4MAKE MONEY IN RETIREMENT

WAYS TO

Since the 2007 recession, many workers have either delayed retirement or returned to work. Today, many retirees have embraced the concept of working during retirement. Here are four ways to continue making money during retirement, along with a few financial moves to consider.

PUT YOUR HOBBY TO WORK FOR YOUIf you’re looking to earn some money in retirement, consider selling the product of your craft. Homemade, handcrafted goods – from clothes to furniture to food – are hugely popular.

1

CONSULTYou’ve spent an entire career developing your expertise at work. Consider putting that knowledge to work as a consultant in the same or similar career field.

2

BABYSITIf the idea of spending a few hours cuddling, cooing and playing hide-and-seek sounds enjoyable, consider offering your babysitting services to friends and family.

3

RENT OUT YOUR EXTRA SPACE If you live in a home with lots of extra space, consider converting some of it into a studio apartment. Look for renters who won’t make the rental more hassle than it’s worth.

4

WORKING WHILE RECEIVING SOCIAL SECURITY: WHAT YOU NEED TO KNOW

REDUCTION OF YOUR BENEFITS If you start taking retirement benefits before your full retirement age, the Social Security Administration only allows a certain amount of earned income before reducing your benefits. Once you reach full retirement age, however, there’s no reduction in your benefits no matter how much income you earn.

REDUCTION OF YOUR BENEFITS If you start taking retirement benefits before your full retirement age, the Social Security Administration only allows a certain amount of earned income before reducing your benefits. Once you reach full retirement age, however, there’s no reduction in your benefits no matter how much income you earn.

TAXATION OF YOUR BENEFITSIf you are retired and don’t have any earned income, the benefits you receive are typically not taxable at the federal level. However, if you are receiving Social Security benefits and have adjusted income above a certain amount, your benefits may become subject to taxation.

Working to make money in retirement is a choice that some people happily plan to make, but there are lots of life events that can transpire between now and then. For that reason, it’s important to build a nest egg for your golden years.

For more information visit http://www.regions.com/advice/make_money_in_retirement.rfThis information is general in nature, is provided for educational purposes only, and should not be relied on or interpreted as accounting, financial planning, investment, legal or tax advice. Regions neither endorses nor guarantees this information, and encourages you to consult a professional for advice applicable to your specific situation.