Retirement is the chance people have in life to do the things that they’ve always dreamed of doing. But it doesn’t necessarily mean leaving work completely behind. As nice as it is to focus on what you love to do, having an additional source of income in retirement is one way to make this time in life even more enjoyable. Here are some of the best ways to make money in retirement.
Paths to Making Money in Retirement
There are different ways to make money in retirement. Some people choose to go the more traditional route and return to the workforce part time. Other people choose to use their hobbies as sources of income or to start their own business based on a passion or another interest.
Making Money Using Hobbies
One common way to make money from a hobby is to sell items. Test the waters by selling items you no longer need like records, books, CDs or collectables. If you enjoy the process, consider other items you can sell. Handmade items like crafts as well as digital items are sold on marketplaces like Etsy. Websites like Udemy offer courses on selling items on Amazon, eBay, and other places as a business as a wholesaler or a dropshipper. This may require extra time and effort to start up. But sales are a popular way to make money from home.
Using existing skills is another moneymaking idea through teaching. Tutoring is a popular profession and is always in demand. There are services out there that hire tutors to teach English. If you have expertise in a particular subject like music, art, or voice, think about advertising your skills locally and online. Skills like writing, organizing, gardening, or baking can generate money locally or online. Start by doing a search of the niche you’re most interested in and figure out if selling locally or online would work best.
Making Extra Money Through Interests
Retirement is also a time in life to try something new. Making money along the way is just a bonus. Pet sitting is one such way to do this for people who love animals. Some people need their pet to be watched and walked during the day while they’re working. This usually involves feeding and giving pets water, potentially grooming and bathing them as well as giving medications. Websites like Rover, Petsitter, and Fetch give people the opportunity to do just that. You can always branch out by starting your own business.
Tour guides get the best of both worlds by being able to explore a place or an interest while making money at the same time. It’s also an alternative for people who have expert knowledge in a field but don’t have an interest in teaching in a classroom. It also allows you to interact and engage with other people in a different way. Private tour companies and local museums and monuments often hire tour guides, especially ahead of upcoming seasons or exhibits.
Becoming a Landlord of Many Things
Using existing real estate to make money is a standard way to make money while retired. Thanks to platforms like AirBnb and HomeAway, it’s easier than ever to rent a property or a room to make extra money. Rent money generated this way is often used to make mortgage payments and to supplement retirement income. But it doesn’t stop there. You can also rent out your driveway by using platforms like PandaParking, Pavemint, or JustPark and make money by using extra space.
Speaking of extra space, retirees can even make money off of their extra storage space. If you have a garage or storage location you’re not using very much anymore, people might pay you to store their stuff there instead. Like with most platforms, doing this depends on the demand in your local community and the space. However, apps like Spacer estimate that people can make anywhere from $2000 to $4,000 annually just by doing this.
Social Media Influencers
You may have heard the term social media influencer before and thought it was just for the young. But over half of people between the ages of 60 and 74 have social media accounts on platforms like Twitter and Facebook. As with making money from a hobby, you can make money on social media by sharing content with others and promoting or sharing products that you genuinely enjoy.
Finding ways to make money in retirement is endless. There’s no reason why you can’t be retired while still enjoying work without the stress and hassles that come with it.