After a near lifetime of working, entering into retirement is a major life change; what will you do with your time? To enjoy a comfortable and happy retirement, you may need an extra source of income.
Whether you are currently a retiree or planning ahead for the future and looking to have more money to spend, here are a few ideas on how to generate some extra income during your retirement:
Investing and trading wisely is a strategy many use to accumulate more income before and after retirement. This is a great option for those who have retired and want to enjoy life or create a comfortable nest egg for their kids and grandkids. Before you start, do your research to learn how to protect your assets, and keep an eye out for risk or fraud. Consult with a financial advisor to help you get started!
One of the simplest ways to increase your income during retirement may be to sell or rent out! When it comes to selling, consider what products or services you could offer to others. Suppose you are an excellent writer; maybe you could become a tutor. If you are an artist, consider selling some of your work. Do you love animals? Perhaps you would be a great pet sitter! The options are endless.
On the other hand, you can consider safely renting out a room or part of your home for a steady source of income. If you have a newly renovated basement, a vacation house, or you plan on going away for an extended period, these may be great opportunities to rent out your space to guests or residents. Consult with your local government for zoning regulations before doing so.
Maybe you would prefer just to keep working; not everyone can or wants to adjust to all the new-found free time that comes with retirement. There are a variety of part-time jobs available for you to explore and earn money quickly. Consider your skills and interests to find the perfect next “career.” Many businesses are excited and eager to hire new employees, especially hard workers who have recently retired.
If you are 62 years or older and own a house, a reverse mortgage may be an option to increase your income during your retirement. A reverse mortgage is a loan that allows qualified borrowers to convert part of the equity in their home into spendable cash. These loans offer retirees the chance to stay in the comfort of their home (unless they default on the loan in which case they may face foreclosure) while also reducing their monthly mortgage payments and increasing their cash income. Borrowers are still responsible for paying their property taxes and insurance. Speak with a mortgage loan officer to determine if you could qualify for a reverse mortgage loan.
If you’re looking to apply for a reverse mortgage on Long Island, consider turning to Hartford Funding LTD. We patiently work with you to offer all the information needed to determine if a reverse mortgage is right for you and then guide you carefully through every step of the process.
To learn more about our services and schedule an appointment with our mortgage loan officers, call us at (516) 595-7646 or visit our website.