Semi-Retirement - The New Retirement Model for Baby Boomers

Many Baby Boomers have reservations about completely ending their careers at an arbitrary age during their 60s. They may feel they do not have enough money saved to last the rest of their lives, especially if they come from a long line of people who lived into their 90s. They may also worry about the social isolation they will feel when they no longer spend time with a group of co-workers on a daily basis.  Some fear they will be bored and have nothing to do, particularly if they do not have hobbies they look forward to enjoying after retirement.

As a result of these concerns, this week I particularly appreciated receiving a guest post from the authors of BoomerBuyerGuides.com, another website which strives to keep Baby Boomers informed, as we all navigate the complicated process of retiring.  Their post is on how to pursue "semi-retirement," so we can gradually ease ourselves into full retirement at some point in the future.

If you are feeling a little uncertain about what the future holds for you after you retire, you may want to read "Shifting Gears to Your Life and Work After Retirement."  (Ad) It has some great advice and will help you face the future with greatr optimism.

Below is this week's guest post:


Semi-Retirement - What is it?

by the authors of BoomerBuyerGuides.com  

Many Baby Boomers choose semi-retirement over full retirement. It is a trend which continues to grow. There are many compelling reasons for making this choice but, while there are advantages to semi-retirement, there are some drawbacks too. Let’s take a look at what semi-retirement is and review some pros and cons on the subject.

 
What is Semi-Retirement?

Before we discuss the pros and cons of semi-retirement, it is important to know what it is. Semi-retirement comes in different forms but, basically, when a person chooses to semi-retire, they still plan to work but far fewer hours. The most common reason for the decision to semi-retire is to improve cash flow to meet financial obligations, and/or pay for luxuries like travel or investments. But there are other reasons too.

 
Pros and Cons of Semi-Retirement

People who do not fully retire do so for two reasons. For some people, full retirement leaves them feeling bored and depressed. Working gives their lives purpose and a focus, as well as additional cash to spend or save.

The second reason revolves solely around money. Someone might want to fully retire, but cannot afford to. Others want to maintain a steady income throughout retirement.

In your first few years of retirement, extra income can make life easier and provide you with a better standard of living. So, at least for a while, it makes sense to transition to semi-retirement before full retirement.

Semi-retirement gives Baby Boomers the freedom to work when they want, live where they want, travel, and still produce an income.

Semi-retirement sounds like heaven on earth for some people, but it does come with potential disadvantages. Before you jump into semi-retirement, you want to consider the negatives too.

Should You Start Your Own Business in Retirement?

The first factor to consider is particularly for those who want to start their own business. Some people decide that retirement is the time to become their own boss, start a small business, and they take this opportunity to do it! You need to realize, however, that when you first start, it becomes easy to work more hours than you anticipated, or more hours than when you worked at your job full-time. However, some people may find that this motivates and excites them, and working many hours at the start does not bother them. Keep in mind that if your overall goal is to work less, starting a business might not be the best option for you, especially if you are a hard worker.

You might want to avoid starting a business if you need to use a large portion of your savings to finance the new operation. There is no guarantee your business will become successful and generate a profit. You do not want to end up losing money which was intended to help you get you through your retirement. If you are intent on starting your own business, make sure you set a strict budget and stick to it. Do not overspend, unless you are sure you can afford it.

The other potential drawback involves your time. You may come to regret all the time you spend working, when you could have chosen to spend more time with your grandchildren, friends, or family members.

What Jobs Can a Semi-Retired Person Do?

Instead of starting your own business, you may decide to work fewer hours at a regular job. In fact, you may already work at a place which is willing to let you reduce your hours to part-time, so you can keep your job and semi-retire. If you are not looking for a change (other than a reduction in hours) this can be a great option. Unfortunately, this option is not available to the majority of people, so they need to look for other possibilities in finding a semi-retirement job. 

One of the most popular options for those looking to semi-retire is becoming a real estate agent. Working as a real estate salesperson allows for flexible hours and, depending on where you live, it can produce a significant income. It is also fairly simple for Baby Boomers to become a real estate agent.

Consultant jobs are another popular choice for those who choose the path of semi-retirement. The job comes with incredible flexibility, and ideally being a consultant will allow you to work as much or as little as you want. It also allows you to pass your decades of experience onto another person who is in the industry where you built up your career.

