More and more baby boomers are retiring each and every day. However, that doesn’t mean that every retired boomer is going to spend all their time on the golf course or sailboat. That can be for any number of reasons. Many boomers find that the slower life of retirement just doesn’t suit them and they need at least some part-time work to stay fulfilled.
Unfortunately, in many other cases, boomers pick up extra work as a necessity because they’re just not in a position to live off their retirement. Or, more simply, they don’t have enough money to retire.
What follows is PART 1 of a two-part article series covering passive income for baby boomers. In this article, we’ll look at a few ways baby boomers can earn a passive income after they’ve left their careers.
Passive Income Recommendations For Baby Boomers
The good news is that when it comes to earning passive income among boomers, there’s no shortage of gig options. Here are five…
Start With What You Know
One of the best ways to earn passive income during retirement is to fall back on whatever your career was before retirement. That doesn’t necessarily mean you have to jump back into the 40-hour-a-week career you just left. But chances are, you’re somewhat of an expert in that field, so you could always do some consulting work.
The beauty of this option is that you can set your own hours and pay rate. It would help to see what other consultants in your field are charging, though, just so you can stay competitive.
Pet sitting can be a great source of passive income for baby boomers who are animal lovers. It’s another gig where you can usually set your own hours, and you can decide if you want to watch the pets in your own home or your clients’.
If you want to take the burden of marketing yourself and finding the work off your shoulders, consider signing up as a sitter on websites like care.com or rover.com. Plus, if you also sign up as a dog walker, you can ensure you’re getting in plenty of exercise!
You don’t have to be a retired teacher to earn a passive income as a tutor. As long as you have a solid grasp on the subject you want to coach, you’re already ahead of the game. The hours may not be as flexible as some of the other gigs on our list, as you’ll likely be primarily working evenings. This is another job you’ll want to research in your area to see what other tutors are charging for fees. Another option is to sign up with an online tutoring service like tutor.com or chegg.com.
If you have a passion for photography, your hobby can quickly turn into a great source of passive income. You’ll likely have some startup expenses. In addition to a good camera and equipment, you’ll probably need to pick up editing software and marketing materials like business cards, brochures, and a website. But given the ample opportunities in the form of weddings, birthdays, and countless other special occasions, the potential for a sizeable passive income could be worth the effort.
This is one of the most popular passive income gigs among baby boomers. Maybe you have a spare bedroom in your home that never gets used. Or, maybe you’re taking full advantage of your retirement and you travel frequently, leaving your home empty for much of the time. Consider renting out your property and you could be looking at a substantial passive income. According to a recent survey from Earnest, the average Airbnb rental host makes $924 per month.
To get a better idea of what kind of passive income your property could earn, check out the online calculators available from Airbnb or VRBO.
Considering earning a passive income?
Our Triad Asset Allocation Plan can help put all your financial pieces in the right places so you’re getting the most out of your retirement investments and passive income.
Remember, knowledge avails us nothing if we don’t take action. Call us today to see how we can help! And look for PART 2 of this article series coming soon, where we’ll discuss how your INVESTMENTS can earn you a passive income.