How to Get Rich in Retirement

Written by Doreen Jacobs

What comes to mind when you think about retirement? Perhaps, old people going on vacation relaxing and taking a break from the stresses of everyday life. Monday to Friday cease to exist and every day is like the weekend? Some people are known to get depressed during retirement because their job was their life,

The good news is that there are plenty of fun things you can do during retirement, and one of them is to make loads of money! Here are some tips to get you started.

Freelancing

With all your years of professional experience in your respective field, freelancing is a great way to make plenty of money during retirement. You can work from the comfort of your own home, set your own hours, and demand your pay grade. There is a lot of work you can do online, what field did you work in before retirement? Accountancy, bookkeeping, were you a teacher? There is something out there for everyone.

If this appeals to you, start looking and see what you can find.

Start Your Own Business

It’s never too late to go into business for yourself. The founder of Kentucky Fried Chicken Colonel Sanders didn’t start KFC until the age of 62. And it took him several years after that to become well-known in the industry. No one was interested in KFC at the beginning, but Colonel Sanders refused to give up, and, today, it is one of the most successful fast-food restaurants in the world.

What are you passionate about? What drives you? Once you can answer this question, you can move forward with writing a business plan and starting the company you’ve always dreamed of.

Don’t Stop Working

There is no law preventing you from working when you retire. Another way to generate income is through the gig economy, you will be surprised at how many organizations are willing to hire retirees for short periods.

The gig economy is in full swing at the moment and it has allowed Americans to work well into their 70s. Just think about how that extra money can come in handy when combined with your pension. If you invest wisely, you are likely to see a massive boost in income over time.

You should also take into consideration the fact that you can also defer Social Security when you put off retirement. This means that you get to keep your employer benefits so that you can keep investing in your 401k assets and IRA, all of which means extra money for you.

Get Frugal

You can save plenty of money simply by cutting back on your expenses. If your children have moved out of the home, you might want to move to a smaller accommodation which will significantly reduce your living expenses. You can swap your car out and get a cheaper model, one that uses less gas.

Rent a Room

If your children have moved out of the home but you don’t want to move out, you can always rent any spare rooms you have in your house. With websites like Airbnb, this is a very fast and safe way to make some additional cash. Airbnb allows you to rent out your room’s far cheaper than the price of the average hotel room in your area. Check out more ideas from 60andMe.

Everything takes place online. Checks are conducted to make sure the person coming to stay is legitimate. Before a booking is confirmed, all guests must make an upfront payment which means that you are guaranteed to get your money.

Renting your rooms on Airbnb is more profitable than doing it through a real estate agent because you can charge more since you are charging by the day and not the month. For example, you would be able to charge $100 per night on Airbnb, which adds up to $3000 per month. You wouldn’t get away with charging $3,000 per month using a real estate agent.

Make Handmade Products

Handmade products are very well respected today and people will pay top dollar for them. Are you good at sewing or making things with your hands? If you have answered “yes” to any of these questions, you’ve stopped off at the right place.

Whether you enjoy knitting, sewing, or any other crafts that you can make with your hands, you can set up an Etsy store online and sell them at a decent price.

Pet Sitting

Do you have a love for animals? Well, how about turning it into a lucrative business. There are hundreds, perhaps thousands of people who need a trustworthy person to look after their pets when they go on vacation or business trips. As long as you have all the facilities, you can do this in the comfort of your own home.

Become a Tour Guide

Do you live in a tourist area? If so, how long have you lived there for, and are you familiar with the history of the area? You can become a tour guide and spend your days showing visitors around your city. Not only are you paid generously for this, but it is also customary for tourists to tip their tour guides. This means you can make quite a bit of money every day depending on how many people you get to show around.

Car Park Rental

Do you have a large car parking space available? You could rent it out to people who need to park in your area or for people who are traveling and need a place to keep their car until they get back. This business venture works especially well if you live in an area where there is an airport close by.

Start a YouTube Channel

YouTube is one of the fastest-growing social media platforms in the world. Some influencers are making millions of dollars per year just talking about and doing the things they love and delivering quality content for the world to see. Some of the most popular YouTube channels were started in a bedroom using a cell phone as a camera.

Nothing is stopping you from doing the same during your retirement. Do you enjoy cooking, speaking about politics, are you good with DIY projects? Whatever you enjoy doing, get it all on camera and start posting videos. You will be surprised at how quickly you grow a following.

Start Selling Things

What do you have in your home that you can sell? Look through your closets, in the attic, and the shed. You are bound to come up with some unique items that will catch a pretty penny.

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This is especially true for antique items: did your parents give you any sentimental jewelry or clothing items? There are several websites where you can sell your used items and there are plenty of people who will gladly pay top dollar for them.

Final Thought

As you have read, there is so much you can do during retirement that you are spoilt with choices. As long as you are willing and determined, you can make a lot of money if you decide to follow through on one of the ideas mentioned above. There is no need to sit at home and let the rest of your days pass you by, get out there and do something, and be sure to enjoy it at the same time.