10 Ways To Supplement Retirement Income
Living on retirement income alone can be a challenge, that's why it's mandatory to at find at least ten ways to supplement retirement income. According to the Social Security Administration, the average monthly Social Security benefit for a retired worker is about $1,164. But these 10 ways to supplement retirement income means you don't have to worry about making it from one social security check to the next.
- Medical transcription. If you're familiar with medical terminology and can type at least 75 words a minute, you can supplement retirement income as a medical transcription. The demand is great and the pay is good, too.
- Home-based customer service representative. You can also supplement retirement income as a home-based customer service representative. A number of companies such as Alpine, West at Home, and Live Ops are always hiring people to work from home on the computer and assist their customers.
- Virtual Assistance. Have administrative or secretarial skills? Become a virtual assistant (VA). Almost any type service you can provide in an office can be provided remotely via email, fax, or online services and you can earn a very lucrative way to supplement retirement income.
- Alterations. If you can sew, set up an alterations service in your home. This is a dying art but the services are still in high demand. And someone who wants to earn extra money can work their own hours and still make a good a decent supplemental retirement income.
- House cleaning. Are you a clean freak? Many couples who both work willingly pay to have someone come in to clean their homes each week. It doesn't require heavy work, just dusting, vacuuming, changing the sheets, etc. but the pay makes a great supplemental income.
- Run errands. Errand services are growing in popularity, and if you like getting out, being around people, and have dependable transportation, this may be just the thing for you to do to supplement your retirement income.
- Writing. If you have a way with words, you can supplement retirement income writing content for online publication. While you may not get rich, there are a multitude of sites that will pay you for your efforts, and you'll get to meet online friends as well.
- In-home childcare. If you still have energy to spare, you can turn your love for children into a home-based child care service to supplement your retirement income. In some areas you can open a daycare in your home with up to ten children before you need to be certified. Check with your local county clerk before you begin, just to be sure.
- Lucrative hobbies. Turn a cherished hobby into supplemental retirement income. Do you like to bake or cook? Sell your pies, cakes and cookies to local businesses, or start a small catering service providing lunches for business meetings. There are many retired persons making good money with this idea.
- Part-time employment. If you prefer a more traditional approach, find a part-time job in a field you love, or become a consultant for the company you used to work for. Sometimes you can earn a better supplemental retirement income than the wages you earned when you worked a "regular" job for the same company!