30 Secrets All Baby Boomers Need to Know About Money

1. Rent Out Unused Space

With your kids out the house, you might have more space than you need. Rather than letting this space go to waste, renting it out is an easy way to earn money.
The thought of inviting a stranger into your home might be less than ideal. But if there’s a space that’s separate from the rest of the home — perhaps a basement apartment or a room over the garage with its own entrance — you could have an income stream right under your nose.

“Stats show that approximately 80 percent of those over 65 own a home, and many have unused space that they can rent out to long-term housemates,” said Wendi Burkhardt, CEO of Silvernest, a roommate matching service for baby boomers and empty nesters. “Through home sharing, they can earn extra income that can be put toward their nest egg, mortgage payments and other living expenses. There’s also the added bonus of splitting bills and expenses.”
Even if you only rent out the space for $500 a month, that’s approximately $6,000 a year of passive income that can go toward padding a retirement account.