9 Practical Ways to Make Extra Money in Retirement

At one point in history, retirement was something many people had to look forward to — a time when people could stop working for good and relax the fruits of their labor. But the concept of retirement is different now, and many people are finding ways to work after the standard retirement age of 65. Retiring-age people are leaving their long-time jobs, but earning money on their terms while still having a better work-life balance than ever before. This allows them to continue to do things they love while still enjoying life the way you should after age 65. Supplemental income is really a great, sustainable option for most retirees because many receive pension or social security payments monthly. So if you are rounding the corner towards retirement, check out these 9 practical ways to make some extra money in retirement.

Investing in the market

Investing or trading is a great option for those who want to either build their own supplemental earnings, or create some generational wealth for their kids or grandchildren. While this may not yield money immediately, trading and investing is a great long-term method of revenue increase. The key to smart investing is to do your research and ensure that your portfolio is properly diversified. Many investors can see thousands of dollars in return over the span of just 10 years.

Rent out your property

If you have a nice basement or extra cottage, you can make money renting out your extra space through online platforms like Airbnb or VRBO. And if you happen to have extra properties besides your main residence, renting is an even more potentially profitable option. Data shows that Airbnb hosts make an average of $924 per month.

Teach or tutor in your spare time

One of the great things about the internet and advancement of technology is that you can do many jobs totally in the virtual world. This applies to teaching and tutoring as well. In all your new spare time as a retiree, you can teach online with platforms like ViPKid and Preply. These companies pair teachers with international students to help them learn English. Some teachers and tutors make around $20 per hour, and up to $1000 per month.

Work as a freelancer in various industries

Depending on your skillset, you could become a freelancer in retirement. Expertise in law, marketing, commerce, writing, graphic design, and more trades will allow retirees to work as freelancers offering services on their own time. Many freelancers make more than 70% of the “traditional” workforce, according to online sources. Freelancers typically make around $20 to $28 per hour, reports the 2019 Freelancing in America Study.

Care for other people’s pets

People always need pet care, and they need affordable options. Pet sitting or walking is a wonderful option for side cash. This option is beneficial because it also keeps you active and getting some good time out in the sunshine. On online platforms like Rover, dog walks make an average of $15 to $20 per night, and pet boarding can earn you up to $600 per month.

Create an online store

Having an online store is a wonderful revenue tool that can create some partially passive income. Your online items can consist of unique things you have purchased, wholesale goods, homemade and handmade products, or art, if you are the creative type. Etsy and Shopify are useful e-commerce platforms to get started with.

Over child care or elderly care

If you have the heart and patience for caring for others, offering services to look after children or the elderly could be the perfect side gig for you. Sites like UrbanSitter and Rent a Grandma are great for providing childcare. If you prefer to assist the elderly, check out sites like Seniors Helping Seniors. These gigs can earn you up to $23 per hour.

Try your hand at customer service

You could be great at customer service if you love dealing with the public. Customer service jobs are even easier to handle these days, as many roles are completely virtual. Find jobs like these on sites such as FlexJobs. Average customer service jobs can yield up to $27,000 per year.

Be a temp for several different jobs

FlexJobs is also a great forum for finding temp jobs, for roles like Administrative Assistant, Sales Representative, or Secretary. The great thing is these jobs can be done virtually as well, and earn you up to $15 per hour.