“Four Innovative Income Streams for Retirees”

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Planning for Retirement: Creative Income Streams

Planning for retirement involves considering various factors. Whether you’re looking to create multiple income streams or are concerned about rising expenses, it’s essential to explore different ways to supplement your savings. Adding more cash inflow can help cover monthly expenses, fund travel, and provide peace of mind. Here are four creative sources of retirement income.

1. Rent Out Your Space

If you have extra space in your home or plan to downsize, renting out a room or your entire house can be a great source of income. Many retirees use platforms like Airbnb and Vrbo to earn rental income. There are also rental services specifically designed for seniors.

If you prefer cohabitation with another senior, the National Shared Housing Resource Center offers a directory for shared housing programs. These programs help match those with space to rent with those seeking affordable housing.

2. Try Gig Work

Continuing to work in retirement can be both enriching and financially beneficial. Part-time jobs or gigs, often referred to as encore careers, allow retirees to engage in interesting or socially fulfilling work. This could include retail, nannying, reception work, or other roles.

When choosing a gig, consider local opportunities, your interests, and roles you’ve always wanted to try. Popular gigs include pet care, substitute teaching, tutoring, and driving for ride-hailing services.

3. Invest in Dividend Stocks

Dividend stocks are shares from companies that regularly pay shareholders a portion of the company’s profits. These payouts can provide a stable stream of passive income on a monthly, quarterly, or annual basis.

If you have funds to invest, consider consulting a financial advisor to create a portfolio of dividend stocks. They can help you stack payout dates for consistent income, assess your risk tolerance, and understand the tax implications of dividend income.

4. Downsize Your Home

While not technically a new income source, downsizing can free up cash. If you’re burdened by mortgage payments, high property taxes, and utility costs, consider moving to a smaller home or a multi-family community like a condo.

Downsizing can free up funds and allow you to use your home equity to boost your retirement budget. Discuss this option with a financial advisor to ensure it aligns with your goals and needs.

The Bottom Line

Creating new income streams through investments, renting out space, or part-time work can help you bring in more cash during retirement. These options also provide opportunities to explore new interests and stay connected.

For personalized retirement planning, contact O1ne Mortgage at 213-732-3074. Our experts can help you assess your retirement savings and develop strategies to add income streams to your plan.

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