15 Smart Ways to Make More Monthly Income

Fully two-thirds of workers surveyed in the 2021 Retirement Confidence Survey by the Employee Benefit Research Institute said they expect to be working in retirement for income, but only 23% of retirees were actually doing so. Life doesn't always unfold the way we think it will. Meanwhile, only 29% of workers were very confident they'd have enough money to live comfortably in retirement.

Clearly, most of us would do well to amass heftier nest eggs for retirement, and a key way to do so is to bring in more money, so that we can save and invest more. Here are 15 ways to go about making more money -- now and in retirement.

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Let's start with dividend-paying stocks, as they can be very powerful portfolio builders. They will quietly and regularly keep depositing cash into our accounts that can be invested in additional shares of stock -- or, in retirement, can be spent. These payouts will generally happen in both good economic environments and bad, and healthy and growing dividend payers will tend to increase their payouts over time, too. For best results, focus on great companies with growing dividends.

A great way to boost your income without getting a side job is to just ask for a raise at work. This works more often than many of us think it will. Of course, for best results, it's good to deserve a raise, due to hard work and solid performance data -- and to be prepared with convincing arguments and reasonable expectations.

If a raise is not in the cards, you might consider getting a new job -- or a new, better-paying career. According to ADP Research Institute's Workforce Vitality Report, job switchers tend to get bigger pay bumps than jobholders. There may be a different career you've considered switching to. If it not only pays more but seems like it will be more satisfying, look into what steps you might take to work toward it. You may, for example, need to earn a professional certification or a new degree.

ALSO READ: 9 Signs That a Career Change Will Pay Off

A classic way to generate more income, whether you're still in your fully working years or are newly retired, is to take on a part-time job, at least for a few years. You might be a cashier in a local store, for example, or you might serve as a crossing guard or wait tables at a restaurant. There are many possibilities, and if you can earn, say, $16 to $20 per hour, working an extra eight hours per week can generate $128 to $160 per week (pre-tax) -- or $6,656 to $8,320 per year (also pre-tax).

There are gobs of less traditional jobs you can take on the side in order to earn extra money. For starters, if you have certain skills, you can probably make money teaching them. You might be able to teach kids or adults to speak Spanish or Chinese, for example, or you might give voice, piano, or guitar lessons. There are probably people out there who would pay for knitting or woodworking lessons, too. Think about what you might be able to teach.

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Driving can be a good side gig, too. You might, for example, drive for a ridesharing service such as Uber or Lyft on some evenings and/or weekends. Alternatively, you might focus just on delivering, perhaps picking up and delivering meals through services such as Uber Eats, DoorDash, or Grubhub, which is owned by Just Eat Takeaway.

ALSO READ: Can DoorDash Keep Delivering for Investors?

You may not want to teach, and you may not enjoy driving, but if you do enjoy knitting or woodworking or making soaps, jewelry, or other crafts, you may be able to make some good money on the side selling your wares. You could do so at local farmers' or craft markets, or online, at sites such as Etsy. You might be able to make and sell paintings or photographs, too.

Your home might be another source of income, if you rent out some or all of it now and then. Through services such as Airbnb or Vrbo, which is owned by Expedia, you might rent out a basement apartment or your whole home for a few nights on occasion or even a few weeks. How much you might make will depend greatly on what kind of space you have to offer and where it is. A luxe space in a popular city might fetch several hundred per night, while an average space in a suburb will be less desirable.

A more extreme moneymaking initiative using your home is to take in a boarder, if you have the setup for that. A single student or professional might pay several hundred dollars per month (and possibly a lot more) to rent a basement apartment or even just a bedroom and bathroom.

This idea doesn't directly generate revenue, but it will put more dollars in your pocket just as a job might: Pay down your high-interest-rate debts, such as those from credit cards. If you owe, say, $20,000 on credit cards and are being charged a not-unusual 20% annually, you're losing $4,000 to interest alone each year. Pay off that debt, and that $4,000 per year will stay with you and can be put to productive uses.

ALSO READ: How to Pay Off Debt

A fairly painless way to spend less -- and thereby keep more of your income to yourself -- is to refinance your mortgage. Interest rates have been extremely low for many years now, so you may have already refinanced your home loan. But if you haven't, or if you have but your current rate is still at least about a percentage point higher than one you could get now, consider refinancing. And the sooner the better, as the Federal Reserve has signaled that rates are likely to rise in the near future. If you can lower your monthly payments by, say, $150 per month, that can save you $1,800 per year. (Keep in mind that refinancings involve closing costs, so you'll want to be fairly sure you'll stay in your home long enough to more than break even.)

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Presented by Motley Fool Stock Advisor
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Another way to spend less is to go through a budgeting process -- taking a close look at exactly where your money goes and making any changes that can better allow you to reach your financial goals. For example, you might find that you're spending $75 per month for a gym membership you don't use, or $2,000 annually on lawn care that you could do yourself. You could spell out your financial priorities, such as saving for college expenses and retirement, and set up a system that can automatically route preset sums to specified accounts.

ALSO READ: How to Automate Your Investments

If you're interested in making money via real estate, consider buying investment property to rent out. Just don't assume that it will be easy money. Being a landlord involves all kinds of costs, such as property taxes, insurance, maintenance and repairs, temporarily empty units, and more. There can also be headaches, if you have troublesome tenants. Still, for the right kind of people, this can be an effective way to generate income on the side.

ALSO READ: Rental Property Investing Basics

Here's a win-win proposition: Declutter your home and generate cash at the same time! You can do this by holding some yard sales of things you no longer need or use -- which may be stored in your attic, basement, garage, or even a storage unit. Some items, like collectibles, might be best sold online, if that's where you're most likely to run across buyers willing to pay a better price. There are some services, too, that can sell items for you. And an even easier route with much of this stuff is to simply donate it, getting a possible tax deduction. (The standard deduction has risen significantly in recent years, so itemizing deductions may not be the best move for you, but if you have enough in deductions it can be.)

Annuities are also worth considering. They can generate income in retirement, and possibly more than you could have gotten otherwise, if you live a long life. Fixed annuities are simplest and, arguably, best. They involve your handing a lender a fat sum of money in exchange for regular payments beginning now or later. You can choose annuities that will pay you for a set number of years or ones that will pay you (and even a surviving spouse) for the rest of your life.

ALSO READ: What an Annuity Is and Why You May Need One

Finally, another way to get more income in retirement is to make the most of Social Security. There are ways to increase your benefits, such as by earning more during your working years, working more years (aim for at least 35), and perhaps delaying starting to collect your benefits. Delaying starting to collect, if you can, can pay off well if you live a longer-than-average life, as it will maximize your benefits, and those benefits will receive cost-of-living adjustments throughout your retirement.

5 Stocks Under $49
Presented by Motley Fool Stock Advisor
We hear it over and over from investors, “I wish I had bought Amazon or Netflix when they were first recommended by The Motley Fool. I’d be sitting on a gold mine!" It's true, but we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Click here to learn how you can grab a copy of “5 Growth Stocks Under $49” for FREE for a limited time only.

Not only should most of us be looking into how we might generate more income to save and invest, we should also have an overall retirement plan. Take some time to figure out how much money you'll need to retire with and how you'll amass that sum. Don't leave your retirement to chance.

Selena Maranjian has no position in any of the stocks mentioned. The Motley Fool owns and recommends Airbnb, Inc., DoorDash, Inc., and Etsy. The Motley Fool recommends Just Eat Takeaway.com N.V. and Uber Technologies. The Motley Fool has a disclosure policy.