In this article, I’ll walk you through several ways to make extra money during retirement. Retirement can be a delightful phase of life, a period to unwind, engage in hobbies, and cherish moments with family. Nevertheless, when I contemplated my retirement planning, I recognized that having additional funds could significantly impact my situation.
Whether you aim to increase your savings, support some indulgences, or just remain active and involved, discovering methods to earn additional income in retirement can be both financially beneficial and personally satisfying. Every concept presents a unique mix of flexibility, earning potential, and required skills, allowing you to discover the ideal match for your way of living.
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Ways to Make Extra Money in Retirement
Let’s explore actionable methods to enhance retirement income, addressing diverse choices for varying interests and skills.
1. Consulting or Freelancing
If you possess a solid professional background in areas such as finance, marketing, education, or technology, freelancing or consulting can be a great method to earn money. Utilizing your extensive experience enables you to work on a flexible timetable without dedicating yourself to a full-time position.
How to Get Started:
- Start by reaching out to former colleagues or companies in your field that might need consulting services.
- Create a LinkedIn profile or personal website to showcase your experience.
- Consider joining freelance platforms like Upwork or Fiverr to find clients looking for your expertise.
2. Tutoring and Teaching
An additional fulfilling method to earn extra income during retirement is by imparting knowledge through tutoring or teaching. Regardless of whether you enjoy tutoring students individually, instructing English virtually, or conducting workshops in your field of expertise, this choice can be rewarding both financially and emotionally.
Getting Started:
- Look into tutoring services such as Tutor.com or local after-school programs.
- For online teaching, platforms like VIPKid allow you to teach English to students abroad.
- Contact local community centers, libraries, or universities that may have openings for guest lecturers or workshop instructors.
3. Selling Crafts and Handmade Goods
If you excel at crafting—be it woodworking, knitting, or jewelry making—you might transform your pastimes into a source of income by selling handmade items online or at local fairs. Numerous retirees consider this a calming method to earn additional income.
Where to Sell:
- Set up an Etsy store to reach a wide online audience.
- Look for local craft fairs or farmer’s markets where you can set up a booth.
- Social media platforms like Instagram or Facebook can also help you showcase and sell your creations.
4. Renting Out Space
If you possess additional space in your house, leasing it can be an easy and effortless method to earn money. Choices vary from extended rentals to brief Airbnb hosting, based on your comfort and the local market demand.
Considerations for Renting:
- Platforms like Airbnb make it easy to rent out a room or your entire property.
- If you have a larger home, consider renting out a basement, attic, or detached guest house as a longer-term rental.
- Before renting, make sure to review local regulations and assess any necessary insurance.
5. Becoming a Pet Sitter or Dog Walker
For those who love animals, dog walking or pet sitting can be a wonderful way to make additional money while enjoying the company of furry companions. This position is perfect for retirees who appreciate physical activity and possess a flexible schedule, since the need for pet care frequently rises on weekdays and holidays.
How to Get Started:
- Use platforms like Rover or Wag! to find pet-sitting and dog-walking clients.
- Start by offering services to neighbors or friends to build a clientele and earn positive reviews.
- Ensure you’re physically able to handle dogs of various sizes if you’re interested in dog walking.
6. Investing in Dividend Stocks or Real Estate
If you possess savings or investment knowledge, creating a source of income via dividend stocks or real estate investment trusts (REITs) could be a beneficial choice. Dividend stocks offer consistent income from stock gains, while REITs enable investment in real estate without the need for property management.
Steps to Invest:
- Consult with a financial advisor to ensure dividend stocks or REITs align with your retirement goals and risk tolerance.
- Research high-dividend stocks or REITs that have a history of stable payouts.
- Consider using investment platforms like Vanguard or Fidelity, which offer a variety of options for dividend-paying stocks and REITs.
7. Driving for Rideshare or Delivery Services
If you like driving and want a flexible work schedule, working for companies such as Uber, Lyft, DoorDash, or Instacart can be an effective way to enhance your income during retirement. This choice provides the benefit of selecting your hours, allowing you to work as much or as little as you prefer.
Getting Started:
- Sign up on the platform of your choice and complete the necessary background checks.
- Consider the costs of gas, car maintenance, and insurance before committing.
- Make sure you’re comfortable with technology, as these services operate via apps that require real-time tracking and navigation.
8. Taking Paid Surveys or Participating in Market Research
Although it won’t make you wealthy, completing online surveys or engaging in market research is a simple method to make additional money from home. Numerous companies compensate for customer feedback on goods or services, making them available to nearly everyone.
Survey Platforms to Try:
- Popular sites like Survey Junkie, Swagbucks, and Pinecone Research offer paid surveys.
- Look for market research companies conducting focus groups, which can pay well for just a few hours of your time.
9. Becoming a Part-Time Real Estate Agent
If you have always had a passion for real estate, working as a part-time real estate agent during retirement could be an enjoyable and rewarding opportunity. Though it demands initial time and effort to obtain a license, real estate can be a rewarding avenue to remain engaged and earn significant additional income.
How to Start:
- Check your state’s requirements for becoming a licensed real estate agent.
- Once licensed, consider working with a real estate agency that values part-time agents.
- Tap into your social network to find potential clients and market your services.
What Is the Average Social Security Check for Retirees?
In 2022, Social Security and retirement plans accounted for $32,168, which is 65.9% of pre-tax earnings.
How Much Does the Average Person Have in Retirement Savings?
As of 2022 (the latest statistics available), the average retirement savings stood at $334,000, according to a Federal Reserve analysis. Nonetheless, based on the same information, the median retirement savings for 2022 stood at merely $86,900.
How Much Does the Average 401(k) Have at Retirement?
Vanguard’s publication, “How America Saves 2024,” indicates that by 2023, the median 401(k) balance for those aged 65 and above was $88,488, whereas the average 401(k) amount was $272,588.
Can I Work Part-Time and Still Receive Social Security Benefits?
Indeed, it is possible to work part-time while collecting Social Security benefits. Nevertheless, if you haven’t reached full retirement age, your benefits might be temporarily diminished due to your income.
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