Get Paid To Lose Weight
Self care is all the rage right now, and now that you finally have time to focus on yourself and can get away from a desk you can get fit and maybe even shed some pounds.
If you need extra motivation, check out HealthyWage. Basically, youll place a bet on how much weight you can lose in a certain amount of time, and youll get paid if you meet your goal.
Take, for example, Teresa Suarez, who lost 68 pounds and pocketed $2,415.28.
Nothings more motivating than money, right?
Books And Cds On Amazon
Another option for people with the storage space for books and CDs is to sell more than your own collection through Amazon.com. You can haunt flea markets and thrift stores for bargain-priced books and CDs, then resell them. Just make sure you take into account shipping costs and the hassle factor of storing and sending the items.
Sell Your Art On Etsy
OK, honestly, one of the big appeals to retiring in my opinion would be that you actually have time to spend on whatever youre really passionate about.
And you can make money from that.
For example, Id love to be able to cross-stitch full time and sell my pieces on Etsy. Or you could capitalize on your woodworking abilities or knitting or whatever you love to do.
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Perform Odd Jobs And Repairs
Home repair services are always in high demand. Many people dont know how to do these jobs or dont have the time.
As a retiree, you can put all the tricks and repair tips you have learned over the years to do such work and get paid for it at the same time. Advertise your services on Craigslist or in your local newspaper, or pin up a notice on bulletin boards at hardware and grocery stores.
Adjust Your Portfolio For Income
Adjusting your portfolio to allow withdrawals, while managing the remaining funds so that they last throughout your retirement years are critical steps to ensuring you don’t run out of money. Some questions you need to ask yourself include:
- Which retirement withdrawal rate will you use to make sure you dont outlive your assets? 3%? 4%?
- Which investments will you sell each year to achieve that withdrawal rate?
- And are your assets allocated so that you wont have to sell investments at a loss for retirement income in a down market?
If you need help answering these questions, dont be afraid to spend money getting a few hours of advice from a professional financial planner. You dont have to hire someone indefinitely, and you dont have to turn over your assets for an advisor to manage.
While your portfolio needs a margin of safety, beware of playing it too safe.
Your retirement portfolio needs to sustain you for perhaps three decades, which means theres no need to sell all your stocks the day you retire. And if you think average returns during your retirement years will be lower than historical returns, you definitely dont want to have too much of your retirement portfolio allocated to cash or bonds. Your returns wont be high enough to sustain your portfolio long-term.
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Watch Videos Through This App
InboxDollars is another well-known site, and allows you to earn money for completing tasks, which you can exchange for gift cards.
You can watch videos, take surveys or use coupons through the app.
I wrote an ultimate users guide to InboxDollars if you want more step-by-step details.
If you sign up through this link, youll automatically get $5 to start you off.
Retirement Planning And Inflation
Inflation is the rising cost of consumer goods and services. In Canada it’s calculated using the consumer price index . TheCPI tracks how the price of more than 600 consumer goods and services purchased by Canadians changes over time.
In recent years, the average rate of inflation in Canada has been 2% per year. This means the cost of goods and services has been rising by 2% every year.
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How Much Can I Earn And Still Get Benefits
When you begin receiving Social Security retirement benefits, you are considered retired for our purposes. You can get Social Security retirement or survivors benefits and work at the same time. However, there is a limit to how much you can earn and still receive full benefits.
If you are younger than full retirement age and earn more than the yearly earnings limit, we may reduce your benefit amount.
If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit. For 2021, that limit is $18,960.
In the year you reach full retirement age, we deduct $1 in benefits for every $3 you earn above a different limit. In 2021, this limit on your earnings is $50,520. We only count your earnings up to the month before you reach your full retirement age, not your earnings for the entire year.
If your earnings will be over the limit for the year and you will receive retirement benefits for part of the year, we have a special rule that applies to earnings for one year. The special rule lets us pay a full Social Security check for any whole month we consider you retired, regardless of your yearly earnings.
Read our publication, How Work Affects Your Benefits, for more information.
When you reach full retirement age:
How Much Money Do You Need To Retire Comfortably
Assume you will need about 80% of your current income to maintain a similar standard of living after retirement.
The 4% Rule withdrawal strategydoes not work for everyone, and you might need to adjust based on expected expenses and your desired type of retirement. The rule is a flawed method.
