Oct 14, 2021
Sometimes we need to think outside the box when we are working on our retirement plan. There are many ways to fill your income stream, some more traditional than others. Today, we discuss a few unexpected ways you could be making income in retirement.
Once you retire you have a lot more time on your hands. You’ll be able to invest more into hobbies you’ve had before or learn new ones. One client of ours had been an avid gardener for years. After retirement, she was able to perfect her growing skills. She found herself making some extra spending money by selling her produce.
Investing in a Healthcare Savings Account is sometimes overlooked by people. However, saving in this type of account can come in handy once you are in retirement. HSAs are pretty liberal with what they allow you to spend the money on, but your taxes will be affected depending on where you use the money. If you use it for healthcare, it is tax-free. If it's for another expense you can expect to pay some taxes on the distribution. Having this extra account can be really helpful if there is an unexpected health crisis and it can protect the rest of your retirement savings.
Have you thought about renting property or getting a part-time job? In the past few years, people have been building small cottages or studios on their property to rent out. With the market rough for renters, this can be a great way to earn some extra cash. A lot of people also go back to work part-time. You’ve spent your whole working life developing certain skills that can be used in a wide variety of jobs that are low stress. This is also a great way to be social and have a routine during retirement! Speak with your advisor to learn other ways you can find unexpected income streams.
Listen to the full episode for more details or skip around to certain topics.
1:03 – Things unexpected
2:58 – Making money from hobbies
6:22 – Health savings account
11:26 – Renting property
12:35 – Part-time job
14:44 – Retirement navigator
For more, visit us online at http://flemingfinancialservices.com