These are not the only jobs you can do during semi-retirement. You could set up several small businesses or find a part-time work-from-home job. For example, you could start a blog about your experiences or life. Creating an online store using drop-shipping from a major vendor is another example. You could also give music lessons or tutor people in other skills you have, for example offering cooking classes in your home. You could even start an business where you offer to share the expertise you have accumulated from your career over the years.

Final Thoughts

The decision of whether to semi-retire or completely retire is not an easy choice. There are many things to consider which can impact the final years of your life, depending on the route you take. You may lose time or money during the first phase of semi-retirement if you start a new business. You also need to realize you will have less free time if you decide to continue working. However, semi-retirement can help you transition into full retirement and generate extra income which will come in handy when you finally do fully retire.

About BoomerBuyerGuides.com

Baby Boomers themselves, David and Alice Goldstein founded BoomerBuyerGuides.com a few years into their own semi-retirement. They publish articles which focus on the practical needs of Baby Boomers born between 1946 and 1964.

For more great job ideas for workers at the end of their career, read "The Encore Career Handbook: How to Make a Living and a Difference in the Second Half of Life." (Ad)

You can find gifts for retirees and others at my Etsy Store, DeborahDianGifts:  http://www.etsy.com/shop/DeborahDianGifts

Enjoyed this post? Never miss out on future posts by following us.  You will receive a weekly email with the most current post.
 

If you are interested in learning more about retirement, Medicare, Social Security, common medical issues as we age, financial planning, where to retire and more, use the tabs or pull down menu at the top of the page to find links to hundreds of additional helpful articles.

Disclosure: This blog may contain affiliate links. If you decide to make a purchase from an Amazon ad, I'll make a small commission to support this blog, at no extra cost to you.

You are reading from the blog:  http://www.baby-boomer-retirement.com

Photo credit:  Licensed from Canva

Start an Online Business for Retirement Income

Could a home-based business be next after you retire?

Millions of Americans are discovering that their Social Security benefits and savings are not going to provide nearly enough income for them to maintain a satisfying retirement over the next two or three decades of life. Many of them are also concerned about avoiding boredom and finding something to do which will maintain their mental acuity after they leave their former career behind. They may have long dreamed that someday they would run their own business, work their own hours, and build a company they own, control, and could even pass on to another family member.  These are all great reasons to start a home-based business after retirement.

There are many ways to come up with ideas for retirement businesses. For example, you could start with the book "Top Home-Based Job and Business Ideas."  (Ad)  However, even after you come up with a business idea, you may not know where to go from there.  Not everyone can get all the help they need by reading a book.

As a result, this month I invited Mike Lieberman, the founder of Retirement Redefinition, to share some information about the benefits of starting an online business to increase your retirement income and exert more control over your future.  You may discover that his website is another good way to find help with your overall retirement planning. His guest article is below:

Why You Should Start an Online Business

by Mike Lieberman

Retirement is changing.

Your retirement is likely to be very different from your parents, and unrecognizable from your grandparents.

This stage in your life will likely last 20-30 years, compared to the 10-15 years it used to.

How the time is spent is also vastly different. The vision used to be of endless golf, relaxation and travel.

While that still exists for some retirees, it is not enough, and many of them want to experience something more during their retirement years.

They want to stay sharp and engaged during the second half of their life.

This is apparent in the statistic from the U.S. Bureau of Labor Statistics report which states, “Self-Employment in the U.S. -- the self-employment rate among workers 65 and older (who don’t incorporate) is the highest of any age group in America: 15.5%.”

People in the retirement stage of life are starting businesses.

So you’re interested in starting your own online business?

I mean, why not?

The benefits can be rewarding not only from the money standpoint, but also mentally.

When you start an online business some of the benefits include:

     Easing the transition from your work years to your retirement years

     Having additional money coming in to increase your savings

     Keeping you mentally engaged and on point

Here’s the deal though:

In the digital age we’re in, the barrier to entry is extremely low to start a business.

Couple that with the variety of businesses you can start, and it can quickly become overwhelming to know what makes sense for you.

It is key to put yourself in the right mindset and recognize what fits with your vision.

How do you recognize what will work for you?

Fantastic question.

That’s my smooth segue to say....

A question is where it begins

Like anything, you can Google the answer, but that will likely make you feel overwhelmed.

That is why I reached out to Kevin Lyles and had a conversation with him.

