Retirement is an exciting phase—a time to enjoy life’s pleasures, connect with loved ones, and finally embrace hobbies you’ve always wanted to try. But let’s be real: financial security is a big deal during retirement.
With rising costs, unexpected expenses, or just the desire for a better quality of life, many retirees wonder, “How can I earn more without overworking?”
Good news: you can add $740 or more to your monthly income with simple, actionable strategies. Let’s break it down.
Delay
How It Works
Delaying your Social Security benefits is like giving your paycheck a boost. If you claim at your Full Retirement Age (FRA)—66 to 67, depending on your birth year—you get your full benefit.
But wait longer, up to age 70, and those benefits increase by 8% annually.
Example:
- Claim at 62: $1,500/month.
- Claim at 70: $2,640/month.
That’s an extra $1,140 each month just for waiting. Over a year, that’s $13,680!
Gig
Side Hustle Ideas
Retirement doesn’t have to mean full-stop. In fact, side gigs can make life fun and rewarding.
Here are some ideas:
- Consulting/Freelancing: Share your expertise in areas like law, education, or IT.
- Tutoring: Teach subjects you love online through platforms like Wyzant or VIPKid.
- Pet Care: Apps like Rover can connect you to pet-sitting or dog-walking jobs.
With flexible hours, you can easily make $500–$1,000 per month doing what you enjoy.
Invest
Build Passive Income
Put your savings to work with income-generating investments.
Options include:
- Dividend Stocks: Companies like Coca-Cola or Microsoft pay regular dividends.
- REITs: Real estate investment trusts offer returns of 4–7% annually.
- Bonds: Steady, reliable income with lower risks.
Always consult a financial advisor to create a portfolio that matches your goals and risk tolerance.
Rent
Earn With What You Own
If you have extra space, a second home, or even a car, renting them out can bring steady income.
Examples:
- Spare Rooms or Vacation Homes: Airbnb can yield $1,000–$2,000/month.
- Storage Space: Platforms like Neighbor let you rent out unused areas.
- Vehicles: Turo allows you to earn by renting out your car.
Downsizing or leveraging your assets can be a game-changer.
Save
Cut Costs, Gain Freedom
Sometimes, keeping more of what you have is the key. Adjusting your spending habits can free up hundreds every month.
Tactics to Save:
- Downsize: Moving to a smaller home could slash your housing costs by $1,000+ monthly.
- Relocate: States with no income tax or lower living costs can save you thousands yearly.
- Senior Discounts: From grocery stores to travel deals, always ask about savings!
Business
Pursue Your Passion
Retirement is the perfect time to start a small business. Whether it’s gardening, selling crafts, or teaching, turning hobbies into income is incredibly fulfilling.
Ideas:
- Crafting: Sell handmade goods on Etsy.
- Online Courses: Share your knowledge on platforms like Teachable.
- Local Services: Offer gardening or handyman services in your community.
Earnings vary, but many retirees make $500–$2,000 per month through their passion projects.
Programs
Utilize Government Help
Various government programs can provide financial support or cut down your expenses.
Options:
- SSI: Supplemental Security Income supports low-income retirees.
- Medicare Savings: Reduces healthcare costs.
- Tax Credits: Programs like the Saver’s Credit lower your tax bill.
Visit Benefits.gov to find programs tailored to your needs.
Hobbies
Monetize Your Skills
Your hobbies could be money-makers! Whether you enjoy photography, crafting, or writing, there’s a market for your creativity.
Ideas:
- Photography: Offer sessions or sell prints online.
- Writing: Publish e-books or write for blogs.
- Crafting: Turn handmade items into cash via Etsy.
Earnings range from $200–$1,000 per month, depending on your effort and niche.
Adding $740 to your monthly retirement income is achievable with a mix of strategy, creativity, and planning.
Start by identifying the methods that fit your lifestyle and goals. With the right approach, you’ll not only boost your financial stability but also create a more fulfilling and enjoyable retirement.
