Photo of Ray Ferrara CFP Ray Ferrara CFP Jun 28, 2020

If you are retired, the hope is that you have worked hard to set aside enough money to live comfortably during your retirement years. However, sometimes you might need additional income whether you are interested in earning more for a major purchase or you have not saved enough to have a comfortable nest egg. Either way, if you need supplemental income during your retirement years, there are a few ideas you should consider trying:

1. Get a part-time job

When you first retire, you probably want to spend most of your time relaxing or enjoying some activities for which you have not previously had the time. However, after a while you might want to start working again to help keep you busy or to generate some extra income. 

One simple solution is to get a part-time job. We suggest finding a job that you think will be fun or interesting. After all, if you are already living off of your retirement income and assets and the extra income is not your main source of income, what you do to earn it should be more fun than demanding or stressful.

2. Start a business

Once you are retired and no longer committed to working for someone else, you might be ready to start your own business. You can pursue your dreams of owning a business in a field you have always wanted to work in, but there are some important factors to consider:

  • Starting a business can be expensive and risky
  • If you do not want to work full-time again, you might need to hire and manage staff

If you want to make or sell something for a living, consider selling online through a platform like Etsy instead of starting a new business from scratch. This is a good way to earn a profit off of something you enjoy without taking all of the risks involved in starting a business.

3. Invest in stocks

If you have some surplus funds right now, you can invest them into dividend stocks to generate supplemental income in the future. Dividend stocks pay shareholders with a portion of the company’s quarterly earnings. They are generally safer to invest in and can help you boost your income after you let them grow for a few years. 

Manage your retirement strategy with the help of a ProVise financial advisor

Are you looking for ways to generate supplemental income during your retirement? If you need help navigating the fiduciary landscape to make investment decisions or to readjust your retirement budget to make room for new activities, the CERTIFIED FINANCIAL PLANNER™ professionals at ProVise Management Group can help. 

We can work closely with you to analyze your current financial circumstances, your goals and your risk tolerance to come up with a strategy that works for you at a fiduciary standard of care. All of the financial plans we create for our clients are personalized to their individual needs. We also offer an unconditional money-back guarantee if you are unhappy with your written plan. Simply return it to us and we will refund 100% of the fee paid.

Are you ready to build a strategy to generate supplemental income during your retirement? Contact ProVise today to schedule a complimentary consultation.