Kevin specializes in assisting Professionals and Executives as they make retirement transitions with the lifestyle side of retirement planning.

The question I asked him was “What’s the most important thing you’d ask someone who was thinking of starting a business in retirement?”

He said, “What do they want to get out of the business?  That will lead to how I could counsel them, because there are many possible answers.”

We will get into what those possible answers are, but first let’s get into the importance of this question.

Ready?

The importance of answering this question

It might be easy to give a quick response and move on. Before you do that, pause for a moment and reflect back on your career.

Total up the number of hours you spent over the year on your career between commuting, working, and the time after hours you spent thinking about your job.

It’s near impossible to calculate. The number is A LOT.

The role your career played was that it dictated your life and your time. This was required, though, in order for you to survive.

So, as you think about starting a business in retirement, work takes on a new meaning and you dictate how much time you will spend on it.

The business you decide to start should support the vision of how you want to spend your time.

You are now in control of that aspect of your life.

That is why it is important to become crystal clear about what you would like to do, so you can create something which supports your vision.

Following me?

5 reasons to start a business

Kevin shared five common answers to why people start a business.

1.  I need the income

As you approach retirement and you need extra income on a monthly basis to survive, you are likely best suited to continue with your current work or start seeking new full-time opportunities.

If you are a few years away from retiring, you might consider starting your online business now to get a head start.

That will definitely ease the transition.

2.  I want the extra spending money

Let’s say you have a strong retirement financial plan and your immediate financial needs are taken care of.

If that describes you, then starting a business could help to put some extra money into your savings account or give you the flexibility to do some things you have always wanted to do, such as donating to charity or planning a big vacation.

The income from your business can allow you to do these things and not be concerned about reducing your retirement savings.

3.  I want to build a legacy

Legacy is a word which can mean different things to different people.

It might mean the legacy of having your kids take over your business.

Maybe it is accumulating more wealth to hand down to future generations.

It might also be that you want to set an example for your kids and grandkids, or there may be more personal reasons.

4.  I want to solve problems for others

Typically this is what people think of first. They’ve done something for so long and wish to continue to do it in retirement, in a consulting role.

You might also be really good at something, and find people are willing to pay you to do it or teach it.

5.  It gives me purpose and meaning

Filling the void of time you will have after leaving your traditional career is one of the biggest obstacles people face after they retire.

 “If they have been working 10-12 hours a day for 30-40 years, now they wake up and don’t know what to do with themselves,” said Kevin. “Having a business can really fill that void and give them a purpose and a reason to get up in the morning.”

In closing

By becoming clear about what you want to get from your business, it enables you to better identify opportunities that support your vision.

Let us know in the comments if you’re thinking about starting an online business and why.

----

About the Author:

Mike Lieberman is the founder of Retirement Redefinition.  He created the site to help you define your retirement lifestyle and start an online business which fits it.

If you are interested in learning more about financial planning, common medical issues as we age, Medicare, Social Security, financial planning, where to retire and more, use the tabs or pull down menu at the top of the page to find links to hundreds of additional helpful articles.

Disclosure: This blog may contain affiliate links. If you decide to make a purchase from an Amazon ad, I'll make a small commission to support this blog, at no extra cost to you.

You are reading from the blog:  http://www.baby-boomer-retirement.com

Photo credit:  morguefile.com

Earn Extra Retirement Income and Supplement your Social Security

Many people are discovering that their Social Security does not provide enough income for them to live comfortably for the remainder of their lives.  If you are among those retirees who are having trouble making ends meet, you may want to find a simple way to supplement your retirement income.  Even an extra few hundred dollars a month can make a tremendous difference for many senior citizens.

Before you look for a job, however, you may want to visit your local Social Security or Social Services office and see if you are eligible for any extra financial help.  For example, you may qualify for SSI (supplemental security income), SNAP (food stamps), or a housing voucher. These forms of financial assistance will be dependable and consistent, whether or not you are able to work. The lower your retirement income, and the fewer assets you have, the more likely you are to qualify for these benefits.

If you do not qualify for extra government benefits, but you have money in a savings account or IRA, talk to a financial planner or your banker to see if you have maximized the amount of income you are receiving.  Can you get a higher interest rate on your savings, or larger dividends from your stocks?  If you have invested in a mutual fund, is your current one the best choice to meet your financial needs? If you are making annual withdrawals from your IRA, can you increase the amount you are taking and still feel confident your assets will last the rest of your life? The more passive income you receive, the easier your life with be.  You should review your investments at least once a year to make sure you are maximizing their income and growth.

