How To Get Money After Retirement


Managing Your Investments In Retirement

Growing Net Worth AFTER Retirement

Aside from any decisions you may need to make about drawing on your investments for income, you’ll also want to keep an eye on how your money is invested and perhaps make some changes along the way.

Retirees often transition to more conservative, less risky asset allocations as they get older, putting more emphasis on preserving their wealth than growing it. One common rule of thumb, for example, suggests that people subtract their age from 110 to determine the percentage of their money to keep in stocks. Following that guideline, a 65-year old retiree might aim for an asset allocation that’s 45% stocks and 55% bonds, the latter being considered less risky. By age 75, the retiree might switch to 35% stocks and 65% bonds, and so forth.

There are also mutual funds and other investments that will do this for you. Target-date funds, for example, base their allocations on the year you plan to retire, gradually ratcheting down the risk as you get older.

If you’re adjusting your asset allocation on your own, make sure to consider the tax consequences. You can move money from one investment to another within an IRA or other qualified retirement account without triggering any tax liability. Switching investments outside of a retirement account, however, will subject you to capital gains tax.

Many of us have little idea of where all our money goesor the expenses we could easily cut back on if we need to.

Walk Your Neighbors Dogs

When I needed a dog walker, I posted online at and found a local high-school student to walk my dogs for $7/day. I like the idea of someone local taking care of my furkids when Im not home. Its a great deal for me, and my pups have never been happier.

This is a great way to earn money in retirement as well. Go to the Nextdoor website to discover your neighborhood social network. Post a note that you are recently retired and are looking to earn a little cash while you get some exercise. Soon youll be getting puppy kisses while you are getting in shape too. Aw.

Your Social Security Benefits

It’s possible to start collecting Social Security benefits before you retire or retire first and collect Social Security benefits later. If you’re retired but not yet collecting Social Security, you’ll need to decide when you want your benefits to begin.

While you can start collecting as early as age 62, if you do, your monthly benefits will be permanently reduced. Conversely, if you delay collecting, your monthly benefits will be increased. At age 70, however, your benefits max out, so there’s no further incentive to delay and you might as well sign up.

When you should activate Social Security largely depends on how much you need the money. If you can get along fine without payments until age 70, and expect to still have many years of life ahead of you, you might want to wait. If you need them sooner than that, you might plan to collect some time between age 62 and 70. If you can, try to wait until you reach full or “normal” retirement age, as Social Security defines it. Another issue: whether you have a spouse who will be collecting spousal Social Security benefits based on your earnings record. Your spouse can’t collect until you do and it pays for them to wait until their full retirement age to be paid the full 50% of your full retirement age benefit.

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The Top 11 Ways To Make Extra Money After Retirement

Many people see retirement as a time of relaxation and leisure, but the truth is that it can be an intense experience. You have to come to terms with no longer having a steady paycheck, making you feel like your life is over, especially if you didnt do your homework before retirement. However, theres nothing to worry about because there are ways to make some extra cash after retirement without giving up all your free time.

Try Your Luck With Blogging

How to Make Money after Retirement

If youre in the mood to change your life just a little bit, starting a blog might be just what you need. Its a low-stress and low-cost way to start earning some extra income after retirement, and it doesnt take much time either. You can choose one of many different platforms including WordPress, Wix or Blogger, just to name a few. Once you have a good reader base, you can monetize your blog by joining affiliate programs, selling ads, or publishing sponsored content. You can even sell merchandise related to the general topic of your blog.

If youre having trouble thinking about potential topics, here are some ideas to get you started:

  • Create a blog where you share your knowledge, thoughts and experiences from before retirement with others who are nearing retirement or who have already retired.
  • Blog about anything that interests you from food and gardening to books and art as long as there is a decent audience for it out there.
  • Choose a topic that matches up with your skillset or background so that it will be easier to monetize.
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    Fill Out Online Surveys

    Another easy way to make extra money after retirement is by filling out online surveys. These surveys help organizations and companies understand their consumers better and reach their target audience. If youre retired, this is precisely what youre looking for.

    The best part about these surveys is that you can do them in your own time! You dont need to be at home or in front of a computer during certain hours of the day, just when its convenient for you.

    Another benefit about these surveys is that they dont require much skill and tend to pay better than other methods of generating income in retirement. On average, if you complete an online survey and answer all the questions, you can earn $1-$20 per survey , so by filling out several during the day, you can make quite a lot of extra cash this way.

