Best Supplemental Income for Senior Budgets

Sun, Feb 9, 2014

Financial Advice

It is no secret that Social Security benefits pay retirees very little each month. Even if they worked all of their lives and paid into this system with every paycheck, retirees may have a difficult time surviving if they have no retirement savings or pension on which to rely. Seniors may also qualify for disability benefits if they were in an accident or suffered from an injury on the job.

When seniors find it a challenge to live month to month, they may explore ways that can supplement their income while still staying under the allotted limit of earnings set by the Social Security Administration. Retired individuals can search for the best earning opportunities that allow for their physical limitations, time constraints, and overall capability of committing to steady employment. They also may keep the below suggestions in mind.

Part-Time Jobs

Many retired people seek part-time work that consists of their working a few hours each week. Despite the limited hours, such a position may give these individuals enough money to afford groceries or put money aside for emergency expenses. Because they only work minimal hours, seniors can avoid having to buy expensive insurance or contribute to an employer-sponsored retirement account. They also may have fewer taxes taken out of their paychecks.

Disability Income

In the event of an illness or accident, retirees may be qualified for disability insurance to make up for the loss of income from not regularly working. Seniors can see if they qualify for earning this money. Guidelines for filing claims may be difficult to understand and the process can be very time consuming. Claims may require medical professionals and documentation to help seniors receive the benefits they need. According to one social security & disability lawyer in Chicago, attorneys can help senior citizens properly fill out their forms, file their claims, review denials, or requesting a hearing.

Independent Contracting

Retired individuals can also earn a reasonable income by taking on independent contracting positions. These self-employment opportunities could come in the form of selling cosmetics, tutoring local students in math, composition, and other school subjects, fixing cars or motorcycles out of their garage, babysitting, or offering lawn care services to neighbors during the spring and summer. Because they would be self-employed, these individuals can control how much they earn, although they also would be responsible for withholding their own taxes and claiming their earnings each year.

Collecting Tin Cans and Other Recyclables

With the price of aluminum on the rise, many retired people make money by collecting soda cans and other aluminum items and selling these things to scrap metal dealers. If they look in ditches or in public trash bins each day, these people could accumulate a reasonable amount of cans to sell. While it may not be a lot of money, this extra cash could be saved for emergencies.

Selling Items on Online Auctions

Perhaps a more lucrative way for seniors to make money would be to sell clothing, collectibles, household goods, and other items online. Many buyers are interested in buying unique wares or collectibles that have historical value. These things could be found at local garage sales or secondhand stores and then resold on an online auction. This method of making money also gives retirees control over how much money they bring in each month.

Medical Studies

Pharmaceutical companies are always on the lookout for willing participants to take part in medical studies. These trials test out new medicines or medical procedures and often pay a significant amount of cash. They do require that participants stay a few days at the clinic or laboratory hosting the study; however, many of these trials are safe and come with little physical risk to seniors who take part.

Living month to month on Social Security can be difficult for senior citizens who lack a pension or retirement savings. Rather than suffer financially, retired people can supplement their incomes by accepting any of these positions.

Freelance writer and baby-boomer LaGeris Underwood Bell is happy to provide useful information for her fellow seniors. When Windy-City disabled senior citizens are moved to earn additional income because of problems with obtaining or maintaining social security benefits, they should seek out the services of a social security & disability lawyer in Chicago. That may be the best move they can make in securing more stable income.

One Response to “Best Supplemental Income for Senior Budgets”

  1. Stephan Says:

    Worms recycle kitchen scraps to create an additional income for pensioners!

    I want to thank you for your article and the great suggestions on how elderly people
    can supplement their income. I want to suggest another worthwhile project that goes in line with your suggestion of collecting recyclable items and can create quite a significant income with little to no investment and risk involved.

    Extra income is one of the things many if not most people that are facing retirement will have to rely on if they want to make ends meet.

    It is a fact that we all are moving into a uncertain future and that no one can guarantee the aging populations of the western world that their pensions will be guaranteed and sufficient to pay for the day to day living expenses.

    Thats why it is a good idea for people facing retirement to look for a hobby that is fun, easy to set up and has the potential to put some extra cash on the table.

    Recycling kitchen, pet and garden waste with the help of earthworms can be an excellent way to supplement the income of pensioners. Worm composting is environmental friendly, rewarding, good for soul and mind, can be done nearly anywhere, be started on a shoestring budget and turned quickly into a fascinating hobby and sustainable business.

    Worm composting takes pressure of our land fill sites, reduces the production of harmful greenhouse gases, gives precious nutrients back to mother earth and produces several possible streams of income.

    It is an excellent project to start for people that love gardening, the environment and want to generate an extra income.
    Stephan´s last blog post ..Nov 17, Worm composting for retired people

    Reply

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