Retirement is often seen as an easy-breezy stage of life where you can relax and enjoy pottering around the house and garden. In a suffering economy though, most retirees are beginning to look for part-time work to supplement their meager pension funds. When you reach retirement age, you can continue making money if you feel you cannot survive on your pension.
There are six ways that are particularly effective for pulling in around $1,000 per month:
You can purchase certificates of deposit and enjoy some retirement income off of the interest. You’ll have to invest around $600,000 to get $1,000 per month at current interest rates.
For around $170,000, you can purchase an annuity that will pay around $12,000 per year after retirement. Consider buying survivor annuities or joint annuities to take care of your loved ones.
Your Social Security retirement benefits will increase considerably if you work until 70, instead of taking your retirement at 62. Provided you can still do your job, you may want to hold onto it for a few more years instead of taking your retirement.
Your bank pays you instead of paying the bank, but you’ll face a forced sale if you cannot live in your home anymore due to a need for medical care.
At current rates, the minimum wage for retail and clerical temps is between $6:25-$8:25, depending on which US state you live in. This will pay around $66 a day or $330 per week with a 40-hour workweek. So a part time job on minimum wage would give you $165 a week, or $660 a month. Working after retirement may defeat the purpose of retiring, however.
If you’re willing to take the risk, mutual funds can still pay off after your retirement. You’ll have to invest around $300,000 to realistically get $1,000 per month. Remember that you may not want to invest money you cannot live without in the stock market, as there is real risk involved.