Gigs for the prospective retiree

 

If you're facing retirement, the only thing worse than the risk of being bored in retirement is the lack of funds keeping you from doing the things you want to do. Fortunately, as the saying goes, "you're not dead yet," and there are plenty of ways to generate some extra cash while keeping you doing the things that bring you joy. 

 

Here are some surprising statistics about American retirees today. ⅓ of them only have $5,000 in retirement savings and the median household retirement savings is $50,000 ^1. Also, a quarter of people over 65 will live past 90, according to the Social Security Administration. The point I’m making is that most people would benefit from a little extra income in retirement. Here a few gig strategies:

 

Host an Airbnb experience

 

Travelers are valuing experiences more than material possessions these days and they are seeking all kinds of experiences. Airbnb’s new experience service allows travelers to book a dinner party, writing workshop, hiking/walking tour, photography tour, or a night out on the town. If you’re a socialite, consider hosting a function. At $25/person once a week for five people could bring in an extra $6,500/year. 

 

Esty and artsy.net

 

If you’re already making art or like to design and create T-shirts and other materials, you might as well put it on the market to bring in some extra dough. “At the median, [Etsy] shop owners brought in $537.50 in monthly revenue (or ~$518 after Etsy fees).”^2

 

Superprof.us

 

Have something to teach? Charge an hourly rate and tutor in English, art, fitness, and anything else that you're knowledgable at. Don't let your skills go to waste!

 

Passive income

 

Like running an Airbnb rental operation, there are other passive strategies that can bring in some money in retirement. A more traditional approach is to put your cash to work; a combination of stocks and bonds can bring in similar income to that of other strategies, more tax-efficiently. 

 

At Eureka Wealth Management, I can design a passive income plan by choosing investments that show the most promising results, in a tax-efficient way. I also do retirement planning which can help determine how much more extra income you’ll need during retirement and strategies to help you complete your retirement income picture. Call for a free, initial consultation at (760) 537-0791 or online at eurekawealthmanagement.com.

 

Sources:

^1: https://www.fool.com/retirement/2019/11/10/yet-another-survey-shows-that-americans-are-skimpi.aspx

^2: https://smartmoneymamas.com/side-hustle-showcase-truth-behind-etsy/

 

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125 E. Tahquitz Canyon Way Ste. #203

Palm Springs, CA. 92262

info@eurekawealthmanagement.com

(760) 537-0791

©2017 BY EUREKA WEALTH MANAGEMENT.

Eureka Wealth Management is a registered investment adviser in the State of California. The adviser may not transact business in states where it is not appropriately registered, excluded or exempted from registration. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities or investment advisory services. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.