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People in their 60s and older often have the ideal combination of attributes to launch a business, including experience, an extensive social network and a working knowledge of the products or services people who work in your industry need. Just don’t invest money that you can’t afford to lose in a business.
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4. Try peer-to-peer lending. This is a newer way to invest your money for more immediate income. You can lend to others through lending cooperatives like Prosper or Lending Club. You’re basically becoming the bank for someone who needs to borrow money. With peer-to-peer lending, you take on higher risk, but also have the potential to reap higher rewards. The interest rates you can charge are higher than what you are likely to receive from a bond or certificate of deposit, and you’ll often get your return on the investment more quickly.
Compare and Learn Share on Google Plus Craig Stephens | July 12, 2018 3. Sell your photos. If you have a knack for taking good cell phone pictures, you could make money selling your original images. Foap is a free smartphone app that allows you to list photos for sale. If someone buys your image for $10, you’ll walk away with $5 after Foap takes its cut. If you upload many different images, you could catch the eye of someone in the market for a particular photo. You can also add tags to your image to increase your chances of having your photo picked up. For example, you could tag a photo of your dog as “dog”, “pet” and “beagle” to boost its chances of showing up in searches. Also, instead of heavily edited or filtered photos, you’ll want to focus on taking crisp, yet realistic images.
Kathleen Garvin is an editor at The Penny Hoarder, a personal finance website that covers a variety of ways you can save and make money. You can follow her on Twitter @itskgarvin.
The 10 Most Rapidly Aging States Retirement planning ideas and advice.
Emily Brandon | July 16, 2018 Terms and Conditions Retirement Dream Home Mistakes to Avoid Funds Get more for your money.
Money The Most Important Ages for Retirement Planning: Age 66 Tap into the sharing economy. The Most Important Ages for Retirement Planning
Get a part-time job. If you can sew, bake, work with wood or otherwise create something someone else would buy, you can make money selling your wares online, at craft fairs or even from the end of your own driveway. Once you build up some word-of-mouth, customers will come to you.
However, passive income has many benefits for retirees. It can provide you with the security of an additional income stream. You also have the freedom to pick the hours and projects that fit your lifestyle.
Newsletters Most passive income streams require effort up front. You have to save up for the rental property or build up the business. Or you have to invest enough earned income to generate a decent stream of interest-driven income. But once you do the work, some types of passive income streams will provide you with regular payments with a minimal amount of continuing effort.
× Company Culture Make sure your unused retirement savings are passed on to your intended heir.
Advice Rachel Hartman | June 27, 2018 1. Use cash back apps. Some apps allow you to earn money back on items you buy. For regular purchases like food, this is a great way to bring in some extra cash as you shop for necessities. Once you download the app and follow the instructions, you may receive a portion of the purchase price back. Other services allow you to earn cash back on your online purchases. You’ll want to make your shopping list ahead of time and stick to rebates for items you actually need to avoid overspending.
Baby Boomers Buying the wrong home in retirement could be disastrous, both emotionally and financially. Cryptocurrency Best Stocks Help your neighbors. Passive income is the money stream everyone dreams about. It allows you to generate income over time without working at a job. While creating passive income streams often takes effort and time up front, they can serve you well for years to come.
Buying the wrong home in retirement could be disastrous, both emotionally and financially.
Deal With a Financial Emergency in Retirement 8 Myths About Annuities in Retirement Debt 6. Start a blog. If you have a niche topic you want to write about, consider starting your own blog. In addition to writing about subjects you’re interested in, you will need to create a community and build a following. Once you’re up and running, you can look into running advertisements on your blog or making money with affiliate links. However, the Federal Trade Commission has strict guidelines regarding advertising on the web, and you must disclose if you could make money off a link on your blog. You can also offer sponsored blog posts, courses and ebooks on your site to create additional revenue streams.
Education Banking and Credit Share on Facebook Here’s how to get rid of excess stuff as you transition into retirement.
The 10 Most Rapidly Aging States BACK Avoid Returning to Work After Retirement Real Estate 4. Rent out your extra space. If you have an extra room or space in your home, consider renting it out. Retirees who live in major cities or popular vacation destinations should be able to find a regular stream of customers. You can manage the listing yourself or outsource that responsibility to a management company. However, some ongoing effort might be required on the part of the homeowner. Some hosts clean and prepare the rooms, while others outsource the job. It’s up to you whether to spend time with your guests or be a tour guide.
Privacy / Terms & Conditions Best Mutual Funds Rachel Hartman | June 27, 2018 Sell your stuff. Sell your stuff.
Emily Brandon | July 23, 2018 Deal With a Financial Emergency in Retirement Privacy / Terms & Conditions [Read: 10 Resume Mistakes That Make You Look Old.] Investing for Retirement: How to Design A Plan that Anticipates the Unexpected
[Read: 6 Ways to Diversify Income Streams in Retirement.] 4. Try peer-to-peer lending. This is a newer way to invest your money for more immediate income. You can lend to others through lending cooperatives like Prosper or Lending Club. You’re basically becoming the bank for someone who needs to borrow money. With peer-to-peer lending, you take on higher risk, but also have the potential to reap higher rewards. The interest rates you can charge are higher than what you are likely to receive from a bond or certificate of deposit, and you’ll often get your return on the investment more quickly.
Taxes 529s [Read: 10 Resume Mistakes That Make You Look Old.] Kathleen Garvin is an editor at The Penny Hoarder, a personal finance website that covers a variety of ways you can save and make money. You can follow her on Twitter @itskgarvin.
Medicare Taxes Rodney Brooks | July 20, 2018 Best Mutual Funds When You Have a Lousy 401(k) Plan Email
Medicare Part D beneficiaries are charged a variety of out-of-pocket expenses. If you’re looking to pad your bank account or stretch your retirement savings without working longer hours, passive income could be a good option for you. Passive income is money you earn that isn’t directly tied to the hours you work.
Shop around for a better interest rate on your savings account or certificates of deposit and get rid of high-cost investments that are reducing your returns. Make sure that your savings is earning as much for you as it can.
Money Emily Brandon | June 25, 2018 4 Ways to Create a Passive Income in Retirement Copyright 2018 © U.S. News & World Report L.P. Boost your retirement income.
[See: 10 Ways to Reduce Your Housing Costs in Retirement.] Share Globetrotting on a Fixed Income You have a lifetime of accumulated possessions clogging up your garage, attic and basement. Clear out those spaces and see what items you can sell. You can try a traditional garage sale or write up a description and sell it on Craigslist, eBay or another website.
Share on Google Plus Deal With a Financial Emergency in Retirement A little effort up front could set you up with a steady retirement income stream.
Prescription Drug Costs for Retirees Retirement Dream Home Mistakes to Avoid
On Retirement Share on StumbleUpon Identify easy-to-overlook expenses to preserve your nest egg in retirement.
Post to Reddit Almost every neighborhood has busy working people who could use help walking their dogs or watching their pets when they go out of town. And plenty of overwhelmed parents who need baby-sitting help likely live on your block. Let your neighbors know you’re available and interested in this type of work, and your phone will start ringing.
Law Firms [See: 10 Tips for Working in Retirement.] Passive income streams are ideal for retirees, because they help diversify your sources of income. And since passive income streams are relatively hands-off investments, they shouldn’t cut into your leisure time too much. Here are four options for earning a passive income in retirement:
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