Creative Ways for Seniors to Increase Their Monthly Income

Updated on August 26, 2021
Creative Ways for Seniors to Increase Their Monthly Income

Even when we retire, the desire and need to bring more money in each month can still be very prevalent. After all, staying financially sound is rewarding and helps us nurture our hobbies and interests outside the workforce. The good news is that there are numerous creative ways for seniors to increase their monthly income. Read about some of them here!

Consider Building a Blog

While it might seem a little far-fetched to think you could make a living as a blogger, the truth is, it’s never been easier to get paid to write for the web. This method of garnering additional income requires a bit of a long-term investment since you’ll need to develop and design your blog and build a readership. However, if you’re retired, investing in a blog that covers the topics and hobbies you’re most passionate about is an excellent way to spend your time. You’ll be surprised how much you can earn just writing about the things your love from the comfort of your own home.

Rent Out Your Extra Space

Another way you can supplement your monthly income is by renting out any extra living space you might have. Perhaps you live on a large ranch with a sizeable pool house that’s vacant. Or maybe you have an apartment directly above your garage. You can easily sublet these spaces to renters or even travelers looking for short-term lodging. Either way, renting out your extra rooms is an excellent and lucrative method for bringing in some extra money every month.

Sell Your Handcrafted Products Online

This option is enjoyable and effective for seniors inclined towards craftiness. If your hobbies tend to produce things such as scarves, perfumes, hats, or jewelry, opening an e-commerce site might be the best way for you to get some extra funding. Setting up an online shop yourself is easy, and it provides the opportunity for you to sell handmade, quality creations for top dollar. So, if you’re crafty and you enjoy the satisfaction of creating handcrafted goods, this method will increase your monthly income in no time.

Apply for a Reverse Mortgage

Of course, if you’re looking for something a little different, applying for a reverse mortgage on your home is a fantastic option for seniors looking to add to their income. Reverse mortgages are an ideal loan option for seniors because they allow loanees to withdrawal portions of equity from their property and convert it into tax-free income.

And, because there are no spending restrictions on reverse mortgages, you’ll also be free to spend the funding you receive in whatever way you see fit. So, if you’re looking for ways to make a little extra money, go through the proper channels to get a property evaluation and see how much equity you can pull from. It might be just the thing you need.

There are so many creative ways for seniors to increase their monthly income. We hope this quick guide gives you some insight into how you can start earning a little extra cash for yourself!

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