Arizona Tribune - Northwestern Mutual: How to Supplement Income During Retirement

People who have done solid financial planning can often use these tools (along with some others) to generate enough reliable income to last through their golden years. However, for those who need a little extra-or who just want something to help provide purpose and meaning in retirement-there are several money-making activities that are well suited for retirees.

Start a side hustle

Whether someone has high-level expertise to share as a consultant, advisor, or freelancer, or they are a master craftsperson with a product to sell, establishing a side hustle can be a great way to supplement income during retirement. Many retirees have highly valued skillsets that they can put to use from the comfort of their home.

Teaching the skills they sharpened during their career is another way to make additional income either online, at a community college, or in other educational settings. The experience and expertise gained during the pre-retirement years doesn't go away-retirees should use it to their advantage to explore opportunities they've always wanted to try.

Look for part-time work

Similar to starting a side hustle, there are a number of part-time jobs available for people who want to pick up some extra work and still have flexibility to enjoy their free time.

Retirees should consider part-time jobs that build on existing skills, sound like an enjoyable challenge, and may even help broaden their social networks. They can ask around to see if anyone is looking for help, check online job boards, and reach out to old colleagues.

For any job or side hustle, it's important to check how additional income will affect Social Security and Medicare benefits.

Rent out property

For those who are lucky enough to own a second property or have space at their primary home, renting can be a way to make some additional cash in retirement. Monthly rent can be a reliable source of cash, minus the costs of repairs and taxes.

The bottom line

Retirement is a time to enjoy life, try new things, and take advantage of a more flexible schedule. If income is a concern, consider starting a side hustle, looking for part-time work, renting out property, and exploring investing, or research other alternatives. Above all, make the most of this time and have fun doing it.

The primary purpose of permanent life insurance is to provide a death benefit. Using permanent life insurance accumulated value to supplement retirement income will reduce the death benefit and may affect other aspects of the policy.

Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM) and its subsidiaries in Milwaukee, WI.

Contact: Don Klein, 1-800-323-7033

SOURCE: Northwestern Mutual