A whopping 52% of working American households are "at risk" for not being able to live as comfortably as they did before retirement, according to the findings derived from the 2014 National Retirement Risk Index published by the Center for Retirement Research at Boston College .
That's a sobering statistic considering retirement is classically considered a time when people get to enjoy the perks of a lifetime of hard work.
Whether it's finding the cash to take the trip of a lifetime or simply finding the money to make ends meet, there are a myriad of ways to quickly fatten your wallet, and in the process, enrich your quality of life.
How much can I make?
The first step for any retiree seeking more income should always be to know the rules when it comes to Social Security benefits. For those who are 62 or older and receiving benefits but haven't reached full retirement age, the limit for new employment income is $15,270 per year without facing penalties, according to the Social Security Administration. Any amount above that will be deducted from your monthly checks based on a calculation that factors in your age and how much you are making. But when you reach "full retirement age" you can earn as much as you want and still receive your full benefit check each month. Check the SSA's guide (link opens pdf) for more information.
Once you've determined how much you can safely make without impacting your benefits, the sky is the limit in terms of what you can do to boost income. Here are three simple ideas that can improve your financial status quickly without too much hassle.
Seasonal work is plentiful for seniors
Working a couple of months a year can increase income in the short term leading to long term financial benefits. Industry analysts were quick to point out as the holiday season approached that jobs are plentiful and could translate into year-round employment.
Job posting giant Monster staffer Lily Martis made it a point to highlight the findings of global outplacement consultancy Challenger, Gray & Christmas, Inc. which predicted companies across the country are poised to take on 700,000 seasonal employees to deal with the rush of holiday shoppers this year. But the jobs aren't all in retail, said John A. Challenger, chief executive officer of Challenger, Gray & Christmas in a press release.
"The big change we are seeing, however, is that while seasonal retail jobs remain flat or shrink, there has been a marked increase in seasonal job gains in other sectors," he said. "The sector with the biggest increase in holiday hiring in recent years has been transportation and warehousing, as more and more holiday shopping is done online."
When checking out possibilities for seasonal work, don't forget to consider the perks. Some positions at higher-end department stores include discounts on items you purchase or commissions for sales. As many as 20% of seasonal hires are retained for work throughout the year, according to Martis -- which you may or may not want -- and many seasonal workers come back during the next year's holiday rush.
Retirees can teach
Retirees have a wealth of knowledge that can easily translate into more income. Teaching is a great way to share skills and stay engaged in learning while saving for a big vacation or finding new revenue to invest. Depending on your specialty and preferences, teaching can be an incredibly flexible job choice as well.
Consider tutoring or consulting in your old field. Most colleges and universities will allow tutors to post flyers on campus or information on online bulletin boards.
Another flexible way to make extra money on a part-time work basis is to work as a substitute teacher. School systems across the country are continuously looking for a stable of people who are willing to be on-call when a teacher is sick or takes a personal day.
The range pay varies by state and district. In the Northeast, substitute teachers can make anywhere from $75 to $150 per day depending on the district and the level of experience. Do your homework, however before considering this option. Some districts require that subs have a Bachelor's degree to be considered, and you will likely be asked to undergo a background check including fingerprints. Subs can agree to work every day, a few days a week or even half-days. (Let's face it, having the summers off isn't a bad deal either.) The National Education Association has an excellent state-by-state summary that can help you get started.
And, it's worth noting that teaching does not have to be in traditional subjects. There may be money to be made teaching bridge, chess, sewing, or countless other skills you may have developed during your life that you can share with others in retirement.
Sell things you don't need
One of the easiest ways to make some quick cash while cleaning out your basement or attic in the process is to call on a reputable auction house to come cart the stuff away. While this option will only work once to boost your income, it's basically like getting paid to have someone else clean your space. Owners will get a percentage of the purchase price. It's often well worth the money to take a lower percentage if the auction house is willing to do all the work. The National Auctioneers Association provides a list of reputable auction houses in your area.