Читать книгу Retirement Planning For Dummies - Matthew Krantz - Страница 44

Retirement planning is partly about wasting less money so that more is left for you to invest. Another powerful way to boost your retirement it to drive your income higher.

Along with the “saving more” guilt trip, another personal finance saw is to “make more money.” But let’s face it, not all of us can or are willing to switch jobs or careers just to boost our pay. However, if you’re looking for something less disruptive to your life, a side gig can be a powerful way to increase the amount you can save. A side gig is typically

 A task you do on the side, preferably something you enjoy: For example, you might make Halloween costumes and sell them on Etsy or eBay. Or perhaps you take photos that others can purchase to use on websites.

 A way to take advantage of an underutilized asset: Have a beach home? Consider renting it when you’re not there. Or why not rent your car when you’re not using it? Check out Getaround (www.getaround.com), which handles the insurance details when renting your car.

Side gigs come in many forms, and finding this type of work is easy. Although none of these side hustles will make you rich, added income can turbo-charge your retirement plan. (In Chapter 4, I cover how SEP-IRAs and other retirement plans can help you turn side gigs into a bigger retirement nest egg.)

While you’re still working, a side gig enables you to earn more money to pad your nest egg. And your side gig might turn into a profitable activity you can keep doing in your 60s and 70s. According to a 2018 report from the Federal Reserve (www.federalreserve.gov/publications/2018-economic-well-being-of-us-households-in-2017-employment.htm), 31 percent of adults were engaged in some type of side gig, which accounted for 10 percent or less of family income for three-quarters of them.

Next up, advice on finding a side gig.