    Take Part In Research

    Other nice little earners, if you have a bit of time to spare, are taking part in focus groups, such as those run by, and mystery shopping which doesnt pay much but can involve free trips to restaurants and bars, among other adventures.

    Again, you have to be careful which agency you sign up with. The agencies JKS Mystery Shopping, ESA and Grass Roots can be trusted but dont sign up with any agency that asks for money as all proper mystery shopping agencies should be free to join.

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    Your Job Income If You Work

    If you’re planning to do paid work in retirement, you’ll want to be aware of how that can affect your Social Security benefits. Specifically, if you haven’t reached full retirement age and earn more than a certain amount , Social Security will reduce your monthly benefit by $1 for every $2 you earn over that annual limit. In the year you reach full retirement age, your benefits will be reduced by $1 for every $3 you earn over a different limit . However, this money isn’t permanently lost when you reach full retirement age, Social Security will recalculate your benefit and increase it to make up for the money it withheld earlier.

    Workplace And Personal Pensions

    Deciding How To Spend Your Time And Money After Retirement

    A workplace pension is arranged through your employer and is a way of saving for your retirement. An employer will enrol eligible employees in a workplace pension. You can choose to opt out of this pension. If you stay in youll have a pension for your retirement.

    Personal pensions are available from banks, building societies and life insurance companies that invest your savings on your behalf.

    Find out more about workplace and personal pensions at the following nidirect page.

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    Canadas Retirement Income System

    Your income during retirement will typically come from three main sources:

    • the Canada Pension Plan or Quebec Pension Plan
    • the Old Age Security
    • employer-sponsored pension plans and personal savings and investments

    You may hear these called the three pillars of Canadas retirement income system.

    Youll need to know how much money you may get from these sources to be able to plan for your retirement. Youll also need to consider what to do with your personal savings at certain stages in your life.

    You should start thinking about all of these things before you retire. This will help you figure out when you can comfortably retire, and how much money you can expect to have when you do.

    No : Consider Annuities For Pension

    Annuities can be another great option for income in retirement. You will have to fork over a hefty sum in order to buy one from an insurance company, but by doing so, you can set yourself up to receive monthly checks for the rest of your life — and the rest of your spouse’s life, too. Focus on fixed annuities, as they generally don’t have the steep fees and restrictive terms as indexed annuities and variable annuities, and learn more about them before investing.

    The table below offers an idea of the income you might get from a fixed immediate annuity in the current interest-rate environment.



    A deferred annuity might also be useful in helping you avoid running out of money late in life. It starts to pay you at a future point, such as when you turn a certain age. A 65-year-old man, for example, could receive around $569 per month for the rest of his life starting at age 75 for about $50,000.

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    Fill Up Your Garage Space

    If a full-time roommate doesnt appeal to you, you can still consider renting out space in your garage or driveway. Lots of people need storage for boats or RVs, or extra vehicles. People who live in apartments might need a cheap place to store smaller items like mountain bikes or kayaks that they maybe only use once or twice a year.

    What Would Your Business Be

    20 Simple Ideas on How to Make Money after Retirement

    The question is, what would that business be? One obvious one for retirees is to set yourself up as a consultant in whatever your field of labour has been.

    If you were in PR, for example, you could continue as a one-man band, or even set up your own consultancy with employees. Same for marketing, sales and general business management.

    Or you could go in a completely different direction. Maybe youve been a teacher or a nurse but you have a great love of, and knowledge of, antiques, now will be a great time to set up a business buying and selling antiques online and at markets.

    Or perhaps you love yoga and want to teach that, or you would like to set up a recruitment agency providing teachers, nannies, carers or technicians. The field is wide-open. You could even pick one of the side-earners above and turn it into a full-time business.

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    Personal Retirement Savings And Investments

    Two common sources of personal retirement income are Registered Retirement Savings Plans and Tax-Free Savings Accounts . RRSPs and TFSAs can be made up of various savings or investment products.

    You may also receive income from non-registered sources, such as personal investments like stocks and bonds, or personal savings accounts.

    Sell Old Clothes And Household Items On Letgo

    Letgo is a local marketplace app where you can sell just about anything. If you have clothes, purses, shoes or any household items taking up space, list them for sale on Letgo. Listing items is as easy as taking a photo and posting it to the app.

    Letgo is based on your location, so you only deal with local buyers. No this doesnt mean you have to invite strangers to your house. Instead, bring your items to a public location, like a local coffee shop or library.

