Throughout your working life, you’ve put away a little money from each paycheck to save up for retirement. And you haven’t just stuffed it under the mattress, figuratively or literally—you’ve put that money to work in a diversified portfolio that has grown your wealth while you worked. You met with financial advisors, planned well, and kept your hand out of the cookie jar even when times were tough. Now you’ve finally made it to the finish line.
One question remains: what happens when the finish line feels more like a checkpoint?
Even if you did everything right, years of inflation and the rollercoaster of our economy may have left you with a retirement account that doesn’t fill you with the sense of certainty that it should. Everyone wants a long and enjoyable retirement, but no one wants to outlive their funds, either.
But retiring from work doesn’t have to mean retiring from investing. You can still make your money work for you in retirement to shore up your funds and provide you with the comfort and security you and your family deserve at the conclusion of your career. These ways to generate income in retirement will supplement your well-earned retirement fund as you enjoy your golden years.
Money Market Funds
Money market mutual funds are a safe and reliable way to keep earning in retirement. These funds draw on such financial instruments as treasury bills, certificates of deposit, and government bonds to provide a reliable return to investors. Though these instruments typically only yield between 1 percent and 3 percent interest, this market lacks the unpredictability of the stock market or even the comparatively safer bond market. By keeping some money in these safer investments, you can account for some of the years further down the road.
While it may be too late to build a real estate empire, you can still supplement your retirement with a modest rental property. If you’ve amassed a sizable nest egg through your working life and can find affordable real estate, consider investing in a property that can pay for itself over time. Of course, such an investment requires real-world management, which you’ll need to contract out to experienced property managers. Real estate is an investment of both time and money; don’t embark upon it without a thorough cost-benefit analysis.
Do What You Love
Your hobbies could come to supplement your retirement. If you are a dab hand at sewing, homeware such as cushions and blankets can be a great versatile product to sell. Using embroidery to make personalized pieces is really popular, if you’re planning on making it a regular thing its worth investing in a good brand such as one of the brother embroidery machines.
If you’ve always had an interest in arts and crafts, now you finally have the time to monetize your passions—and technology allows you to sell your wares anywhere, making it one of the most enjoyable ways to generate income in retirement. If your community allows for it, consider local fairs where your friends and neighbors can see your work up close and do some business with you. Open a virtual store on an online marketplace, and make your wares available to the whole world. This side hustle can give you some extra spending money in your wallet or some additional funds to put to work.