Once upon a time, retiring meant hanging up the proverbial boots and saying goodbye to working. Today many Americans are redefining retirement by choosing to work after the age of 65. If you’re looking for a way to join them and make extra money in retirement, read on!
If you’ve just retired, it’s time to pop a bottle of champagne, celebrate your achievements and say goodbye to working in the traditional sense. You’ve earned it. Then you might consider that retirement is a great opportunity to earn extra money on your terms while staying active and social. Whether it’s to supplement your pension and Social Security or simply to monetize a hobby or skill you’ve always wanted to try, there are many achievable ways to earn a decent income after you retire.
1. Investing and Trading
This is an ideal strategy for younger retirees or those who want to use their extra money to build a nice nest egg for their children or grandchildren.
Learning how to invest wisely can be one of the best ways to earn extra income leading up to retirement and well after. I’m not talking about the get-rich-quick schemes you see on YouTube. The key is to start as early as possible and invest in something modest and safe like Index Funds or ETFs.
Make sure you do your research if you plan to start investing after retirement. Having a diversified portfolio and keen eye for risk is key to being successful and protecting your assets. Market volatility is not the only thing you should protect your assets from. Learning how to spot and avoid investment fraud is crucial, especially since seniors are often targeted by fraudsters.
2. Renting Out Your Space
Letting strangers into your home is one of the most profitable ways to earn extra money in retirement. You can make a solid income by safely renting out your home using platforms like Airbnb and VRBO.
If you have a newly renovated basement, a cottage you rarely use, or you go on vacation for a month, you have prime real estate! Instead of leaving your unused property vacant, you can rent it out and make a profitable side income. One retired host rents out her New Orleans home to travelers and makes enough money to support herself and supplement her Social Security.
3. Teaching and Tutoring
Thanks to high-speed internet and Covid-19, virtual learning has become the way of the future. If you enjoy teaching, this is something worth considering after you retire. One of the most popular ways you can do this is by teaching English online. Many websites will require you to have a Bachelor’s degree and an ESL certificate will increase your chances of landing a higher-paying teaching job. Previous teaching experience is a plus but it’s not mandatory. If you’re interested in tutoring, you can sign up on websites like VIPKid or Preply and find flexible tutoring opportunities that fit your skillset. It’s a great way to make extra money in retirement without having to leave your home!
If you prefer to teach or tutor face to face, you can do this too. Advertise your services or respond to job postings on websites like Indeed or Monster. Tutoring children of friends, neighbors, or relatives can give you a start, and word of mouth can bring in new clients.
If you have a skill you’d like to monetize in retirement, now is the time. An estimated 57 million Americans worked as freelancers in 2019, with skilled freelancers making more than 70% of the “traditional” American workforce. Better yet, 29% of those workers are baby boomers!
Some of the highest paying freelance gigs are copywriting, graphic design, law, marketing, and e-commerce. You can join popular freelance websites Upwork and Fiverr to land clients, or you can independently market your services. Many popular freelance niches have job boards dedicated specifically to that specialty. These often contain higher-quality postings than the more general work exchange sites.
5. Pet Care
Being around animals and staying active are proven to release endorphins that make you happier. You can get paid for doing both those things by signing up to popular websites like Rover and Wag!. Rover is the largest network for pet sitters and walkers. You can easily create an account and offer services like dog walking, pet sitting, drop-in visits, and more. You can set your rates, choose how much you want to work, and pick the type of animals you want to care for.
6. Selling Items Online
Selling online can be a steady, easy way to earn some money on the side. You can sell items you already own or things that you make because you want to flex your creative muscles. I’ve made hundreds of dollars by selling old items on Facebook Marketplace and Craigslist. This can be anything (and I mean anything) from furniture, old jewelry, tools, clothes, or even cars. You can join countless “buy and sell” groups in your area on Facebook, list your items, and accept cash (most popular) or a bank transfer.
Retirement is a perfect time to explore your talents and hobbies. If you‘re crafty and enjoy making things like paintings, portraits, or pottery, consider selling them online on websites like Etsy or Shopify. Etsy explains how to set up your shop and reach millions of people that may want to buy your creations.
7. Child or Elderly Care
One of the most rewarding ways to earn extra income in retirement is by offering your services to care for children or elders who need assistance. If you’ve had kids or grandchildren of your own (and you’re not tired of it yet) then consider joining websites like Rent A Grandma, UrbanSitter or Sittercity.
If babysitting days are behind you, many of these websites are also looking for people to take care of seniors. One website that solely specializes in caregiving is Seniors Helping Seniors. Just like all the other jobs I’ve listed here, they have a flexible schedule so you can set your own hours.
8. Customer Service (Virtual or Retail)
Do you enjoy speaking to people, or did you have had a client-facing role in your previous career? Working as a customer service representative is another way to make extra money in retirement. You can choose to do it from the comfort of your home, or in a retail environment. Customer service jobs are constantly in demand especially during the holidays, so there are countless opportunities for you. Websites like FlexJobs are a great resource to find and apply for these types of jobs.
But a word of advice from someone who used to work with customers: you must have patience and be empathetic. As long as you keep that in mind, this is a great way to socialize and make extra money.
Temping is a genuinely great way to make extra money in retirement. It’s flexible, you can try new things, and you can choose between jobs that are more or less physically demanding. Some examples of common temping jobs include secretary, administrative assistant, and sales. You can join a temp agency or look for opportunities yourself on job boards like FlexJobs or websites specifically helping seniors find work like RetiredBrains, Senior Job Bank, or Seniors4Hire.
A Final Word of Advice
You may see articles online about things like doing surveys, transcribing videos, or writing an e-book to earn extra income. You can make some money from those activities, but most either pay below minimum wage or are not a realistic source of stable income. So when you decide to supplement your retirement nest egg choose wisely, because your time is valuable. Don’t be discouraged if the first method you try isn’t the right one for you. There are many ways to make extra money in retirement, and you’ll find the one that fits!
Do you have any other tips on how to make money in retirement? Please share them with our readers in the comments below!