If those extra financial boosts are not available to you, or they do not provide enough financial security, one of the sources of income listed below may be exactly what you need.

How to Earn Extra Retirement Income

Dog Walking or Pet Sitting - In our retirement community, there are a number of people who have pets they are no longer able to walk.  There are other retirees who come to their homes and walk their dogs twice a day for them.  Often, I see dog walkers with two or three dogs at a time, strolling around our neighborhood. For able-bodied people who like animals, this is a great way to earn extra money and maintain their own health at the same time.  In addition, you are also providing an extra service to weak or infirm seniors, simply by stopping by their homes to pick up their dogs.  You are also providing them with daily contact with another person, and confirming that their health has not taken a turn for the worse. Another way dog lovers can earn extra money is by pet sitting for seniors when they go out of town.  Many people prefer a pet sitter over taking their pets to a commercial kennel.

House Sitting - If you are a reliable, responsible person who is willing to water plants, take care of pets, and keep a home picked up and orderly, this could be a simple way to avoid paying rent for a period of time, or to earn a little extra money while keeping your current residence.  My sister-in-law was a Realtor in an upscale community when she was in her 50s.  She stored her personal furniture and, for several years, she simply moved from home to home while people were on extended trips or their homes were up for sale, and they wanted someone to stay in them until they sold.  She rented a post office box to receive her mail and occasionally spent a few nights in a hotel when she was between homes.  However, for the most part, she was able to do this consistently for a long time and enjoyed the experience, the luxurious homes, and the easy way to build up her savings.

Rent Out a Room - First, check out the rules in your city or homeowner's association. If there is no problem with short-term rentals, you can register with a vacation rental site such as Airbnb, Homestay or VRBO. In addition, talk with friends and see if they know someone who would like to rent a room on a long-term basis.  One of my friends, a retired teacher, enjoys renting a room in her house each year to a college student.  Other people I know rent out rooms exclusively to other senior citizens.  If you are privately renting a room, make sure the rules are clearly written out regarding use of the kitchen and laundry, pets, chores, having friends or grandchildren spend the night, "quiet hours," etc.  It can save a lot of frustration in the future.

Rent out your garage or basement for storage - If you do not want people living with you, consider renting out part of your garage or basement for storage.  Many people will pay $100 or more each month to store their antique car, furniture they don't have room for, or other items.  If you live in a condo with an assigned parking spot which you do not use, you may be able to rent it out to someone else.  This is an easy way to make a little extra money without the need to regularly interact with someone else over breakfast!

Rent out your car - Many retirees discover that they use their car less and less as they get older, yet they still want to keep it.  Register your car on a site like Turo, and other people will pay to use it on a rental basis.  At the very least, you may be able to offset the expense of keeping a car.

Drive other people around - If you would rather drive people around yourself, and you have a good driving record and reliable car, sign up with Lyft or Uber.  People in our retirement community are beginning to be both drivers and users of these ride-sharing services.  It is a convenience for those who can no longer drive to have other seniors drive them around, and the people who are doing the driving are able to earn a little extra money helping their neighbors.  I have heard Uber drivers say that "they would rather drive retirees to the store or airport than pick up drunks from bars!"

Advertise that you will run errands for neighbors for an hourly fee - People who have just gotten out of the hospital, had surgery, or just have trouble getting out of the house, appreciate being able to hire someone to pick up their groceries, dry cleaning, and prescriptions. Just make sure they understand you are running a business and not doing this for free! It is not unusual for younger, healthier retirees to find themselves frequently providing these services for neighbors who do not offer to reimburse them fairly for the time and gas mileage this requires.  If your goal is to earn extra money, then you need to advertise, promote yourself, and run your service like a business.

Cook for those who are home bound - Our local neighborhood online site, Next Door, often contains posts from people who are looking for someone to deliver home cooked meals to them.  You may have to do a little advertising or promoting to build a clientele, but once you do, this could be a fun way to earn money doing something you enjoy.

