Tips to Keep Earning Even into Retirement

Are baby boomers prepared for retirement? According to the nonprofit Transamerica Center for Retirement Studies® 2021 Annual Retirement Survey of Workers, just 24 percent of American workers are very confident that they will be able to fully retire with a comfortable lifestyle.

Finding ways to keep earning and saving well into retirement years is a hot topic among baby boomers heading into retirement. Here are four ways that can help you keep a large portion of your nest egg intact.

Have a Retirement Plan

It’s important to create a plan for how you’ll spend and earn money during your golden years. You’ll want to work with a trusted professional to decide which types of investments, such as stocks, bonds and annuities, are best for your income needs.

A Massachusetts elder law attorney can help you develop a legal document that outlines your preferences for how your investments should be handled if you become unable to manage them.

Take a Part-Time Job

Consider taking on a part-time job to bring in extra money that you can spend or use to invest. A Massachusetts elder attorney can help you with the legalities of starting a small business such as a home organization specialist or a personal trainer.

Do some research to find out which services are needed in your area. You may find a niche to fill, such as a dog-walking service in a neighborhood with pet owners who work outside the home.

Rent Out a Room

If you haven’t downsized the home in which you raised your family, consider renting out extra rooms, storage, or garage space to earn extra cash each month. An elder law attorney can help you draw up legal documents for you and your tenant to sign.

Homes in areas where colleges and universities are located are good candidates for attracting graduate students or post-docs who need housing. Homes located near public transportation like commuter rails, bus stops, and subway lines can also attract tenants.

Turn a Hobby into an Income Stream

Retirement can give you time to turn a favorite hobby into an income stream. Hobbies like photography, writing, and crafting can be monetized on a number of marketplaces, both online and in real life.

Enterprising baby boomers retire and go on to sell hand-crafted jewelry on Etsy and at craft shows. Others turn their passion for antiques to buying and selling vintage furniture and collectibles.