Ways Of Supplementing Retirement Income?

terraausJune 17, 2007

How do others supplement their retirement income? I've heard of working part-time, receiving investment income from properties,using coupons, drugstore rebates, internet freebies and gardening.

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bill_h

grow pot in the basement, no one ever suspects the old folks. hahahaha

    Bookmark   June 22, 2007 at 7:29PM
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jannie

I once had a long talk with a woman who was living on a "fixed income" and having trouble budgeting. She wanted extra money thast wouldn't havbe to be reported to the government or require taxes. I suggested two things to her. Babysit or rent a room in her home. She seemed very insulted. Next time I'll keep my advice to myself.

    Bookmark   June 28, 2007 at 10:12AM
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hopesprings_gw

I talked to a woman at the theater a while back. She was discussing retirement income with her financial planner, and he suggested she look at what she likes to do, what her expenses are, and brainstorm ideas. What she came up with was working part time at the theater, since it gave her extra income, she got to attend movies free (one of her favorite pastimes) and the balance helped her to even out her income/outflow. Do you have any interests you could mine for part time work in an interest area?

    Bookmark   June 28, 2007 at 10:20AM
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klimkm

Selling on ebay? The post office will even come to your house to pick up your packages.

    Bookmark   July 13, 2007 at 10:35AM
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joyfulguy

Do you have some skills that you could market?

On the province-wide (and that's a large "wide" - we may be bigger than Texas) radio phone-in just after noon today, a lady said that she'd bought several houses, tries to get a run-down house in a rather up-scale neighbourhood and spruced them up with some mainly rather cosmetic upgrades, and sold them for quite a bit more.

So - now she consults with others who are considering selling their home, for a fee.

I met a lady in a nearby city at a networking gathering a couple of months ago who's dong the same thing.

Do you have a skill that might be marketable on the intenet?

While it's a little harder sell than when one markets goods, handling, storing, shipping, etc. of the goods is quite a chore.

And if clients don't pay - you're out real money.

But if you can market a skill, an idea ...

... producing it takes brain-power, time, keystrokes, etc.

If you ship out a project, and the person doesn't pay ...

... you're out some time, effort, and soured emotion ...

... but not out-of-pocket for stuff that you bought, paid for, stored (losing some on potential alternative use of the price), packed and shipped.

Which is sort of a double hurt, I'd say.

On the internet, often the major problem is finding the people who have need of your service.

jannie,

If someone asks my advice, and I offer some, then they get insulted, I sort of shrug, raise my eyebrows, and say, "Well, you asked ...

... and I shared some ideas ...

... which more or less insulted you - so do you want to hear any more ... or not?"

No skin off of my nose, either way.

I usually try to ask some questions, to get a feel of where they're coming from, or going, or what they have in mind, before I shoot off my mouth, so that I have a better idea of their realm of thought.

If I have an idea and share it ... what the recipient does about it is his/her choice.

But if s/he asks, and I don't share, possibly something that might have been of value to that person is not communicated ... and s/he might not become aware of something that might have turned out valuable to her/him.

Good wishes in your search, terraaus.

ole joyful

    Bookmark   July 24, 2007 at 6:57PM
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skagit_goat_man_

For me the best way to "supplement" my income is to reduce the cost of things we enjoy doing. For example, we enjoy a few bottles of a nice wine a week and they usually go for $10/bottle from a discounter. But we discovered we could make better wine for $4/bottle. The equipment was inexpensive, the process simple and we enjoy doing it together. The main ingrediant is time. I have to go to Seattle for medical care a few times a year and it's a 2 hr drive which is getting expensive and the driving is nervewracking for my wife. So last time we took public transit- two busses and a ferry. It took 45 minutes longer than driving but was relaxing and with our discounts cost only $6 round trip for both of us. We like to travel so there's ferry between here and Victoria, Canada. Again with discounts we get an absolutely beautiful 6 hr sight seeing trip for

    Bookmark   August 8, 2007 at 9:21AM
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sharlee

Gee, I liked that idea of commuting. Enjoying scenery since I do the driving. In Oregon we do have light rail through out all of Portland & surrounding suburbs, so I either walk or park 'n ride to one of the Stations. It certainly saves on gas! Trimet bus service is also excellent in our area.

My xtra income comes from simply helping Other Seniors in their homes. How rewarding & also a few $$ in return.

Just downsizing one's furnishings can add some income. The feeling of decluttering is great! Craigslist is good for doing business locally. Just be careful w/strangers altho' have met some wonderful people.

Also, lease property in a Senior Community which works out as most seniors are good renters. It's a place I may choose to live again. If not, continue receiving the income.

None of the above have tied me down....that's the reason for retirement, isn't it?

Sharlee

    Bookmark   August 12, 2007 at 4:30PM
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scarlett2001

Rentals are a good source of income. Rents always go up, never down. And I have heard that rentals do not count in the $14,000 you can earn before they cut your SS. I kind of wish I had kept my rental but I sold it when real estate was hot.

    Bookmark   August 16, 2011 at 11:29PM
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vala55

My Mom had pot growing by her front steps. She didn't know what it was until one of the grand kids told her. she thought it was pretty and let it grow. LOL

    Bookmark   August 21, 2011 at 4:39PM
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joyfulguy

Maybe security guard?

Pay not great, but one can usually turn down assignments if circumstances not convenient. Not a good idea to do that too often, but it does offer some flexibility.

As it's usually nights and weekends, sometimes not too helpful if one depends on transit for travel to and from sites.

Offer care to old folks to remain in their homes longer than they'd be able to on their own?

ole joyful

    Bookmark   September 9, 2011 at 1:51AM
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