Ways for Seniors to Augment Their Social Security Benefits

  Social security benefits can be helpful, but they often don’t provide the amount of money seniors need to sustain them throughout retirement, which can lead to difficulty paying their bills or affording the groceries they need to maintain a healthy lifestyle. Here are a few ways seniors can generate some extra income.

Care for Children

Older adults in good health with extra energy to spare can turn their love for kids into home-based child care centers to make extra retirement income, but they should make sure to check their local laws about opening daycare facilities. In some places, people can open daycares in their homes for up to 10 kids before needing to go through a certification process.

Get a Reverse Mortgage

This type of mortgage is available to qualified homeowners who are 62 or older. Reverse mortgages provide aging adults with the opportunity to turn part of their home equity into cash. Seniors can customize the payments from the advances according to their needs. They can take them as lump sums, lines of credit that rise over time, or two monthly payments, whatever works best for them. Choosing to take advantage of this type of mortgage allows seniors to keep living in their homes and maintain their titles while getting rid of monthly mortgage payments and boosting their cash flow. Living alone at home in the golden years can present a few unique challenges. Trust in-home care professionals to help your senior loved one maintain a higher quality of life while he or she lives with an illness and performs the daily tasks of living. 

Take Up a Lucrative Hobby

Older adults can turn their favorite hobbies into supplemental income. Seniors who like to bake can sell their cakes and pies during the holidays and on special occasions to friends, neighbors, and local businesses. If gardening is their passion, they can sell their vegetables at farmers’ markets in the area. Seniors who need assistance with gardening and other daily tasks can benefit from professional in-home care. Aging in place can present a few unique challenges for older adults. Some only require part-time assistance with exercise or meal preparation, while others are living with serious illnesses and benefit more significantly from receiving 24-hour care. Irving, TX, Home Care Assistance are leaders in the elderly in-home care industry for good reason. We tailor our care plans based on each senior’s individual needs, our caregivers continue to receive updated training in senior care as new developments arise, and we also offer comprehensive care for seniors with Alzheimer’s, dementia, and Parkinson’s.

Rent Out a Room

Often, older adults who own spacious homes with extra bedrooms don’t want to sell them, either for sentimental reasons or because the market isn’t right. Renting a room to another senior or a college student may be a good option for generating extra funds, and it could be especially profitable if the home features a renovated basement that’s separate from the main living space.

Try Online Tutoring

There’s a growing need for online tutors, especially for students from other countries. Teaching is one way older adults can make their broad experience and knowledge work for them. They can pass on their expertise to the younger generation through many online platforms, such as Thinkific and Teachable. Seniors who lack special content expertise can choose to teach English or a variety of other subjects online. 

Offer Housekeeping Services

Older adults can offer to help others in need by doing light household chores such as grocery shopping, laundry, dusting, and meal prep. There are also professional companies looking to hire personal assistants. Caring for others can give seniors a sense of purpose and boost their self-esteem while they earn supplemental income for their retirement. Engaging in various activities to earn extra income can boost your loved one’s energy levels and increase his or her overall health. If your elderly loved one needs help maintaining a high quality of life while aging in place, reach out to Home Care Assistance, a trusted provider of Irving home care. Our caregivers provide transportation to and from medical appointments and social events, nutritious meal preparation, assistance with daily exercise, and help with everyday tasks like bathing, grooming, and light housekeeping. Schedule a free in-home consultation by giving us a call today at (817) 591-1580.