When I was younger I used to look on retirement as a long holiday, one where I’d potter around the garden and yell “get off my lawn!” at the local kids.
The stark reality is that retirement is a scary proposition in this day and age. Unless you have invested wisely and successfully, or managed to win the lottery, there is the fear of struggling to make ends meet.
This is why it’s important for any retiree to be aware that making money after retirement is not only possible but perhaps necessary.
Luckily, there are still a lot of opportunities to top up your bank account once retired, and here’s the best 17 ways to do so.
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#1 Part Time Job
Picking up a part time job is perhaps the most common way a retiree makes some extra cash.
Now, sure you can go and stack shelves at a local store, but there’s plenty other options out there.
One great way to find work is to follow your passions. You’d be surprised how many would be employers want experience and passion in their employees.
Consider asking for work at your local golf course, wine shop or delicatessen. Whatever interests you, there’s likely a business looking for a customer support staff or sales person.
#2 Temp Work
While not the most glamorous of jobs, temp work is definitely a viable option for a retiree. The work is often in fits and starts, requiring someone with plenty of free time which suits most retirees down to the ground.
Sometimes as well, the temp work becomes more permanent, especially if knowledge, customer satisfaction and skill can be shown to your employer.
#3 Become an Entrepreneur
If working at a J.O.B. makes you feel ill, then there’s always the option of becoming your own boss. Nowadays with the rise of the internet, making money as an entrepreneur is even easier.
There are plenty of ways to learn how to make money online, and you can easily create a passive income that fits in with your gardening, golfing and social activities.
#4 Sell Your Stuff
After a lifetime of earning and spending, most retirees end up with a whole lot of junk lying around. A quick and easy way to make some more cash is to sell it.
A yard sale can work, or a local flea market. If you’re comfortable with computers then places like eBay make for an easy way to offload unwanted knick-knacks.
I do recommend making sure you get the items for sale checked out first though, the last thing you want to do is sell a Van Gough for $5 bucks!
#5 Share Your Business Experience and Consult
What no one tells you when you start your own business is that having someone to bounce ideas off and to learn from is invaluable.
We don’t all have a father or other family member that has experience in business, so finding someone who does can make the world of difference.
This is where you come in. Even if you never owned a business, having decades of experience in an industry can be super helpful to other people.
Consulting with businesses then is a great way to make some cash.
#6 Share Your Knowledge and Coach or Teach
Perhaps your skill-set is aimed at teaching, or you have a skill that others would love to learn. Consider then teaching other people what you know.
You could for example teach people about accountancy, pottery, marketing, golf, fine wine, a language, piano, and so many more skills.
What you teach or tutor in is down to what you know, but you would be surprised how many people are willing to pay to learn from you.
#7 Pet or Baby Sit for Neighbors
There will be plenty of busy people in your locality who are money rich but time poor. These people will need help with looking after their kids and pets, and you with your experience can help them with that issue – for a fee of course!
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#8 Show Your Crafty Side
If you know how to make things, whether it’s crochet, wood work, fish flies or hemming dresses, then sell your wares and services.
People will pay for hand crafted items, especially locally produced ones as they infer quality. You can sell your products online or at a local market stall or even on the street (make sure to check your local regulations on that though).
#9 Buy and Sell Antiques
If you have a love for antiquities you can make a tidy profit in buying and selling age old objects.
You may already have some that you are willing to part with, or you may want to start hunting for bargains to sell on at a profit.
Flea markets, thrift stores, yard sales, and storage locker sales are your best bet for finding antiques (both old and retro) that can then be sold at auction, on or offline.
#10 Rent Space
Some retirees end up with a big ol’ house and it’s just you or you and your spouse rattling around in it.
Rather than waste that space, consider renting it out.
You have a few options here:
- Rent the entire property either all the time or for periods when you’re on holiday
- Rent out a room to a lodger
- Use sites like Air BNB to rent out rooms for short periods of time
Whichever you choose, there’s no excuse in having all that space just burning money in the form of heating and maintenance when it can earn you money.
#11 Gardening for Profit
If you have a green thumb, then consider gardening not just for the joy of it, but actually to make money.
You can grow flowers for specific times of the year like Mother’s Day or Valentines, and sell them locally.
You can grow produce and sell it at a local farmers market.
Growing heirloom produce is also a great way to make money as the market is booming because people want new and interesting and organic food, and seeds.
#12 Write Something
OK so that’s a bit vague, but you are a wealth of information, and others can benefit from that.
You could write about yourself and your own varied history or turn it into a fiction.
You could use your experience in your chosen profession and write about that, especially if what you did was a dying art or is still a sought after skill.
If you have knowledge of your areas local history you could make money by writing a history guide and selling it online, or at local tourist points.
We all have a story to tell, so why not tell it!
#13 Become a Local Tour Guide
On the back of local history, if you do know your stuff and your area gets tourists, why not start yourself up as a local tour guide. Start-up costs are minimal, and often you don’t need any special licences (though do check your local guidelines on this).
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You could charge a fee, ask for a donation at the end or even work with the owners of a local attraction.
#14 Rent Out Your Expertise
You are vetted so potential customers know you are safe and can do what is asked of you and the jobs themselves pretty standard: tutors, nannies, caregivers, pet sitters, etc.
These sites simply help you connect with people who may need your services, and save you time and money in the long run.
#15 Refactor Your Investments & Savings
Just because you have money squirreled away, or have invested it, doesn’t mean that that money is actually working for you.
Take some time to review all your savings and investments and refactor where needed.
For example, if your savings account offers poor interest rates, check for other offers out there.
Same thing with any investment portfolio you may have: if it’s performing poorly, cash it out and reinvest elsewhere.
Also, if you investments have a management fee, consider shopping around for better offers as lower fees in the end gives you more money.
#16 Utilize Discounts
If there’s one silver lining to growing old (dis)gracefully, then it’s the discounts you can get!
Most services and a whole lot of stores actively discount retirees. The thing is, not all of them tell you about any discounts they may have.
This is why you should not be afraid to ask them if they have any discounts. The worst they can say is no!
#17 Browse the Web
This is for all the silver surfers out there. Did you know you can make money by searching the web, watching videos and filling out surveys? SwagBucks is a website that has been around for some time (we’ve reviewed it previously) and can legitimately help you make some extra money.
All you need to do is earn points via their website doing things you would normally do online anyway, and you can swap those points for gift cards at places like Amazon or Walmart, or even get money deposited into your PayPal account.
Sure you won’t get rich from it, but that extra cash can certainly help out from time to time, and it costs you nothing to get started.
The Bottom Line
Retiring doesn’t have to be the end of making money, there are still lots and lots of opportunities out there to make a little extra cash and perhaps have some fun and make new friends while you’re at it!