Many older adults approaching retirement do not have enough money to sustain themselves through 20 or 30 years of retirement living. If you need to supplement your income or want extra income, there are plenty of ways to earn more.
Earning money in your 60s, 70s and 80s has become a rather common activity. Advancements like technology and the internet have opened up many opportunities to earn money. Not only is it great to have extra income, but there are many other benefits. A part-time job can also be a transition to retirement.
Employment in your retirement can provide opportunities for social interaction. It can add structure to your days as well as providing the satisfaction of completing tasks. A part-time job can help fill up your day and lessen the chances of being bored. It may offer opportunities to learn new topics and stay current in your industry. The mental and intellectual stimulation will help keep your mind sharp. Your retirement job offers the opportunity to have extra money for travelling, social activities and those special gifts for your grandchildren.
Let’s now take a look at strategies to earn extra income to help supplement your retirement nest egg.
Ways To Earn Money
Rent a Room
If you have an empty room, someone may be willing to pay to rent it out. It may take extra work like have cleaning towels, sheets, internet or cable but the rewards may be worth it.
You can advertise on Airbnb, VRBO or other vacation rental websites. If you enjoy socializing with others, it can be a great option to chat up your town with tourists, international students or others. If you’re not interested in socializing, hand over the key and just say ‘Enjoy Your Stay’! For extra perks you can offer a breakfast, use of a vehicle or a tour guide (for extra money of course)!
Rent Out Vehicles or Equipment
Not only can you rent out your vehicle, but consider renting out ladders, gardening equipment, bicycle, boat, power tools and even your camera. Peer-to-peer rental sites listed below will help to find individuals who occasional need these items but don’t want to purchase them.
Whatever you decide to rent, check with your insurance agent as you may need to add an insurance rider for commercial use of your items.
Write an E-Book
Publishing an e-book is possible and fairly easy. Amazon’s Kindle Direct Publishing allows you to write, upload and sell your books on their platform.
If you enjoy a specific genre, write about the stuff you enjoy. You can also write nonfiction such as: cookbooks, travel guides or anything where you may have a specific skill.
If you decide to publish an e-book, be sure that it is edited, formatted and illustrated. You can promote your book online or locally with libraries, schools and community centers.
Fiverr is a great website if your looking for freelancers to help with formatting or design.
Create an Online Course
If you have specific skills that can be easily taught through an online course, this is a great choice to make extra money. The topic doesn’t have to be computer-based either. You could teach watercolors, yoga, photography, parenting etc. A site like Teachable can help you to build the course whether it’s your profession or a personal hobby.
If you love animals, this may suit you well. Many people want the personal touch of someone watching their pet instead of boarding. You can provide day-care, boarding, dog-walking and even house sitting. You can easily connect with potential clients using the Rover website.
Freelance Your Skills
You can easily look for contract work as a freelancer. Taskrabbit.com offers various jobs such as: handyman, delivery services and grocery shopping. Register at the website, browse and pick the jobs you want to put a bid on.
Part-time teaching is an ideal way to share your expert knowledge and get paid for it. If you are a math or english wizard, offer tutoring services at local schools, colleges and universities. If you speak a foreign language or are fluent in english, reach out to international students for private tutoring.
Other skills include art, or a musical instrument. You can teach in your home or an agreed upon location like a library or cafe.