Instead, utilize a combination of annuities and Social Security Income to layer a monthly income stream that is guaranteed not to run out.
The key to this strategy is analyzing the perfect age to retire comfortably.
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Spend More Time With Family
Part of the joys of being retired is that you can spend more time with the people you love. That could be your friends, family and especially grandchildren. I know when my wife and I loved having my in-laws so close by. Our kids had the pleasure of spending time with them daily like breakfast before school. I was so happy that they got the opportunity to spend so much time with them.
I only saw my grandparents twice a year which was great, but I wish I could have spent more time with them. My parents made the decision to move closer to us when our kids were young so they could see them more.
I read that people who spend more time with their grandchildren actually live longer than those who dont so theres some pretty good motivation as well.
Isnt Your Financial Advisor Helping You With This
This is exactly what a fiduciary financial planner is forto figure this out with you . If youre paying somebody who only manages your money or sells you products, it may be time for a change. Reach out if youd like to talktheres no obligation, and we can just chat. I do not sell anything for a commission, I provide ongoing or one-time advice for clients, and I can work with people in Colorado and other states.
If you dont yet work with a financial advisor, consider the benefits of doing so. You can spend your time and energy on other things, and an experienced professional can help guide you through lifes inevitable changes. Plus, a study from Schwab Modern Wealth showed that having a plan can increase your retirement confidence and help you develop healthy financial behaviors:
- 56% of people with a written financial plan felt very confident about their goals
- Only 17% of respondents without a plan felt very confident
There are many ways to work with an advisor, and things may have changed since you last spoke to a financial planner. For example, its easier than ever to work with somebody for one-time financial planning or pay a flat fee for advice. Its understandable if youve had bad experiences in the past, and there are still plenty of advisors out there who are painful to work with, but things are changing.
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Spending From Your Assets
To close the gap between the income you need and the income you have, youll need to spend from your assets.
Live Off the Earnings?
Some people imagine retirement as a time when they live off the income from their savings. But for most people, thats not a reality. Especially if you plan to retire with $500k in assets, you , will probably need to spend down your assets. Thats because interest rates are relatively low, and most retirees prefer to avoid taking major risks with their life savings.
To save enough to avoid spending from your principal, you might need to continue working longerwhich isnt always an option. The other option is to save so much of your income that its hard to enjoy yourself and make memories during your working years. Thats probably not very appealing, either.
A Safe Withdrawal Rate?
Its critical to make your money last. You dont want to run out of savings before you die, as youd need to make unwelcome sacrifices at a time in life when youre vulnerable. So, how much is safe to spend? One rule of thumb suggests that you can spend 4% of your savings per year. The success of that strategy depends on several factors , and the topic is constantly debated. Still, the 4% rule can be helpful as a starting point for learning where you stand.
Tip: If you want to be safe, use a lower number, such as 3%. Recent studies suggested a 3.3% rate might be appropriate when interest rates are low and markets are near all-time highs.
Sell Custom Products Online
If your friends marvel at your witty one-liners, you can turn your sass into cash at Café Press or Zazzle. Open a store, upload images, art, graphics, or text, choose which products to feature, and get paid. If you put some thought into this and develop a niche, youll set yourself apart.
Not creative? They both offer affiliate-marketing programs where you promote others products and earn a cut.
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Become An Audiobook Narrator
Audiobooks are an increasingly popular form of entertainment. The convenience factor of smartphones has led to an industry boom. The Association of American Publishers reported a 38.1% increase in audiobook downloads in 2015and thats creating a demand for freelance narrators.
Narration is a job that anyone can do, regardless of age or experience. Whether youre just looking to make some extra money or fund a life of travel, freelance narration might be the income for you. Its flexible, portable, and, above all, fun.
Free The Outdoorsy Adventurer In You
Bold Earth offers teens engaging summer adventure trips across the globe that demonstrate a core value of community service. Although all first year trip leaders are assigned to US trips, you may soon be leading a bike tour from Amsterdam to Paris, skiing in the Swiss Alps, or organic farming in Ecuador.
Most guides are young adults, but there are a few sage trip leaders already on board. They proudly state they are Equal Opportunity Employers. Help develop the aspiring leaders of a generation upon whose shoulders rest the most complex problems ever facing humanity.
If one of these fabulous opportunities didnt give you butterflies, maybe a Vocation Vacation is in your future where you can choose your dream job and take it for a test-drive. Whatever you choose to do with Adulthood II, fall in love with it.
