Depending on the retirement pension a senior may receive monthly and the lifestyle they planned, retirement now doesn’t necessarily mean ‘not working.’ There are still those who choose to do simple jobs to earn more or simply to keep busy. When seniors have been used to working their entire life, it can be a hard adjustment to not be able to work anymore, and they’re not accustomed to a sedentary way of life.
But this isn’t to say you should still engage in physically strenuous jobs. In this season when you’re supposed to give your body its much-needed break and relaxation, you can earn instead through passive income opportunities. By doing so, you can have time during your retirement while still receiving more than just your pension. As you look for passive income opportunities to earn money, learn more about SSD passive income to be synchronized with the policies.
These are some of the simple ways to earn extra money without a lot of effort for seniors:
1. Tutor Others Online
If you’ve been a professor your entire life and you have a passion for teaching, you may miss and crave the zest that comes from teaching others. The good news is you don’t have to give teaching a break. Nowadays, there are many online teaching platforms where you can post lessons or do one-on-one tutorials.
With tutoring, you’re also giving your mind its needed mental exercise. It can be deteriorating for seniors’ mental health when their mind no longer gets its needed exercise. More so, it also gives you a social interaction as you can also engage in conversations with other people in every session.
2. Have Your Spare Room Rented
This second passive income opportunity is one many seniors have been doing. If you have extra rooms in your current home or if you’ve moved to an assisted living or home care facility and you now have an empty home, have it rented out. When you advertise your home for rent quite well, you’re sure to find someone willing to pay to stay.
There are two options you can go about with this. The first is through putting your home up for short-term rentals like Airbnb while the second is the usual route of putting your home or other rooms for long-term rent through tenants.
3. Start A YouTube Channel
If you enjoy taking videos to preserve memories of your life and your adventures, why not share these with the world by starting a YouTube channel? You don’t have to be a tech guru to come up with a YouTube channel, and you can always ask the help of your children or grandchildren to teach you the basics!
Once your YouTube channel gains more views and subscribers, YouTube will start to monetize your blog and run ads on your channel. The more subscribers and views you have, the higher your earnings will be.
4. Invest In Real Estate Investment Trusts (REIT)
Investing in real estate investment trusts (REIT) is another good way to earn passive income, particularly if you’re keen on the real estate market but you just don’t have quite the capital for it. With REIT, you can pull together resources with other investors for properties that would’ve otherwise been unavailable to you. More so, there are experts who do the job of looking for the properties, so you don’t have to go through the time-consuming process of looking for those properties yourself.
With that in mind, here are other convincing reasons why REIT is a good passive income-earning opportunity:
- It diversifies your asset portfolio
- It provides a hedge for inflation
- It’s liquid and easily tradable
5. Rent Out Extra Vehicle And Gear
Like your bedroom or your home, you may also have extra gears and vehicles at home, now that your kids are no longer around. Rather than leave it unused, have these rented out. Think of all the gear you’ve accumulated in your home like surfboards, bicycles, boats, and garden tools, among many others.
All you have to do is post these on your Facebook account, so you can get the word out that you’re having these rented out.
If you still wish to earn during your retirement, it’s more about working smarter, so you can enjoy the time you have on your hands. If you’re keen on earning extra cash, the passive income opportunities above are great choices.
Depending on where you’re from, there are still many ways to earn passive income. Each has its respective pros and cons, so it’s all up to you to choose which one works to your liking the most.
We can Help! Our local advisors can help your family make a confident decision about senior living.