Interview for Time.com: 3 Tips for Senior Looking to Make Extra Income

Thanks to Ingrid Case for the opportunity to be a resource for her article on Time.com on “3 Tips for Seniors Looking to Make Extra Income”. Ingrid takes a look at how Seniors can earn money in retirement through the sharing economy (think: driving for Uber or Lyft, hosting guests through Airbnb or offering services through TaskRabbit”.  As Ingrid points out, these are great ways to make extra money while setting your own hours, there are other considerations some of which I covered in “Thoughts on the sharing economy“.

The complete article “3 Tips for Seniors Looking to Make Extra Income” can be read by clicking on the article name. Article excepts including my comments follow below:

You may need to augment your insurance coverage if you are, say, using your car in a ridesharing service. “If you’re a senior, you do not have time to replace the nest egg that an uninsured accident could destroy,” says Tony Steuer, an insurance industry consultant in Alameda, Calif.
There are other insurance considerations for example, if you are driving for Uber or Lyft, your personal auto insurance will not provide any coverage during the time you are in your car waiting for a passenger.  Coverage through Uber or Lyft starts when you have a passenger.  If you are renting out your home, your homeowner’s coverage may not provide coverage.  It’s important to read and understand the terms of your policy and to seek out supplemental coverage as needed.

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