15 great income ideas for seniors to boost retirement income

15 Great Income Ideas for Seniors to Boost Retirement Income - Retirement can be a time to relax and enjoy the fruits of your labor, but for many seniors, the reality is that their fixed income isn't enough to make a living...

Retirement can be a time to relax and enjoy the fruits of their labor, but for many seniors, the reality is that their fixed income isn't enough to maintain their desired lifestyle.

This is where passive income comes in. It takes little or no effort to maintain and can provide a steady income stream for retirees. In this article, we'll explore several passive income ideas seniors can use to increase their retirement income and live more comfortably and securely.

15 great income ideas for seniors to boost retirement income

1. Sell your product on Etsy or Amazon.

If you have a knack for developing unique products, consider selling them on Etsy or Amazon. This can provide a passive income stream as people buy your products.

One advantage of selling products on Etsy or Amazon as a senior is that it can be done from your home with no internet connection.

2. Invest in a Franchise

Investing in a franchise can provide a passive income stream through the profits earned by the business. While it requires an upfront investment, a franchise can provide a proven business model and support system, making it easy to generate passive income.

3. Rent Your Equipment or Car

Put your imagination to use. You can own a boat, bicycle, stroller, surfboard, ladder, camera gear and a wide range of power tools.

You can find people who occasionally need such products but don't want to own them by using peer-to-peer rental websites like the ones listed below:

• RVShare (Recreational Vehicles)
• ShareGrid (Camera Tool)
• Touro (Cars)
• sailor (boat)

4. Create a Youtube channel.

If you have a talent or hobby that you enjoy sharing with others, you can create a YouTube channel and monetize your videos with ads. For example, if you know lost and rare recipes, you can create a YouTube channel. You can share those recipes on your channel and earn handsomely over time.

5. Invest in Peer-to-Peer Lending

Peer-to-peer (P2P) lending allows people to lend money to borrowers without the need for a traditional financial institution. P2P lending platforms such as Lending Club and Prosper allow investors to browse through loan listings and select the loans they wish to fund.

As a lender, you will earn interest on the loans you take out, and this interest can provide a passive income stream for retirees. P2P lending carries some risk, as there is a possibility of default.

However, by diversifying your investment across multiple loans, you can reduce this risk and still generate good returns on your investment.

6. Build an App

One of those brains thinks, "There must be a better way to accomplish (something) - and I think I know what it is!". If so, then developing an app can lead to additional income.

It cannot generate anything. But as they say, nothing ventured, nothing achieved.

For example, personal finance author Jackie Beck, who paid off $147,000 in debt, used her knowledge to develop the "Pay Off Debt" app.

Unable to Code? There are app builder services. You can get help from them.

It's likely that you already use a variety of apps on a regular basis. If you can develop a novel idea into a usable app then you can establish a resource that will support you financially for the rest of your life.

7. Create and Sell eBooks

If you enjoy writing and have expertise on a particular subject, you can create and sell eBooks as a source of passive income. eBooks are digital books that can be read on electronic devices such as tablets and smartphones, and have become a popular way for people to share their knowledge and experiences with others. To create and sell an eBook, you'll need to create the course once, and sell it to multiple students over time.

8. Wrap advertising around your car.

With the help of businesses like Carvertise, you can turn your car into a moving billboard. They will pay you for the right to display a repositionable commercial advertising sticker on your car.

Depending on how often and where you drive, you can earn between $100 and $400 monthly. A car with a clean driving record and original paint job are prerequisites.

Pro tip: Scams involving auto ads are common. Here's how you can stay safe and secure:

9. Be a package 'receiver'.

Well, this theory hasn't been tested yet. But the moment for this solution has come. Thieves have benefited from the rise of Internet shopping, who find it easy to steal items placed outside the front door before intended recipients get home from work.

By setting yourself up as a "professional package receiver," you may be able to contribute to stopping those little crooks.

Do this: Spread the word about your availability for delivery to your friends, on social media, and at your place of worship. You can keep track of the delivery company's tracking information and plan to be at the recipient's home to receive the item if it's for someone in your neighborhood. Alternatively, you can request that packages be sent to you, the professional package recipient, c/o the original recipient.

Before requesting a price, for example, $1 per package, find out how much the service is worth to the person who wants to hire you. You may be taken aback if someone replies, "I'll give you $5". Decide whether you will charge per order or per package and whether you will enforce weight restrictions, such as no parcels weighing more than 30 pounds.

10. Selling Your Photos

Thanks to smartphones, almost everyone can take good pictures now. Next time you photograph an amazing sunset or a cute baby and dog scene, share it with others. You can sell it with the help of an app like Foap, which is available for Apple and Android devices.

You can do much better if you have a good digital SLR camera, a tripod, and other equipment. Selling photos on virtually any subject is possible through stock photo agencies such as Shutterstock and iStockphoto, which emphasize high-definition, high-quality images.

11. Promote Your Services as a House or Pet Sitter

Boomers who love animals and don't mind being away from home the occasional night can earn some quick cash by keeping an eye on their neighbors' pets while they're away. Pet sitting and house sitting go hand in hand and are often done together. This type of low-stress income source presents a reliable and stable prospect if you enjoy staying home a few nights in a row and spending time with your pet.

12. Create a Course Online

If it is useful then why not earn money from your knowledge? With the help of websites like Teachable and Thinkific, you can create a course that can change someone's life, either professionally or personally.

Be aware that online courses cover more than just computer related topics. A quick search reveals courses on:

• Cake making
• Watercolor
• Drone based filmmaking
• Free diving
• Blacksmith
• Yoga
• Parenting
• Fiction writing

this is only the beginning. Creating a course like an e-book will require some labor. However, once it's over, the job is over.

13. Tap into the equity in your home

During a recession, homeowners who don't want to access their retirement money may find that their home can provide them with cash. However, retirees need to be inventive, as some banks have suspended home equity lines of credit.

One option for retirees age 62 or older is a reverse mortgage. With a reverse mortgage, a lender makes regular payments to an older person based on the value of their property. The loan has to be repaid if the homeowner vacates the property or passes away. Usually, it is necessary to sell the asset to achieve this.

14. Pay off your debts

You may wonder how settling credit card debt can help you generate passive income.

While it is true that you are not creating an income stream, you are incurring a fixed expense, which improves your cash flow over the long term, so has the same effect as higher income.

What if you could spend the cash you use each month to pay off the loan? The same is true of paying off your mortgage; This is a tremendous opportunity to spend extra money every month and will make you feel completely financially independent.

15. Sell Goods Through Vending Machines

Vending machines provide a profitable opportunity to passively sell anything from food and drink to T-shirts. While there is often an upfront cost, a good placement for the machine will pay for itself quickly. Lower start-up costs can also be provided by refurbished equipment.

Some suppliers will give you a machine for free if you just sold their goods. Pepsi is one business that will provide free machines to suppliers interested in such a business arrangement.

Final Word:

Remember that these passive income ideas have the potential to provide an income stream, but they also come with risks and uncertainties. It is always a good idea to do thorough research and seek advice from a financial advisor before making any decision.