7 Tips for Saving For and Earning In Retirement A Little Differently
Ah, retirement. The idea that someday far into the future, you’ll finally get to put your feet up, relax, and watch all the mindless TV that you never got the chance to throughout your career.
To do this, though, you need money. You can’t expect to live a comfortable life without any. This is why retirement funds, 401ks, and pensions are all things you should look into and work with while you still can.
They are not the only way to save for retirement, or even make money when you arrive at retirement.
As the world grows and more and more opportunities arise for just about everybody, there is no limit to what you can do to put yourself and your family in a more comfortable position once you leave the workforce and get to relax.
With this in mind, here are some ideas to help you save and earn in retirement without breaking your back, and doing it all a little differently from traditional methods.
#1 Passive Income
Passive income is something that many people are exploring right now. It doesn’t take a lot of effort, and you don’t need to be at your desk working while it happens.
Examples of possible options for you to explore include stocks, lending, and putting your photographs online, among others.
By setting these measures up, you can enjoy a steady stream of cash that will make your life a little more comfortable.
Of course, the lucrativeness of these ventures can vary, and there may even be some occasions where you entirely forget about your passive income.
If you set up an alternative bank account for this, you can enjoy a surprising little nest egg once you return to it.
#2 Renting Property
Renting out your property, whether that’s space in your own home or your holiday house, will be hugely beneficial for helping you save and earn some money in retirement.
For holiday homes, you’re unlikely to spend too long there each year, but this means space is wasted, and you still need to pay a mortgage on it as well as consider any maintenance or upkeep.
By renting your property to travelers, backpackers, and holidaymakers through homestay programs, you can get the necessary cash to pay it off.
At the same time, any further payments can settle nicely into a savings account that will help you enjoy retirement properly.
#3 Freelance Consulting
If you find it challenging to step away from the industry and the working life properly, then starting a freelance consulting service could be ideal for you.
As you have so much experience in your industry through years of hard work and having ‘seen it all,’ you’re in a fantastic position to offer advice and guidance to firms and companies looking for assistance.
As a freelancer, you can work when you want and charge whatever you deem fit. Whether you work once a week or once a year, the fees you charge can help you find your lifestyle.
While you will still be working, it won’t come with the responsibilities or stress of a traditional working environment, which is precisely what you want from post-career endeavors.
#4 Household Treasure Hunting
Who doesn’t love a good old-fashioned treasure hunt? If work or property is not your thing, then you can simply take a look through the house and see what you have and what you can sell.
It’s no secret that the older you get, the more stuff you acquire, and even if you undergo a yearly decluttering session, it can still add up over time.
Going through your house and locating things that you don’t need but others might do, will free up space in the home and could give you some extra cash to spend.
You may not want any money for this, however. You’re happy to donate it. In this case, you can instead downsize, sell your home, and move somewhere that doesn’t demand so much space. Depending on where you go, this could work out cheaper to live.
#5 Precious Metals
Perhaps all of those megalomaniacal villains from action movies weren’t bothered with world domination. Perhaps they just wanted to save for their own retirement without relying on their pension.
Precious metals might not be an immediate idea when it comes to earning and saving in retirement, but this Noble Gold review can give you other ideas.
With precious metal IRAs, you get to invest your savings a little differently/. Rather than traditional assets, you can purchase gold bars or coins, and even check out what platinum and palladium can do for you.
One of the benefits of this is that not everyone knows about it, which gives you more versatility, so don’t let the cat out of the bag just yet.
#6 Catch-Up Contributions
Catch up contributions are a fantastic and often-ignored way to put yourself in a more comfortable position for your retirement. However, you should know that it’s only available to people in their 50s, hence the catch-up name.
Through these catch-up contributions, you can add more than the standard amount to your retirement 401k. Usually, people do this because they are in a more comfortable financial position in their 50s than they were in their 20s, which makes sense.
If you’re someone who spent their younger years spending like there was no tomorrow but have since settled down and found yourself with too much money, this is a decent option to consider.
#7 You Don’t Always Need Your Pension
Okay, you do, but it doesn’t need to be the only thing that you rely on once you arrive at retirement.
By focusing on your finances now, whether you’re in your 20s, 30s, 40s, or even your 50s, you can give yourself a little buffer for the future.
Whether you want to kick back and relax once you stop working or you still want to keep a little busy, these ideas will allow you to do whatever you want in retirement, because if anyone deserves to do that, it’s you.
