Most working women and men look forward to retirement the way a kid can’t wait for Christmas. Some people even count the days by X’ing them off on their calendars. Once that day to officially retire comes along, you may suddenly realize you don’t have enough savings and investments to keep up the lifestyle you’ve enjoyed for so long.
You can get a reverse mortgage
Your choices might be to beg to get your old job back or if you’ve owned your home for a long time (decades), you can apply for a reverse mortgage if you are over the age of 62. A reverse mortgage will allow you to tap into all that equity you’ve been building up for years. If approved, you can take your proceeds in one lump sum payment, or you can opt for monthly payments. You also don’t need to pay the loan back until you either decide to sell or die.
Keep in mind, there are reverse mortgage pros and cons. You won’t need to pay another mortgage payment for as long as you live but the closing costs of a reverse mortgage may be higher than a traditional mortgage. If you have children and die it will be their responsibility to make sure the loan gets paid.
What are other options for making cash after retirement?
can take the knowledge you’ve accumulated during your professional years and put it to work by starting your own home-based business. While many hard-working people look forward to the restful days of retirement they simply aren’t ready to retire and/or have financial issues that will require them to remain in the workforce.
Working a full-time job in your mid to late 60s may not be unappealing to many seniors and it’s also difficult to get hired at that age. A better option is to be your own boss by starting your OWN home-based business. It could be a consulting business or even starting a blog, but it will allow you the freedom and flexibility you deserve after a long career in the 9-5 world.
Here are ideas for home-based small businesses that newly retired individuals can begin working on immediately with little or no overhead.
Consulting and Coaching
Just because you have officially exited the workforce, that doesn’t mean your knowledge and skillset have pulled an Elvis and left the building too. By starting a home-based consulting business, you can put all your knowledge and experience, and work from your kitchen table.
You can consult from home utilizing online conferencing tools like Skype and Zoom. Or, if you choose, manage your home-based business from a home office, visit clients on-site at their place of business, or met associates at a coffee shop.
Blogging and Writing
More people rely on their smartphones for news and entertainment, which means the opportunities for bloggers and writers are endless. If you can create a blog with specific content people are craving, you can monetize it with affiliate marketing.
If you are good at telling interesting stories or reporting information, interested readers will devour your posts. You can write about selling your home, retiring, or even purchasing a new Jeep Wrangler which you plan on using for a cross-country adventure. Other people love living vicariously through others. Free-spirited individuals who also have a talent for writing about their adventures and misadventures can write for online websites or magazines.
Write about topics you know about. It could be travel, taxes, food, women’s fashion, or just about anything else.
Service-Based Home Business
Any skill you possess can be turned into a home-based small business. It’s one of the quickest and least expensive ways for you to make extra money after retirement. If you can perform tasks like bookkeeping, landscaping, writing, pet care, handyman, landscaper, or more, you can easily start charging for it and work from home.
Contact your old boss to see if he or she requires any of your services, or advertise your skills on social media.
Your Hobby Can Be Turned into a Business
If you no longer want to do the same type of work you did as a full-time professional then turn to your hobbies and passions and make money from them. If you enjoy gardening, for instance, you can become a professional gardener or maintain a gardening blog. You can even create online courses and sell them on platforms like Teachable.
If you love taking photographs, become a professional photographer. If you play drums, join a wedding band. Use your imagination and the possibilities for creating a home-based business will appear.
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