Sell your arts and crafts - Our community has several sales a year which allow our talented local artists to sell their paintings, crocheted purses, jewelry, pottery, wood carvings, quilts, and other unique, handmade items.  You can also register with a site like Etsy, or sell your creations at a local flea market.  You may even build up a following of people who particularly like your style! When we were in Hawaii one year, we met a woman at a flea market who was selling the most wonderful coffee.  She grew it, roasted the beans, and sold the coffee grounds herself at the flea market.  Find something you enjoy doing and share it with the world.

Blogging or writing online - As a blogger myself, I have noticed that the income from online writing has dropped the past few years.  However, someone who loves to write can still earn a little money by writing a blog, submitting articles to Hubpages, or being an anonymous webpage writer through Textbroker. I have done all three. If you love to share your knowledge and experience with others, this can be a fun way to supplement your income.  If you write a blog, make sure you register as an associate with Google and Amazon, and you will be able to put their ads on your site.  When people click on a Google ad, or purchase something from Amazon after clicking on a link on your blog, you can earn a little extra money.

Write a book - If you have always dreamed of writing a book, go ahead and write it and use Amazon's free service at CreateSpace.com to produce your book and sell it online. Amazon will create both a print-on-demand paperback and a Kindle version of your book.  If you are patient, take your time, and do all the work yourself, you can create it for free. Before you start, it would be smart to get the Amazon Self-Publishing Guide and follow their directions. Success varies, but it can be very satisfying to have your books available online for family, friends and strangers to purchase. Although I have never written a best-seller, I have sold hundreds of copies of my books on Amazon under my pen name, Deborah Dian.

If you have an interesting background, you may want to write a memoir. If you survived a dangerous situation, or have learned how to deal with a complicated illness, there are people who will want to hear about your experiences. If you are an expert in a field, or you love to travel, you can even write both a blog and a book, and use them together to get paid to share your knowledge or adventures.  Set up a Twitter account and business-style Facebook author's page to promote your blog posts and books.  These are free and easy ways to promote them. When you expose your books to the public, you may be surprised at how many people will want to read them. For example, after several friends and members of my family were married in Las Vegas, I wrote  "Your Guide to a Fabulous Las Vegas Wedding."  (Ad)

Gardening or landscaping - Many people, especially as they age or get busy with their careers, tend to let their gardens go, even though they would really love to have a home surrounded by beautiful flowers and shrubs.  If this is something you enjoy, let people know you are in the business of planting flowers and maintaining them on a regular basis.  Contact local businesses, too.  I have a friend who had a lucrative business supplying plants to local office buildings.  They also paid her regularly to return each week to water the plants, prune them and replace them, when necessary.

Handyman or handywoman services - Are you good at making minor home repairs, hanging pictures, refinishing scratched furniture, etc.?  Put your skills to good use.  Senior citizens, in particular, are always in need of someone who can fix that door hinge, hang a screen door, put up their storm windows and provide similar services.

Clothing alterations - Another service which seems to be disappearing commercially, but is still in demand, is alterations.  If you are good at hemming, sewing on buttons, or making other similar repairs and alterations, you may be able to set up a thriving business from your own home.

Teach English or other subjects to students over the internet - If you would like to teach English to foreigners, you can now find jobs doing it from home.  Check out sites such as Lingoda and iTutorGroup which match up teachers and students.  You can also find jobs on Tutors.com and Wyzant.  One of our daughters tutored children in math on Tutors.com while she was getting her teaching degree.  It was a great experience for her and she was able to work during the hours which were convenient for her, since there are  nearly always students in other time zones who need help.

Tutoring - If you are not comfortable teaching online, contact your local school district about tutoring local students after school in subjects in which you excel, such as math, science, music or a foreign language.  If your school does not have any opportunities, you may try advertising your services in your local newspaper or a neighborhood newsletter.

Customer Service Representative - Some companies, especially large national retailers, will hire people to work from home to take orders and provide customer service to clients.  The companies like the fact that they do not have to provide office space for large numbers of people using phones and computers.  You can work from your own home, as long as you are reliable, have a quiet place to work uninterrupted, are willing to work the hours they need you, and you have a computer, phone, headset and internet service. Contact the headquarters of various retailers and ask if they need work-at-home customer service representatives. Do NOT fall for a scam, however. If a company wants you to buy any products or special equipment from them, look elsewhere for a job.  If you are a retiree looking for work, the last thing you want to do is spend money that you may not recoup. 

