With inflation at a 40-year high, many retirees are starting to feel the squeeze of higher prices on their budgets. Not only can this impede luxuries like dining out and playing golf, but also necessities like food, energy, and medical care. If you need money now because your dollars are getting stretched too thin, here’s what you can do to get the funding you need:
For decades, retirees have used part-time jobs like working at big-box stores and restaurants as a way to make a little extra money. But these days, the Internet has made it possible for nearly everyone, including older Americans, to get paid for doing several different freelance jobs. These jobs may include things like:
- Writing or editing
- Recording voiceovers
- Selling handmade products
The great thing about freelancing is that you can work when and as much as you want. And if you’re great at what you do, you might even be surprised by how much you can charge for your services.
2. Sell unused or unwanted items
Chances are you may have items lying around the house that haven’t been used in years, like:
- Outdoor sporting equipment
- Musical instruments
If so, you could consider selling them for some spare cash using eBay or Facebook Marketplace. The items you sell don’t even have to be your own. If you frequent garage sales, you could buy items and flip them later for a profit.
3. Get a HELOC
If you’ve been making payments on your house for several years now, then you may have built up a decent amount of equity and might qualify for a home equity line of credit (HELOC). A HELOC effectively turns your home’s value into a line of credit (similar to a credit card). For the first 5 to 10 years, you’ll only be required to pay the interest on any money you spent. Afterward, your outstanding balance will roll into a loan.
4. Apply for a personal loan
If you’d rather get quick cash without putting up collateral, then try applying for a personal loan. Personal loans are often unsecured and can provide applicants with hundreds or thousands of dollars relatively quickly.
Nearly any bank, credit union, or online lender will offer personal loans. And better yet, you may not need great credit to qualify. Just be sure to compare interest rates and origination fees while shopping around.
5. Rent out space in your home
If your home has a spare room or other space that you’re not using, you could try renting it out. Many homeowners who live near a beach or tourist city convert a portion of their house or outside structure (such as a garage) into its own livable area. Then, they’ll advertise it for free on a platform like Airbnb or VRBO. Depending on the location and space, that rental could end up producing hundreds of dollars per week of passive income.
The bottom line
If you’re retired and need money now, then don’t hesitate to get the extra cash you need quickly. You can try freelancing, selling old items, or renting out a room. Tapping your home’s equity or applying for a personal loan will also get you the funds you need right away to cover expenses.
Notice: Information provided in this article is for information purposes only. Consult your financial advisor about your financial circumstances.