Retirement: a period of relaxation, enjoyment and rest. It should be a time to enjoy life to the fullest and not a time to worry about your finances. Today, more Americans are retiring than ever before.
According to the Alliance for Lifetime Income (ALI), 2024 marks the beginning of the “Peak 65 Zone,” the largest surge of retirement-age Americans turning 65 in U.S. history. Over 4.1 million Americans will turn 65 each year through 2027, which is more than 11,200 every day.
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If you’re in the demographic above, it’s critical for you to be financially prepared once you enter retirement. For some, this might mean picking up a side gig or starting a side business.
Luckily, there are several lucrative side hustles that, while may be boring, can also provide extra cash for retirees.
Rent Out Part of Your Home
If you’re an empty nester who never downsized, chances are you have an empty basement or some spare bedrooms that go unused. If you’re retired, you can become a host and spend some of your free time renting out part of your home to make an extra income, as per Indeed.
You can list your space on a platform like Airbnb which allows you to rent part of your home to short-term guests. Demand for your space will typically depend on the size of your space and your home’s location.
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Take Surveys
Harbor Life Settlements explained that one smart way to generate cash without even leaving the house in retirement is to become an online survey taker.
Look up online platforms like Survey Junkie or Swagbucks, which pair you up with a variety of surveys you may be eligible for. Longer surveys may pay more and you’ll typically earn credit in the form of gift cards or cash.
Sell Your Items Online
According to Indeed, if you have a lot of old things that have gone unused for a long time, you may want to purge it all to make extra money. Some high-priced items may include art, clothes, jewelry, furniture and tools, especially if you happen to own collectible items.
To get started, you may want to list your items on platforms like eBay, Facebook Marketplace or Craigslist so you can reach potential buyers.
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This article originally appeared on GOBankingRates.com: 3 Boring But Lucrative Side Businesses for Retirees
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