Part-time jobs - Virtually everywhere I go, restaurants, shops, cafes, bakeries, department stores and dry cleaners have signs which say "employees wanted."  If you need extra income, it would not hurt to stop at a local business and fill out an application.  Don't forget your favorite clothing store.  You may even get a discount!  In addition, talk to someone at your nearest senior center. They may hire you, or they may know of an upcoming job fair where you can meet a number of potential employers. If you live in a senior community, many of them hire residents to work in their office, gym or other facilities.

Sell things you no longer need - Many retirees are crammed into small spaces, trying to hold onto every hobby item and piece of furniture they ever purchased.  Although this is not a long-term solution to your financial problems, if you need extra money and space, try selling items you no longer enjoy or need. Gold jewelry you no longer wear can sometimes fetch a good price.  Selling these items could help you get through a time when money is tight, for example to cover a medical bill or car repair.

If you have other, legitimate ideas to help retirees earn extra money to supplement their Social Security, please feel free to share the details in the comments section.  I'm sure it will be appreciated. Do not include links to other sites, however, or your comment will not be published.

For more information on financial planning in retirement, where to retire, Social Security, Medicare, common medical issues and more, use the tabs or pull down menu at the top of the page to find links to hundreds of additional articles.

You are reading from the blog:  http://www.baby-boomer-retirement.com

Photo credit:  morguefile.com

Awesome Work-From-Home Jobs

One way to earn extra money is to sell your best photos.

A large number of Americans have discovered that it is absolutely essential they work after they have begun to collect their Social Security. It is simply not possible for many retirees to survive without supplementing their Social Security income. However, they may not have the energy and stamina to work full-time outside the home like they did when they were younger. The question becomes, what can they do to earn a little extra money from home?

Many retirees and younger adults have been pleased to discover there are a variety of ways they can supplement their income, regardless of their age, even if they find it difficult to get out.  For example, you can sign up on sites like AirTasker to help people in your community with different tasks such as house cleaning, assembling furniture, gardening or handyman services.  However, this is just the beginning of the ways you can earn extra money during retirement. 

As a result, I have invited guest blogger, Good Nellie, to share her very useful list of work-from-home jobs.  Not all of these ideas will appeal to everyone.  Many of them require some knowledge of how to use a computer; a few require no computer use at all.  However, even if just one or two of these ideas works for you, the extra money could make your retirement more comfortable.  Below is the guest post from Good Nellie. Most of the suggestions have one resource where you can find additional information about how to pursue that possibility.  You may also find other ideas online.

10 Awesome Work-from-Home Jobs for Retired Persons

Working after retirement needs to be something which brings you pleasure, rather than causing you to be stressed out. Many people have discovered they need to earn extra money for a better lifestyle or to repay some of their debts, but they still want to enjoy their later years.

Whatever your situation, there are ways you can earn money by working from the comfort of your home.

So, does it mean you will only be able to earn a small amount?  No, in some cases you can earn quite a significant amount in your golden years by working from home, depending on the time you put into it.

Before discussing ways to make money after retirement, first let's look at the advantages of working after retirement.

●      Undoubtedly, you can work towards financial stability and paying off debt, if any.

●      You can take advantage of the increased Social Security benefits you will receive, especially if this helps you postpone collecting your benefits until the age of 70.

●      People working after retirement may stay more active and more socially connected, which can result in better health.

●      You can choose to work part-time and enjoy your leisure time instead of working full-time.

●      You can explore new fields (which do not require specialization and extensive education) which you may have always wanted to try.

But, the question is, what are some of the ways senior citizens can earn money from home? Let us find out.

10 Work from home ideas for retired people

1.     Being a tutor

One of the best ways to make money after retirement is to use your lifelong experience to earn extra income. If you like teaching from the comfort of your home, consider becoming an online tutor.

You will be able to guide students of all ages, review materials, etc. Moreover, teacher certifications are not necessary. Think about how satisfying it will be if you help someone learn a subject.

Reference: Online Tutoring Jobs

2. Enjoy professional blogging

This is one enjoyable way to make money online. Share to your heart’s content on any topic which interests you with your readers. You never know, your blog might become one of the popular ones (such as this blog: baby-boomer-retirement.com.)

And, if your blog becomes a popular one, you can easily have a steady income from the advertising revenue on it. It is not too difficult to earn a couple of hundred dollars a month by working flexible hours from the comfort of your home. Not too bad, right?

