4 Money Making Tips For Retired People

This is a guest post by Catherine Howarth.

Retirement for many is a time of rest and relaxation, but for others it is a time to explore the world and experience what life has to offer.

However, such exploration requires a little financial backing, which of course without a job isn’t going to be easy. You could wait for that winning lottery ticket, or success with the Pools, but there are quicker, more reliable ways of raising a little extra money during your retirement years.

  1. An equity release scheme: Equity release schemes have been around for many years now and have helped a large number of people access extra funds, which are tied up in their home. An equity release scheme basically involves signing your home over to a release company, who will pay you a percentage of the property’s worth, either in one lump sum, or as monthly payments. In exchange the company will own the house upon your death, or upon the sale of the house. During the time in between you will be free to live in your home, while receiving your extra payments.
  2. Renting out your spare room: Many retired couples or individuals make use of a spare room during holiday seasons, renting to tourists spending time in their local area. Most renters on average charge £37-£48 per night, and open out the room for 22-100 days each year. This could be a wonderful bit of extra money to spend, with very little investment required. NOTE: Those living in London in the run up to the Olympics could especially benefit from renting their room in the next month or so, with thousands flocking to the Capital in time for the games.
  3. Selling your unwanted items: Not all retired people are computer-phobic and for those who do have a PC or laptop at home, making money from your old unwanted items couldn’t be easier. If you have reached a retirement age in the year 2012 your old clothing, accessories and other household items will now be deemed ‘vintage’ or ‘retro’ which is a very valuable tag to add to your item online.
    seniors working together
    Sites such as ebay.com allow sellers to post their item online and auction them off to bidders. You can choose to have a fixed price for your item or you can set it at a lower price and allow online buyers to bid and attempt to win your item, with the cost of your item potentially rising over the course of 7 days. Ebay has led to many success stories, including one seller who managed to sell their way from a paperclip to a home using the site, but for the majority of people it is a great way to get rid of unwanted clutter in the home, while making a profit.
  4. Selling your hobby: The Internet is also a great place to show off and make money from a hobby, which may include sewing, painting, knitting or other crafts. Sites such as Etsy.com allow Internet users to set up online shops for a very small price, which they can then use to sell their wares. You decide the price and postage of your item and then place the product on your site for 14p, with 3% of the price of the item’s price taken off at the time of the sale. Etsy, like Ebay, use PayPal, which is a trusted payment scheme programme that all Internet users know and trust. Developing an online shop can make your pastime even more enjoyable and is financially and emotionally rewarding.

Retirement doesn’t have to be a time when the world stops and could actually be a period of great change and excitement. You now have the freedom to spend your time as you wish and making extra money to fund a dream holiday or home improvements can be fun in itself.

Author Bio: Catherine Howarth is a freelance web writer and writes for http://www.equityrelease123.co.uk and other health, finance and beauty sites.

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