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Here's how retirees are making extra money without leaving their homes

by Chris Middleton

MoneyWise Editorial

Older woman in glasses
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A recent report from Forbes stated that two out of three Americans are draining their savings to cope with the rising cost of inflation.

If your retirement plan didn’t account for essentials becoming so expensive, it’s time to look at ways to boost your budget.

Need extra cash for your retirement? Here are a few simple solutions.

Save on online shopping in less than a minute

Capital One Shopping is an easy-to-use online shopping tool that can save you money on things you need from the comfort of your own home.

At the click of a button, you can download this browser extension and within 30 seconds it does all the deal-hunting for you.

Here’s how it works: If you're ordering your grandkid a birthday present on a big site like Amazon, Capital One Shopping will automatically search thousands of sellers to see if there are better prices anywhere else. It even takes tax and shipping costs into account.

Capital One Shopping also searches for coupon codes from its database of millions of users, saving you cash you didn’t even know you were missing out on.

Stop overspending on insurance

Insurance premiums are on the rise and having coverage is important to prepare you for when the unexpected happens.

While no one wants to be left worrying about a hefty medical bill after an accident, if you haven’t shopped around for insurance rates lately, you’re probably getting ripped off.

SmartFinancial products scan the web to make sure you’re not overpaying for insurance products. They cover all your bases — home, health and auto — so you can easily hunt all your discounts in one place.

With SmartFinancial you can find the best coverage for all your insurance essentials that won’t implode your monthly budget, but will still be reliable when you really need it.

Collect fat grocery store-anchored income

First National Realty Partners allows accredited investors to own a share of institutional-quality properties leased by national brands like Walmart, Whole Foods and Kroger, which provide essential goods to their communities.

Investors get a stable, positive cash flow and the firm handles the work for you. FNRP’s team of experts vets every deal against a rigorous set of investment criteria and manages them in-house, so you can enjoy your golden years.

You get the insight and benefits of ownership to secure your retirement, while the firm handles the hard work necessary to create a successful real estate investment relationship.

They even provide detailed financial projections and market research for each deal and host deal launch webinars where you can ask questions, so you’ll never be in the dark about your finances.

Invest in iconic art by world-famous artists

Masterworks is an investment platform designed specifically for investing in contemporary artwork.

Why? Because, like a fine wine, a piece of fine art gets better — and more valuable — with time. Contemporary art has outperformed stocks nearly threefold, and it has experienced way less frequent loss than the stock market.

Here’s how it works: You invest in multimillion dollar paintings, and once your piece of art sells, you get your share of the potential profits.

Masterworks lets you bypass the hard parts of art collecting, so you can just enjoy the rewards of investing in your retirement — without the fear of stock market volatility.

Make money with your grocery orders

This investing app can turn your spare change from everyday purchases — like that delicious prime rib — into savings for your future.

Acorns rounds up the price of your purchases to the nearest dollar and the spare change you’d normally toss in your pocket to be lost in the washing machine is put into a smart investment portfolio.

Investing 30 cents off a carton of eggs might not seem like much, but spare change adds up. $2.50 worth of daily round-ups add up to $900 per year — and that’s before your savings earn money in the market.

Signing up for Acorns takes less than five minutes and you can turn your shopping list into an investing habit for just $3 a month.

Tap into your home equity

A home equity line of credit, or HELOC, is a revolving credit line that you can borrow from on demand.

A lender will approve you for a specific amount of money — up to 85% of your home’s value — for a specific amount of time. When that time is up, you'll begin paying down the amount you’ve used, plus interest.

A HELOC is a flexible option when you have an emergency need for cash, want to cut down your monthly expenses or just need to keep up with the rising cost of, well, everything.

There's even a comparison tool to help you find the best lender for your HELOC, so you don’t have to spend time shopping around.