The Sharing Economy Might “Lyft” You to a Comfortable Retirement
Category: Financial and taxes in retirement
September 29, 2015 — Earlier this month we ran an article about starting your own business in retirement. This will continue the series, but this time we will concentrate on other ways to make extra money once you retire. With so many baby boomers concerned about their retirement finances (only 46% of members in our recent survey say that their expected retirement income will allow them to continue their pre-retirement lifestyles), we expect it is a topic many of you will be interested in.
There are generally 2 ways to put the extra money in your pocket that affords a worry-free retirement. You can either work for someone else, or you can be your own boss. Each of them has their particular advantages and disadvantages. Let’s look at both.
Comments on "The Sharing Economy Might “Lyft” You to a Comfortable Retirement"
ella says:
Great article. Much to think about. Thanks!
ljtucson says:
One of the advantages of an active adult community is the ability to leverage your skills into part time jobs providing services to other community members. In our community newsletter you will find residents who have the skills to provide services such as electrician, handyman, painting, income tax, accounting, pet sitting, home watch, interior decorating, computer assistance, electronics tv/stereo setup, clock repair, sewing, cooking, plumbing, a/c repair, airport runs and more. The best part is that they are right here, they are really talented and their rates are most reasonable.
Elaine C. says:
This is a great article, and gives me hope to be able to do interesting work in retirement. I absolutely will have to work.
ella says:
My cousin, who lives in Solavita in Kissimmee, Florida, confirmed ljtucson's post. She even buys used furniture, washers and dryers in amazing condition for tiny prices. Seriously - $75 for a 2-year old top quality washer and same for dryer, etc. Then, there's a 'truck guy' in her community who delivers it for a pittance. Sweet!
DeyErmand says:
This article is a keeper. I can't imagine not working in retirement. I am not a stay at home guy, and if I am, I am outdoors. I want to volunteer, but working part time, provides a wage, too.
Larry says:
Kudos to Top Retirements for addressing this issue. Earlier this week, using published data on job prospects across the nation, I posted an article about "The Best Places to Earn in the Southeast." Fascinating data, including that Durham, NC, seems to be an ideal place to earn across a number of occupations. Many retirees I have met have gone into the real estate business to supplement their post-career incomes. Charleston, SC, a wonderful town in most regards, is about the worst town in the nation for income from real estate. If you are interested in reading the entire article, it is at my website, GolfCommunityReviews.com
Admin says:
One thing to think about that we hadn't considered before. If you have substantial assets you should probably think twice about if and how you participate as a provider in the sharing economy. For example if you are an Uber driver and have an accident, your coverage from Uber, if any, will probably not be that great. Lawyers who sue on peoples' behalf look for the deepest pockets, and those might belong to you. Likewise a slip or fall in your home while renting out to an Airbnb client could lead to a lawsuit. Something to consider or discuss with your insurance agent.
Pam Barry says:
I have been a guest at Airbnb for a few years now using a variety of different types in several places. My choices have included a private Casita in New Mexico, a bedroom for a short overnight at a UK airport, and a long term weekly suite for business. All worked out very well. I saved financially, met some interesting and very welcoming people, and had some fun trying out new experiences.
Recently I also chose to become a host. Our house in Orlando area attracts tourists, people visiting family, snowbirds, cyclists, and business people. I am having fun meeting people and they have all been great guests.
This is one of our listings - https://www.airbnb.com/rooms/13941588
The best part of Airbnb is it is a community, the members are looking for something a little different, not an anonymous hotel chain.