Many of us dream of retirement. But once we get there, worries about money can cause some restless nights.
Having a source of income during our golden years helps put us at ease. And many people are making plans to generate such cash after leaving their full-time jobs.
Recently, Logica Research published a new Future of Money report highlighting changes in people’s financial lives related to work, retirement and investing. The survey polled 1,000 U.S. adults, as well as an augment of 200 older (ages 16 to 24) members of Generation Z.
Following are the top three ways people plan to boost their income during retirement.
1. Side hustle
Respondents who plan to boost their retirement income this way: 59%
Side hustles are all the rage these days. Their popularity has grown in recent years and really took off after the pandemic arrived. A 2020 survey from LendingTree found that 45% of Americans surveyed were considering starting a side hustle and that 50% of millennials already had done so.
The notion of generating income while being your own boss has enormous appeal. In 2021, a record number of small-business applications — more than 5 million — were completed, a jump from just 3 million in 2016.
And it’s never too late to start. For more, check out “9 Senior-Centered Side Hustles to Round Out Your Retirement.”
2. Part-time job
Respondents who plan to boost their retirement income this way: 48%
The part-time job long has been a fixture of retirement. Those who still want to work during their golden years — but only a little bit — look for part-time work ranging from being a cashier at a local nursery to a greeter at Walmart.
So, it is no surprise that nearly half of adults plan to pick up part-time work during retirement.
3. Short-term investments
Respondents who plan to boost their retirement income this way: 31%
At the turn of the 21st century, day trading was all the rage — until the stock market tech bubble burst, sending untold numbers of armchair investors back to their regular jobs.
But in recent years, the notion of getting rich on short-term investments has had a renaissance, especially with the rise of meme stocks and cryptocurrency trading.
While the wisdom of this investing strategy remains a subject of fierce debate, nearly one-third of adults say they will try their hand at short-term investing during retirement.
How to build wealth before you retire
You don’t need to wait for retirement to start a side hustle. Money Talks News’ partner FlexJobs can help you find flexible work-from-home opportunities.
For more on finding a great source of extra cash, check out “10 Money-Making Side Gigs You Probably Haven’t Considered.”
Investing well is another tried-and-true way to build riches over a lifetime. In fact, smart investing can leave you in a position where you will not need any extra income during your golden years.
For tips on building wealth starting today, sign up for the Money Talks News course Money Made Simple.
Money Made Simple is an online course with lessons on 13 key financial topics. Money Talks News founder Stacy Johnson created these lessons, which include short videos, articles and worksheets. The chapters cover everything you need to know about:
- Setting and achieving goals
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