Retirement can be an enjoyable phase of life, but there may be stress involved if your monthly income isn’t enough to cover your living expenses. Even with thorough retirement planning, sometimes circumstances lead to lifestyle changes that require more income. Fortunately, there are several possible ways to increase your retirement income.
1. Get a Reverse Mortgage
If you own your home outright, a Reverse Mortgage can allow you to turn your equity into a reliable source of income. You can work with a lender to figure out the terms of the loan and find out what sort of monthly payment you can expect. With a reverse mortgage, the expectation is that you will pay back the loan at the end of the term by selling your home. If you meet the application requirements and plan to sell your home eventually, this sort of loan may be a good option for you.
2. Find a Part-Time Job
Even if you don’t want to return to a full-time career, you may be able to find a part-time job that meets your monthly financial needs. Depending on your training and work history, you may consider using your career experience to work as an independent contractor or consultant. There are many other part-time job options, such as becoming a tutor, transcriptionist, or dog walker. If you enjoy driving, you may want to consider working for a ride-sharing or food-delivery service.
3. Monetize a Hobby
Do you love to bake, craft, or garden? You may be able to turn your hobby into a source of income. If you enjoy making things, you could open an online store to sell your creations. You may also find local selling opportunities, such as farmers markets or craft fairs. If you enjoy gardening, you may want to see if neighbors or local businesses will pay you to design and manage their outdoor spaces.
4. Become a Landlord
There are several ways to make money through real estate. You may decide to buy a second home or condo to rent out. If you decide to invest in a new property, make sure to contact a lender like Sun West Mortgage to learn about financing options. If you already have a vacation property, you may want to offer it as a short-term rental. Another option is renting out a room in your own home. There may be opportunities for both short-term and long-term rental agreements.
If your retirement income isn’t enough to meet your needs, there are several ways to supplement it. Starting a business, managing a rental property, and applying for a reverse mortgage on your home are all options that can provide steady monthly income.