Social security benefits can be helpful, but often they don’t reach the amount of money seniors need to sustain them throughout retirement, which can lead to difficulty paying their bills or lacking funds to get the groceries they need to maintain a healthy lifestyle. Here are a few ways seniors can generate the extra money they need.
Care for Children
Older adults in good health with extra energy to spare can turn their love for kids into a home-based child care center to make extra retirement income, but they should make sure to check the local laws about opening a daycare in their area. In some places, people can open a daycare in their house with up to 10 kids before needing to go through a certification process.
Get a Reverse Mortgage
This type of mortgage is available to older adults 62 years or older who qualify and are homeowners. A reverse mortgage provides the opportunity to turn part of their home equity into cash. Seniors can customize the payments from the advance according to their needs. They can take it as a lump sum, a line of credit that rises over time, or in two monthly payments, whatever works best for them. Choosing to take advantage of this type of mortgage allows seniors to keep living in their homes and maintain their title while getting rid of monthly mortgage payments or boosting their cash flow.
Living alone at home in the golden years can present a few unique challenges. Trust Arvada home care professionals to help your senior loved one maintain a higher quality of life while he or she manages an illness and performs the daily tasks of living.
Take Up a Lucrative Hobby
Older adults can turn their favorite hobby into supplemental income. Seniors who like to bake can sell their cakes and pies during the holidays and for special occasions to friends, neighbors, and local businesses. If gardening is their passion, they can sell their vegetables at farmers’ markets in the area.
Seniors who need assistance with gardening and other daily tasks can benefit from professional in-home care. Some seniors need occasional assistance at home, and oftentimes the family members who take care of them need time away to run errands, take a nap, go to work, or take a vacation. Arvada respite care experts from Home Care Assistance are available on an as-needed basis, giving your family peace of mind that your loved one will remain safe and comfortable while you relax or focus on other important responsibilities.
Rent Out a Room
Often, older adults don’t want to sell their spacious home with extra bedrooms they aren’t using for sentimental reasons or because the market isn’t right. Renting a room to a senior or college student may be a good option for generating extra funds, and it would be especially doable and profitable if the home features a renovated basement separate from the main living space.
Try Online Tutoring
There’s a growing need for online tutors, especially for students from other countries. Teaching is one area where older adults can make their broad experience and knowledge work for them. They can pass on their expertise to the younger generation through many online platforms that include Thinkific and Teachable. Seniors who lack special content and life experiences to share with their students can choose to teach English and a variety of other subjects online. Online tutoring is ideal because once seniors develop their own online channel, it can become a regular source of self-generated income.
Offer Housekeeping Services
Older adults can offer to help others in need by doing light household chores like grocery shopping, laundry, dusting, and meal prep. There are also professional companies looking for personal assistants to hire. Caring for others can give seniors a purpose and boost their self-esteem while making good supplemental income for their retirement.
Engaging in various activities to earn an extra income can boost your loved one’s energy levels and increase his or her overall health. If your elderly loved one needs help maintaining a high quality of life while aging in place, reach out to Home Care Assistance, a trusted provider of Arvada elderly care. Our caregivers provide transportation to and from medical appointments and social events, nutritious meal preparation, assistance with daily exercise, and help with everyday tasks like bathing, grooming, and light housekeeping. To help your loved one age in safety and comfort, call (720) 642-1600.