One of our biggest fears is that we haven't saved enough for retirement.
It's time to stop worrying about it and start doing something. The fact is, there are a growing number of options.
The answer may not necessarily be working in your current job through retirement. Many of us don't realize it, but we may not all be healthy enough to do that. In fact, according to the
"I think that when people are in this position, they need to try not to worry and panic, because they have options," says
"Knowing what your expenses are can go a long way in making sure you can have a comfortable retirement," says
But after that, there are other ways for retirees to actually earn -- or save money -- many that you probably haven't thought of.
1Can you turn your hobbies into extra income?
White says one client, a former engineer, now teaches the clarinet, bassoon and sax to children and adults. Another client, a former nurse, became a substitute teacher.
Both turned to their hobbies.
Another option, says Franks, is website Udemy.com, which offers online instruction. If you have any skill -- plumbing, baking, cooking or even how to use an Excel spreadsheet -- you can turn it into a course and offer it though Udemy.com. People pay to take the course.
She says one woman created a cake-decorating course. "She has 554 students paying her
2Embrace the "shared economy."
Franks says a growing trend is people renting rooms like a hotel or bed and breakfast. "Retirees can rent out rooms of their house for as much as
"You can rent out rooms in your house through HomeAway.com, Vacation Rentals By Owner.com or Airbnb," Franks says. "It's almost like a mini bed-and-breakfast style way to make extra money. It's perfect for making extra retirement money. Usually the kids are gone, so most people close to retirement have spare rooms."
If you don't want to rent rooms, consider renting kitchen appliances or even tools, she says. "You could rent out your camera for
Another option: Take care of pets when their owners are on vacation. DogVacay co-founder and CEO
"We had left our dogs in a kennel for a 10-day trip and the cost was
The couple started keeping dogs in their home, first for friends and later for others. DogVacay was born. "It turned out to be a way better experience," he says. "The dogs are in a loving home; they get to be out of a cage. Also, it's more affordable than a kennel, because there is no overhead."
In a little over two years, the company has grown to 15,000 hosts across the country, a good portion of them retirees, Hirschhorn says. The hosts set their own rates, and DogVacay gets 15% for infrastructure support, including customer service.
Hosts can keep up to three dogs at a time, and the average is
3Sell or rent your home and move into a luxury home.
"We'll match that vacant home with someone with nice furniture, like an empty nester. They can live in a home with their own furniture. They pay 30% to 50% less (than the market rate). They can live in a golf course gated community. But they have to leave when it's a showing, and they have to keep it in good condition."
Showhomes will pay to move you in, and then pay to move you out when the home is sold.
"You get to live large for less," she says. "You get to live in these beautiful properties. With this particular community, HOA covers lawn care and maintenance. You are living in these gated communities, a pretty maintenance-free situation. If the water heater goes out, that is the homeowner's cost. You get to have a more relaxed and enjoyable lifestyle while you are saving money."
"It becomes a win-win for everyone," says Kelton. "Homes sell faster. The home manager is able to live at a highly reduced rate. They stay on average five months. They don't move until the house moves. I've had people in for 30 days and some people for 18 months.
"It's not for everyone," he says. "But if they are flexible they can live a lifestyle, a lot of times, they couldn't afford."
2012 phtoo by Damian Dovarganes, AP
for USA TODAY
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