LEARN MORE
Whats your take on this? Have you found any interesting ways to make money in retirement while using the experience that you have built over your lifetime? Please share your thoughts in the comments section below.
Let’s Have a Conversation!
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Clean Out Your Closet
Over the years, you tend to collect items you might not need. I took a hard look at my closet the other day and wondered how in the world it had exploded with such random things.
Its time to take some notes from The Minimalists.
Comb through your items and, if you havent used them in a while, sell them and make some money.
You dont need to go through the hassle of having a garage sale, either. Try selling your items online. Market clothes and other random knickknacks to folks in your area through an app like Letgo.
You might be surprised by how much money you can make just from cleaning!
Look For An Administrative Assistant Role
Dont want to have the pressure and stress of diving into a business? Maybe you can take on an administrative assistant role. Your duties could include things such as scheduling meetings, screening incoming phone calls, printing materials, making copies, or mailing documents.
You might even be able to work remotely as a virtual assistant. Doing a quick online search for these roles will give you hundreds of options.
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Assess Your Assets And How Long They Can Last
Figure out how much you have thats immediately accessible to you in bank accounts, taxable brokerage accounts and elsewhere. If youre older than age 59 ½, you can access retirement accounts with no penalties, and if youre older than 62, you can start taking Social Security. However, youll want to carefully assess when the best time is to access that income stream.
If youre retiring early, you mostly wont be able to and dont want to tap retirement accounts, though its possible to access cash in your 401 in a few ways. You can take a series of equal periodic payments or take a withdrawal if you hit age 55 and have left the employer associated with the 401. If youre retiring early, tapping a retirement account should be a last resort and isnt something to be taken lightly.
Based on your budget, youll need to calculate how long your assets can hold you until you begin to access more income:
- Are you planning to start tapping retirement accounts once you hit age 59 ½?
- Are you planning to take Social Security at age 62 or wait longer to get a larger monthly check? This Social Security calculator can help you figure your benefits.
- Are you planning to wait until age 70 to collect your maximum Social Security check?
- How will you pay for health insurance until age 65 when Medicare starts?
So, when you make the leap to retirement, youll need to consider your whole retirement, not just the gap until more money comes in.
Start Making Money In Retirement
Just as retirement doesnt mean your life is over, it doesnt mean the end of money-making opportunities!
As youve read, there are plenty of ways to make some pocket money, and perhaps even have some fun and make new friends!
Do you have other suggestions on how to make money in retirement? Let us know in the comments below so we can add them to this list!
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How Much Do I Need To Retire
How much you need in retirement will depend on how your income and expenses change when you retire. As a general rule, you’ll want to aim for at least 70-80% of your pre-retirement income for each year of your retirement. In retirement you may spend less money on savings, housing, tax, and transportation to work, but more on hobbies, utilities, and healthcare. Ask yourself when I retire will I need same amount of money I’m earning now or less? You could use a tool to figure out your ideal replacement ratio.
Health And Wellness Skills Pay Overseas
Wellnessfitnessnatural healthcarethey have a following all over the world. Youll find a market for yoga classes in Italy, clients for massage therapy in Ecuador, and regulars at gyms from Asia to Mexico.
If you have experience in wellness and fitness, even just as a longtime participant, its not a huge leap to become a teacher, trainer, or therapist overseas.
There are all sorts of ways to run your business. You could rent a small room for treatments or buy or lease a locationand invest in equipmentfor a gym. You can organize yoga retreats anywhere in the world you choose or you can be the person who makes your studio available to visiting retreat groups.
In any case, youre likely to find it less expensive to set up the business overseas. Sidelines in nutrition, aromatherapy, or consulting can generate additional income.
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Can You Still Earn Money After Retirement
Retirement will probably be the biggest expense you face in your lifetime.
It is important to begin preparing for it early. Dont fall into the trap of putting off saving for retirement.
If you save early and often, you may even be able to avoid having to find a job in retirement and can simply spend your time on the beach sipping cocktails. Or you can work because you choose to earn extra money.
The choice is yours.
Which retirement hobbies could you make money with?
Austin is the founder of The Logic of Money and has a passion for finance and helping others. He studied finance, investments, and banking as well as real estate and urban land economics in college. He hopes that he can share his knowledge and tips with others to help make personal finance less stressful for everyone. Follow him on , , and !
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