59% of retirees do this to increase their income

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    Many of us dream of retirement. But once we get there, money worries can make for restless nights.

    Having a source of income during our golden years helps us relax. And many people plan to make such money after quitting their full-time job.

    Logica Research recently released a new report on the future of money that reveals the changes in people’s financial lives related to work, retirement, and investing. The survey surveyed 1,000 US adults and 200 older (aged 16 to 24) Gen Z members.

    Below are the top three ways people want to increase their income in retirement.

    1. Secondary employment

    Elderly man working from home
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    Respondents planning to increase their retirement income in this way: 59%

    Part-time jobs are all the rage these days. Their popularity has grown in recent years and has really picked up steam after the pandemic hit. A 2020 survey by LendingTree found that 45% of Americans surveyed are considering starting a side business, and 50% of Millennials have already done so.

    The idea of ​​generating income while being your own boss has tremendous appeal. A record number of small business applications — more than 5 million — were completed in 2021, a jump from just 3 million in 2016.

    And it’s never too late to start. For more information, see 9 Senior-Centered Side Jobs to Round Out Your Retirement.

    2. Side job

    Elderly man working in agriculture
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    Respondents planning to increase their retirement income in this way: 48%

    The part-time job has long been a fixture in retirement. Those who still want to work in their golden years — but just a little bit — are looking for part-time jobs ranging from cashier at a local daycare to greeter at Walmart.

    It’s no wonder, then, that nearly half of adults plan to work part-time when they retire.

    3. Short term investments

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    Respondents planning to increase their retirement income in this way: 31%

    At the turn of the 21st century, day trading was on everyone’s lips – until the tech bubble burst on the stock markets and countless armchair investors returned to their regular jobs.

    But in recent years, the idea of ​​getting rich from short-term investments has seen a renaissance, particularly with the rise of meme stocks and cryptocurrency trading.

    While the wisdom of this investing strategy remains a matter of heated debate, nearly a third of adults say they will try short-term investing when they retire.

    How to build wealth before you retire

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    You don’t have to wait until retirement to start a part-time job. FlexJobs, partner of Money Talks News, can help you find flexible ways to work from home.

    For more information on finding a great source of extra cash, see 10 Moneymaking Side Gigs You Probably Didn’t Think About.

    Investing well is another tried and true way to build wealth throughout life. In fact, investing smart can put you in a position where you don’t need extra income during your golden years.

    For wealth building tips, enroll in the Money Talks News course starting today money made easy.

    money made easy is an online course with lessons on 13 key finance 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:

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    Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links in our stories.

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