6 Ways to Earn Extra Money After You’ve Retired
Just because you’re no longer working a 9-5 doesn’t mean you won’t be working at all.
The current economy is causing more and more people to have to delay retirement. And even after retirement, there’s no guarantee the fixed income will be enough to get by.
Hopefully, we’ll soon reach a day where that won’t be the case and people will be able to enjoy their golden years without selling all their gold—but until then, seniors may need other methods of earning more money once they’re retired.
And we spoke to the experts to find out what those methods could be.
If you own a home, there will likely, gradually, be fewer and fewer people living in that home as you age. Some people may leave, some people may die, and a retired person or couple may find themselves with some extra space. While it may be lonelier, it can also be an opportunity for some income supplementation.
“Rent out spaces,” suggested Doug Keller, marketing manager at PaylessPower (@paylesspower). “Especially for those living in larger houses than they may have need for, one way to bring in money is to rent out space within the home. Whether for a long-term tenant or someone planning on only a brief stay, like an Airbnb guest, this can provide some useful income. This is a particularly useful tip for those with vacation homes in addition to their permanent homes, which they may be able to rent out more regularly.”
Carla Dearing, CEO of Sum180 (@mysum180), offered similar advice with a fun farmyard addition: “Rental income of all types is a great contributor to your annual income. Imagine if a woman converted her basement into a one bedroom apartment and rented it to her nephew for $600/month—that’s a total of $7,200/year. Or, rather than renting a portion of her home’s interior, this woman realizes she can gain income from some land behind her house by renting it as pasture for the horse stable next door. With three horses at $150/horse/month, that’s $5,400/year.”
Though it might be worth it to find something more personal.
As we said earlier, being retired can be lonely. If you’re living on your own, you may go days without seeing anyone else. But you can seek out some companionship and even get some extra money for it.
“Pet sitting tends to be a little bit easier if you are comfortable with animals, as they typically need a little less attention. Kids, on the other hand, can be a handful. But if you’re comfortable and experienced with watching children, then babysitting is right up your alley.
“There are tons of different sites and apps you can use to advertise your services, and it is important that you make sure that you have a digital presence. While word of mouth might get you a few clients, the world is increasingly digital, so ensure that you know how to put yourself out there.”
And speaking of digital…
3. Use an app
As Dayan alluded to, apps and other online services can help you find jobs these days. Well, if not jobs, then extra cash opportunities. And a lot of apps are designed to be as easy to use as possible, so even an older person who is less caught up on tech might be able to learn without too much difficulty.
“The sharing economy—also known as the shareconomy or collaborative consumption—is the term used to describe peer-to-peer-based sharing of access to goods and services,” explained Dearing. “What you need to know is that it provides a host of new sources for you to quickly earn extra income and fatten your savings. Popular services include Airbnb, Uber, Lyft, TaskRabbit and DogVacay.”
But the old-fashioned methods can still work well.
Believe it or not, you can still earn money offline. Though you’ll probably end up having to use the internet to some capacity.
“Asset sales are a way to supplement income within a given year,” offered Dearing. “For example, my dad sold his Harley to my nephew last year. He opted to take monthly payments of $200 until it was paid off; netting him a total of $2,400 for the year. Another example is selling your Hummel collection on eBay and then, when the cabinet is empty, selling it on Craigslist.
“Typically these aren’t recurring sources of income but don’t discount creativity. I learned of an insurance agent who shops at Walmart on Black Friday and then sells the items he bought at a deep discount for four times their original price on eBay.”
That’s some great advice! And speaking of advice, doling it out is another way that a retired person can earn some extra money.
We all know the older folks have decades of wisdom to share with us. But what if … they could get paid for doing so?
“After many years of work, most retirees have become a wealth of knowledge that can be used by those still in the workforce,” explained Keller. “By tapping into some of your older networks and becoming a consultant, you can continue to stay engaged with the industry without having to play as active a role in it. The flexibility provided by consulting can also be particularly advantageous and can allow you to do work when you want but enjoy your retirement as well.”
6. Passion projects
We’ll leave you with one more tip from Keller:
“Whether you love kids, animals, or cooking, for those who have retired there is an opportunity to make money for something that you enjoy doing. You can become a resident sitter, watching pets and children alike or become a referee for a sport you love. You can even take a passion for a particular subject, coupled with years of experience, and tutor. Try and think about your interests and see if there is a way you can make money off of them.”
Ideally, no one would have to work after retirement. But if you do need extra cash, or are just looking for something to do, there are many options available. You shouldn’t have to settle for predatory payday loans, no credit check loans, and cash advances just to make ends meet. (If you absolutely need a bad credit loan, try looking for an installment loan instead.) To learn more about ways you can earn extra money, check out these related posts and articles from OppLoans:
- How to Make Money Online: The Ultimate Resale Guide
- Need Cash Fast? Try These 10 Great Side Hustles
- 6 Expert Tips to Start Your Side Hustle
|Jacob Dayan is the CEO and Co-founder of Community Tax (@communitytaxllc), a finance and accounting company based in Chicago.|
|Carla Dearing is CEO of Sum180 (@mysum180), an online financial wellness service designed to be simple and affordable. She is also CEO and Managing Director of IMC, a marketing services agency. Previously, Carla held senior executive positions with at the University of Louisville, Community Foundations of America and Investors Capital Services. Earlier, she worked at Morgan Stanley and American National Bank & Trust Company. She holds an MBA from The University of Chicago Booth School of Business and a BA from the University of Michigan, Phi Beta Kappa.|
|Douglas Keller has been a financial expert for 20 years, helping people reach financial stability. He works for PaylessPower (@paylesspower) where he continues to help people save money on their bills every month.|