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
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!
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.