Do You Need Extra Income in Retirement?

Retirement, for most people, means the end of their working career.  With any good fortune, you’ll live a long time and be able to enjoy this time in your life.  In so doing, however, you may find the need for extra income in retirement.  With rising costs, you may find the amount of money you saved to be inadequate at some point in the years ahead.  Almost every retiree, at some point, wonders how to create extra income in retirement.  My advice on this topic is the same that I apply to every phase of retirement: make the most of it.  In fact, embrace the challenge and become determined not to make it seem like work or a job at all.

It's never a bad idea to be as proactive as possible when it comes to this topic.  Although you may not be short of money now, why not prepare the foundation of creating a little extra income in retirement now so that you won’t be caught short in the future.  This gives you time to create something that you’ll enjoy doing rather than going out and finding a job so that you can make a little extra money when needed.  Let me just emphasize that there is absolutely nothing wrong with having a job and, if it’s something you enjoy doing, that’s even better.  But, at this point in your life, you should do something that is rewarding and something that you look forward to doing.  If you have a hobby or interest and you can find employment in that field, that’s an ideal situation.  If you’re facing the need for extra income in retirement, it’s worth the time to explore how you can make that option work for you.  For example, if you’re a golfer, finding a job at a golf course will be much more enjoyable than working the drive-through window at a fast-food restaurant.  Again, there is absolutely nothing wrong with working in a restaurant or anywhere else at any capacity.  It’s worth considering the options and finding something that more closely matches your interests.

Ideally, finding extra income in Retirement should involve something you enjoy doing.

Some people find extra income in retirement by selling some of their possessions.  That actually accomplishes two things.  First, you’re de-cluttering which can very healthy for you mentally and emotionally.  Second, if you take the time and do it correctly, you can get more money from someone who values the items that you’re selling to just having another “yard sale” where people try to give you next to nothing for an item only to turn around and sell it at a profit.  Taking the time to look at websites such as eBay will be very enlightening.  There’s a market for almost every interest and, if you’re patient, it might be the best way to maximize your profits.  Besides, it can be a lot of fun.  As long as you’re not in dire situation and can take the time to do these things, it may open a whole new world for you in addition to generating the extra income in retirement you were looking for in the first place.

While we’re on the subject of the internet, I’m a firm believer that an online business is something every retiree should consider.  In fact, it’s something everyone approaching retirement age should look into.  It is more fun than you can imagine.  I’ve had a lot of hobbies in my day, but this one is the most fascinating one that I’ve ever been involved with.  I used to build models and have miniature armies and always thought that I would do something like that in retirement.  Sadly, what I found out was that the steadiness of hand had left me somewhere along the line.  The fine detail of some of the painting is not something I can do anymore to my own satisfaction.  It was a little bit of a letdown because in my spare time I had explored some websites that offered just what I needed to rekindle this passion from my youth.  What that research had done, however, was open up a whole new world to me and I like to refer to it as the endless wonders of the internet.  It was clear that many people were not only making extra income in retirement, they were building little businesses that were generating a small fortune and enjoying every minute of it.  To me, that’s what retirement should be about: enjoyment and learning new things.  There will come a day when you can’t be on your feet all day working in some store to earn a little extra money, but, if you create a good website, people will come and visit and spend money even when you’re asleep.  No other business is quite like it.

It's been a number of years since I retired, and I’ve never been bored.  I’m extremely fortunate that I’ve never needed extra income in retirement.  So, why do I have a website?  The answer is that what started out as an exploration of the internet to track down all the questions that come into my head on whatever topic I’m interested in at the moment, turned into my own personal challenge.  Why not start a website of your own?  In between our travel and the time we took to build our retirement home, I dabbled on this website, and it has just kept growing.  It has taken on a life of its own and, when I can’t find the time to work on it, I actually miss it.  I’ve heard from many people how much they enjoy reading some the things that I’ve written and that pleases me very much.  I think everyone has a subject that they’re passionate about and some topic or topics that they enjoy writing about.  Why not formalize that and create a website of your own?  You’ll learn something new and, if you need to earn extra income in retirement, you might even find a little extra money coming your way. It’s another way to get the most out of this time that you’ve been given.  It’s time to Enjoy Retired Life!

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