You finally have the time to pursue those passion projects that you’ve been putting off. While you’re doing what you love, you might as well see if you can make money at the same time. Whether you are doing the activity of choice or just interacting with like-minded hobbyists, you may be able to supplement your retirement income. Keep in mind that income you generate may have tax implications on your social security benefits so you may want to consult a tax professional first.
Golfing
Golf is an expensive hobby to keep up with a retirement income, so many baby boomers are finding employment opportunities at their local golf courses. Becoming a course marshal is the most common part-time job for retirees on the course, but there are a range of other opportunities from working in the pro shop, to helping on the driving range. These jobs are not typically physically demanding, and they come with various perks. Aside from talking with fellow golf enthusiasts all day, you will also get free rounds of golf and range balls.
Sightseeing
If you live in a popular travel destination, you may want to consider becoming a tour guide. No one knows the area better than locals and you could use this inside knowledge to help tourists navigate your city. This part-time work can be especially to those who enjoy meeting new people. There are even companies such as Tour by Locals that will connect travelers with local tour-guides.
Pet sitting
If you are an animal-lover, then watching animals won’t feel like work at all. Also, people’s busy work schedules, there is a huge demand for dog walkers and pet sitters. Websites such as Angie’s List have pages that connect busy pet-owners with pet service providers. You can always watch a pet in a client’s home, but be aware that there may be some risk associated with pet sitting in your own home. You may want to consult your insurance company to see if there are any implications.
Arts and crafts
As hobbies go, creating art can be one of the most fulfilling, but it can also get expensive. You may want to consider supplementing these costs, or even make money, by selling your creations at local craft shows or street fairs. You may even consider selling your pieces through an online marketplace such as Etsy. The company is known for selling handcrafted, custom, and unique art and jewelry. Etsy is also a great resource for selling custom woodworks as well.
Wherever your hobby endeavors take you, it’s important to remember to keep the spending under control. On a retirement income it’s important to ensure that your recreational activities don’t ruin your budget. Hopefully you will find a way to earn some extra income while enjoying your passion projects!
* The opinions expressed in this article are those of the authors. They do not necessarily reflect the opinions or views of the Finance of America Reverse (LLC).
This article is intended for general informational and educational purposes only, and should not be construed as financial or tax advice. For more information about whether a reverse mortgage may be right for you, you should consult an independent financial advisor. For tax advice, please consult a tax professional.
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