Would You Share Your Home To Earn Income in Retirement? - AMAC & Yahoo Finance
Social Security replaces just 40% of pre-retirement income. Financial planners and experts have advised for years that savings and pensions (or 401k plans) are needed to make up the difference so people can enjoy a fruitful retirement over mere existence. Gabrielle Olya reports on a Silvernest survey of homeowners aged 55-85 that found 49% felt underprepared financially for retirement. Some were looking for creative ways to earn income in their golden years. The survey found that 44% of homeowners in this age group would consider home sharing — mostly for the passive income — and 26% are more likely to consider it now than five years ago. The idea would allow folks to generate $10,000 per year or more. Few other options can generate this kind of passive income. Olya covers the pros and the cons of the idea, noting clearly it is not for everyone. Full piece here.