    Whenever Ive sold items to local buyers, I either meet them at a coffee shop or the parking lot of a large retail store, where there are lots of people walking around. To be extra safe, you can also bring someone with you.

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    Turn Your Trips Into Cash

    Website offers you the opportunity to deliver packages for other people and get paid cash to do it. Sign up to be a driver, and you can peruse the available driving gigs at any time. You choose only the ones that work for you. Lets say you are driving to Arizona from Michigan for the winter. Sign onto Roadie to see what you can deliver along the way for someone else. Unlike Uber, this driving gig doesnt involve delivering people, so it doesnt matter what type of car you drive or how clean you keep it.

    Put Off Claiming Your Work Place Pension

    How To Make Extra Money After Retirement! Money Making Ideas For Seniors!

    If you have a workplace pension, your employer may allow you to put off claiming it until after your company’s normal retirement age. It depends on the scheme. You can check with your employer or the scheme to find out.

    You can start taking an income from a personal pension at any age between 55 and 75.

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    Join A Corporate Board

    If you are at the end of a successful corporate career, getting a position on a corporate board may be the next step for you.

    Boards are heavily populated with retirees most were CEOs or upper management during their careers. 50/50 Women on Boards is an organization dedicated to helping successful women gain board positions.

    Rewarding Ways To Earn Money After Retirement

    Its normal to want to do things after you retire. And when you want a little extra spending money, there are things you can do after retirement to make money.

    Have you recently retired?

    Youve said goodbye to your old working life and youre excited about the years ahead. You can relax, take the time to do what you want to do, and not have to worry about the old nine to five.

    Youve certainly earned it.

    But what if you suddenly have too much time on your hands? Or you miss the daily challenges of work? Or, perhaps, you want to make additional income in retirement?

    Its normal to want to do things after you retire. And when you want a little extra spending money, there are things you can do after retirement to make money.

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    Can I Save Money After Retirement And Still Maintain My Lifestyle

    The short answer is yes. You can absolutely maintain your lifestyle and save money while youre retired.Not only that, but you can thrive in retirement traveling the world, exploring new hobbies, and doing pretty much whatever you want. Assuming you follow the above steps and find ways to continue to save in retirement, your golden years can be whatever you want them to be.

    Apply To Your Favorite Local Business

    Tips for Saving Money After Retirement

    Your local grocery store, bookstore, flower shop, or any other business may like having you as a customer, but maybe theyd like you as an employee just as well.

    Again, they probably dont have top-level positions, but if stocking shelves, arranging books, or taking care of flowers sound like better options than sitting around at home all day, definitely consider it.

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    Compare Your Current Spending With Expected Retirement Spending

    Look at how much you spend now. Then, figure out how those expenses will change when you’re retired.

    For example, you wont need to spend money on getting to work, but you might decide to spend more on hobbies or on travel.

    You may save money by taking advantage of seniors discounts.

    Low-fee bank accounts for seniors

    Many financial institutions offer low-fee bank accounts for seniors. They usually offer these accounts to people 60 years old and older. Speak to somebody at your financial institution to find out if they have accounts for seniors.

    Seniors who have a low income can get special no-cost bank accounts. Find out if you’re eligible to get a no-cost bank account.

    Discounts on goods and services

    Many businesses offer discounts to seniors on a wide range of goods and services including:

    • groceries or household supplies

    Always ask about seniors discounts. It could save you money.

    Saving Money After Retirement

    Post retirement, youre likely interested in various ways you can save money. Sure, you may have put money away in your retirement fund, and you receive social security, but it doesnt mean your days of saving are over. You want to live that post-work life youve always dreamed of, right?

    So what are some of the best ways to save money when youre retired?

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    Medicare Coverage For High

    Lets say you return to work after age 65 and keep your Medicare coverage.

    If you land a lucrative second career or consulting position, you may enter a higher income bracket and face Medicare surcharges.

    Thats because, by law, high-income earners pay more for Medicare Part B and Part D.

    If youre single and earn more than $91,000 but less than or equal to $114,000 a year, you must pay an additional $68.00 a month for your Part B premium in 2022.

    For a married couple filing jointly, extra charges start at incomes above $182,000.

    A similar, smaller surcharge applies to Part D premiums.

    In 2022, an individual who makes between $91,000 and $114,000 a year will owe a $12.40 income-related monthly adjustment amount in addition to their standard Part D premium.

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