Need Extra Retirement Income? Rent Out a Room

We’ve written before about the benefits of side work for retired people looking for extra income. Another way to make extra money in retirement is to rent out a room, or multiple rooms, in your home to travelers. Thanks to the Internet, connecting with travelers who are looking for accommodations is fairly simple – and growing in popularity. Services like AirbnbVacation Home RentalsHomeAway and VRBO are among the most popular sites linking homeowners and travelers, both for vacation and business. Airbnb says homeowners over 60 are the fastest-growing type of host, which makes sense as many older folks are looking to boost retirement income while monetizing one of their largest assets: their home. In addition to the monetary benefit, hosting travelers in your home can help combat loneliness and provide a purpose to life after leaving another career.

Read more at The New York Times.

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