8 Easy Ways To Supplement Your Retirement Income

March 4, 2021 | June Mckaig

supplement retirement income

 

Retirement is not a reason to stop earning money, especially if your pension isn’t covering all your needs. If you are still able to work, there are plenty of things for you to do to make some extra cash. It doesn’t have to be strenuous work – because who wants that in their retirement? There are plenty of easy tasks you could do that can get you a decent enough paycheck.

Supplement Retirement Income With These Options

Wondering how to supplement retirement income? Well, it’s easy since there a ton of options you can find with a quick Google search. Here are the eight best ways to supplement retirement income.

1. Freelance On The Internet

Thinking you’re too old for this? Nope! Putting your skills to good use is never too late, so freelancing is number one on our list of ways to supplement retirement income, as it would be for any other age group.

Do you have a way with words? Try writing or editing. Are you a fast typist, maybe with experience in a particular niche? Try transcribing. You could also just tutor kids online, or act as a juror for mock trials – and yes, that’s a thing you could actually do.

The internet is rife with options – no matter how old you may be. You just need to start looking for yours.

2. Rent Out Your Car

If you spend a lot of time at home, then one of the best ways to supplement retirement income would be to let other people use your car. For a specific price, you could rent out your vehicle to people that need to get around for the day.

You can double up and rent out the parking space for the car as well – chances are some travelers or even your neighbors need space, especially if you live in a traffic-heavy area.

3. Wrap Your Car In Ads

On the other hand, if you drive around a lot and don’t want to give your car up, you could wrap it with ads. While rarely considered among ways to supplement retirement income, it’s a popular option among those who already drive around a lot for their job.

If you drive around a lot for a job or for another reason, you could get a company like Wrapify to wrap your car. And the best part is you could make several hundred dollars with them monthly if you meet the demands for mileage.

4. Downsize Your Living Space

If you’re a homeowner, selling your house and buying an apartment instead could help with your money problems.

Just like most options on this list, downsizing is a popular option among ways to supplement retirement income. If you’re smart about the place you purchase in exchange for your home, you’ll be left with a hefty chunk of money; and the apartment building manager will have to take care of your housing problems instead. This is an additional benefit for someone who’s retired.

 

supplement retirement plan

 

5. Get A Reverse Mortgage

Another option you could try when you want to supplement retirement income is getting a reverse mortgage. This option is specifically designed for people over 62 years of age.

Do keep in mind that your heirs will have to settle the loan after you’re gone, but if you need money long-term and wish to remain in your house, this could be your saving grace. You will need to keep paying property taxes and maintaining the house. But on the other hand, reverse mortgage payments aren’t taxable, so what you get, you keep.

6. Start A Small Business

Often overlooked when we talk about ways to supplement retirement income, due to prospective proprietor’s age – it’s actually a great idea, even if your funds are small.

Take a good look at your skills. What service can you offer to people in the area? You could just start baking chocolate-chip cookies in your kitchen for yard sales. That, too, would be a business. Whatever you make or have a talent in, you could potentially turn it into a small business.

7. Start Babysitting

While it’s not a very popular option among ways to supplement retirement income as it’s perceived to be more of a teenagers’ job – in reality, most parents would prefer to leave their kids with someone mature and experienced.

Look for options among neighbors – or just outright offer your services. Many might like the idea and, if you are good with their kids, will spread the word among their friends and family.

8. Get A Short-Term Fast Loan

While finding ways to supplement retirement income on regular basis is great, if you only need one-off help – then getting a short-term fast loan, like a payday loan, could work just as well.

If you need extra cash to deal with an unanticipated problem – getting a payday loan could be an optimal option for you. Since the application process is simple and straightforward, and there aren’t a lot of requirements, a fast payday loan is a great option to consider.

But what truly makes a payday loan a truly great option for dealing with an emergency is just how fast the process is – the entire application-approval procedure lasts around 30 minutes, and, if approved, you get the cash the same day.

This kind of loan works best when you are hit with an emergency but cannot handle it on your own. Since you get the cash so quickly – if you are approved – you’ll be able to get that emergency taken care of.

How Do I Apply For A Payday Loan?

You start the application process online, by filling out the online form on the website. The form will be sent to the nearest Fast Payday Loans Florida location, and a loan representative from there will give you a call.

They will set up a face-to-face meeting with you at the nearest payday loan near me location, where you’ll need to bring your government-issued ID, your most recent pay stub, and a blank check from an active checking account in your name. The loan representative will assess everything to determine if you qualify for the loan. And, if you get approved, you get the cash on the same day.

With just these simple options, you could supplement your retirement income when you just need some extra cash to live a bit more comfortably.