October 2020


3 extra income ideas for retirees

(NC) Many seniors relying on a fixed income are looking for creative ways to make some extra monefor everyday expenses and big-ticket splurges, like a boat or home renovation. Fortunately, there are both passive and active ways to go about it. Here are a few to consider: 

Sharing economy. 

Many seniors have extra property or vehicles that they don’t use every day. If you do, you can tap into new trends resulting from the pandemiclike more people wanting to travel within their province and use cars to get around. If you have a cottage, summer home or unique second property, perhaps you can list it on home-sharing sites for some extra income a few weeks or months of the year.  

Pet care. 

Plenty of families have jumped on the pandemic puppy bandwagon for added company while spending more time at home. But some were unprepared for juggling the demands of a dog with remote working and learning, and they may need help with daily walks. You can put up signs or post on neighbourhood groups on social media to advertise your services. You can also offer to take full-time care of pets while their owners go on vacation, as many local travel destinations have new safety restrictions prohibiting pets.  

Hidden financial benefits. 

Over your lifetime, you’ll likely have done business with many companies and held many insurance policies. This means you may be able to cash out shares you didn’t know you had or qualify for other benefits, such as from an old insurance policy. For example, Economical Mutual Insurance Company is encouraging policyholders to check their eligibility during demutualization. The company has stated that more than 630,000 customers who held a policy for the 12-month period ending on November 3, 2015 may be eligible for one-time financial benefit in the form of cash or shares once the company becomes publicly traded.  

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