Reference: How to Start a Blog

3. Become an online juror

Have you been a fan of detective stories and you love analyzing situations? Have you ever thought this could help you earn money?

Yes, you can use your analytical mind to serve as a mock juror online. All you have to do is be analytical and enjoy processing large amounts of evidence and give your opinion.

Reference: Becoming an online juror

4. Reviewing a website

If you’ve always loved to analyze things critically, you can become a website tester. By becoming one, you will review websites and analyze them critically.

It is one of the best ways to get income in retirement since you don’t need to have any specialized knowledge. You will review a website just as a normal person might.

You simply have to browse through the websites and share your experience so the websites can be made user-friendly.

Reference: Earn Money byReviewing a Website

5. Being a search engine evaluator

This is somewhat similar to the last money-making idea. You can make money online by being a search engine evaluator.

To do this, you have to browse through certain topics in various search engines and report errors so that the technical persons can fix them.

Reference: Be a Search Engine Evaluator

6. Organizing your photos and selling them

You may have lots of photographs on your phone or computer. Now is the time to organize them and pick out the very best ones.

There are websites for stock photos where you can sell your photographs and earn a decent amount of money when other people purchase them to use on their blogs or articles.

This may also be a fun opportunity for baby boomers to roam around, click pictures, and earn money.

Reference: Sell Photographs Online

7. Earn by doing paid searches

There are companies which employ people to do paid searches. When you do, you earn points that you can redeem for a gift or even cash.

Though you can’t make a large amount of money, it is not a bad option for a side gig.

Reference:  Top 14 Legitimate Sites That Pay for Searching the Web

8. Taking advantage of knowing multiple languages

Do you love different languages? Now is the time to use that to your benefit. Become an online translator and earn extra income.

Frequently, your work will be conducted by phone or video.

When doing so, you can also nurture your love for that language. There are several companies which hire translators.  One is listed below.  You may also find an opportunity to tutor or teach a second language in your community.

Reference: Professional Translations

9. Renting the unused space in your home

You may even earn money without doing anything. How is it possible? Simply rent out any unused portions of your home to someone who needs storage space or who wants to rent a bedroom in your house.

You may even rent out your unused garage. When you are retired, you may be able to manage with only one vehicle.  If so, you can rent your extra garage space.  Advertise in your local newspaper or let your neighbors know you would be willing to rent out your garage.  They may have an extra car or a bunch of boxes they would love to store in your garage.

If you live in an area where basements are common, you may also find you can rent out a part of your basement to store boxes or furniture for someone else.  You earn extra money without the need to do anything.

10. Become a brand advocate for a company

It sounds lucrative to be a brand advocate of an organization, doesn't it? Yes, life may truly start at sixty!

You can become an online brand advocate for a product or a brand and answer online queries about that product.

You will have to know the products well so you can offer advice and recommend them to the target customers.  This could be a great opportunity if you have retired from a large company, but would still like to earn a little extra income by advocating for the products you know so much about.

It will help you if you have been loyal to a brand and its particular products. You will enjoy the job even more.

Reference:  What is Brand Advocacy?

Not only are these ideas great retirement income streams, but you may also being doing something noble. Imagine how many people you could be helping out with your knowledge and experience.

The average pay for the above retirement jobs begins at about $10 per hour. However, it can go up to $22 per hour or more, depending on the type of work and your experience. In addition, the more time you devote, the greater your opportunity to earn more.

When you are searching for how to make money at age 60 or older, you may not want to only search for work-from-home opportunities.  If your health permits you to work outside your home and you enjoy that, then you should also look for part-time opportunities in the community, working in local shops or part-time for neighborhood businesses. However, if possible, do not opt for a stressful job; this is the time to enjoy life. Do not just focus on the money. Do whatever you like to do.

So, go ahead… Enjoy your golden years, earn a decent amount, and have a great lifestyle!

Author Bio:

Good Nelly analyzes financial happenings and writes articles to help her readers plan for their financial future. She has been associated with Debt Consolidation Care for a long time. However, she has contributed articles to other websites, too.

If you are interested in more ideas about financing your retirement, where to retire, common health issues, Social Security, Medicare and more, use the tabs or pull-down menu at the top of the page to find links to hundreds of additional helpful articles.

You are reading from the blog:  http://www.baby-boomer-retirement.com

Photo credit:  author