and local market stalls, or online via Etsy and Amazon Handmade.
Reading and Reviewing Books
Lots of people make a solemn vow that when they retire, they are going to catch up on reading all the books they didn’t have time to read when working full-time. But it might come as a surprise that you can make money just by reading books in retirement. You can write book summaries, book reviews, or even read books as a narrator for Audible.
There are simply lots of ways to have fun and to make money in retirement. From professional blogging, to writing romance novels for Kindle Direct Publishing, to rideshare driving, to landscaping…there seems to be no end to how easy it is to make a little extra cash on the side and to enjoy yourself while doing it.