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Many people are opting to retire outside of the United States where the cost of living is lower and the health care is more affordable. While it might be cheaper to retire in Ecuador or Thailand, there are still costs that your savings or pension might not cover. Here are three ways to make money while retired without putting in many hours.
Rent Your House Long Term
If you own your house and feel reluctant to sell it just yet, consider turning it into a rental property and making money from it. You can either rent it fully furnished or clear out most of your furniture and let the new tenants move in. This is a great option for retirees who have relocated to Central America, where the cost of living is lower and they can live comfortably off the rent generated in the United States alone.
As far as landlord responsibilities, you will want to appoint a property management company that will hire contractors for repairs and answer any questions that your tenants have. They will even provide background and credit checks before approving a new tenant so you know your house is safe. Plan to give at least 10 percent of the rent to the management company for their services.
You’ll also need to consider how you will get paid in your host country. Tenants can easily transfer money to Mexico, or wherever you happen to be enjoying your retirement. This makes it easy for you to access your income in the local currency.
Let Your New Home Become a Vacation Home
Image via Flickr by Jeda Villa Bali
Just because you’re retired doesn’t mean you want to stay in one place! Many people retire to parts of the world they want to explore —like South America and Asia — and then spend weeks at a time visiting nearby countries that were out of reach when they were living in the United States.
If you’re planning to continue traveling, consider listing your new home on Airbnb. This is a great way to cover the cost of plane tickets to other countries so you can travel without blowing your savings. You should also consider renting or buying a house with an attached guest house or more rooms than you need so you can rent it to travelers all year round. This gives you an opportunity to connect with nomads on the road and form bonds with other travelers.
Pick Up Freelance Work and Control Your Hours
Many retirees don’t mind working; they just want the flexibility to control when they work and how often. There are many opportunities to take on digital freelance work.
Even if you don’t want to work digitally, there are freelance opportunities in the country of your retirement. English tutors are in demand around the world, and retirees can work with students in the neighborhood to improve their grammar and pronunciation for a small fee. For only a few hours a week, you could earn enough to cover your grocery and transportation bills.
Retirement is supposed to be your golden years and your time to relax. Don’t spend it working long hours and worrying about money. Enjoy your time abroad and explore these unique sources of income.