If you are a retiree or nearing that age, you may be wondering how to make money in retirement.
When I was younger, I thought retirement meant working on my garden, falling asleep on the couch while watching Friends reruns, and basically doing nothing.
But the reality is that not all retirees have the luxury or the mindset to do nothing.
You may be realizing that you don’t quite have enough money to live the lifestyle you want or cover the cost of vacations you want to go on or medications you need.
Or maybe you’re restless and don’t want your brain or muscles or both to waste away, just when you have all the time in the world to do whatever you want.
Whatever your reasons, you might be wondering if you can still make money even after you’re retired.
Today, I’ll list down 23 ways to make money in retirement to inspire you and help you find one that works for you!
23 Ways to Make Money in Retirement
Make Money From Your Retirement Hobbies
Making money from your hobbies is a great way to feel you’re retired but continue to generate income. Below are some hobbies that can be lucrative.
If you have a green thumb, then consider gardening not just for the joy of it, but actually to make money.
Houseplants and succulents have become quite popular lately. Grow a few of them right in your house and sell them locally.
Or you can grow fruits and vegetables and sell them at your local farmers’ market. You’ll get even more sales if your produce is all-organic and all-natural.
Another way to earn from gardening is to maintain someone else’s garden. Your neighbors may go on holiday, for example, and may need someone to water and tend to their plants while they’re gone.
2. Baking or cooking
Retirement allows you time to make your favorite dishes and desserts, but you may have no one to share them with.
Instead of eating leftovers for a week, why not sell your baked goods from home or cook and deliver meals locally?
If you know how to make things, there is a market for your creations.
Maybe you know how to knit, crochet, or sew. Or maybe you know how to work with leather. Or maybe woodworking is what you like doing.
Whatever it is, people will pay for handcrafted items, especially locally produced ones.
You can also sell them at a local market stall or even on the street (make sure to check your local regulations on that, though).
Local fairs are also great places to showcase your creations.
4. Reading books
When you’re working full-time, how many times have you sworn to yourself that when you retire, you’ll read all the books you can read?
Who knew that you can make money in retirement by simply reading books?
You can become a book reviewer, write summaries of books, or read books aloud as a narrator.
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5. Homebrewing beer
Homebrewing beer has been growing in popularity not only as a hobby but as a source of side cash.
Aside from the obvious, which is selling your homebrewed concoction, you can earn some money from teaching others how to make their own homebrew, writing about it in a blog, or consulting with bars and restaurants.
Share Your Wisdom
One of your greatest assets as a retiree is your accumulated knowledge and expertise. Here are some ways to make money in retirement by sharing your wisdom.
6. Become a consultant
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 a particular industry can be super helpful to other people.
Provide consultancy services to companies in your industry and get paid for your knowledge.
7. Become a teacher
Perhaps you’re a retired teacher, or you have a skill that others would love to learn. Consider then teaching other people what you know.
For example, you can 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.
8. Write a book
Okay, 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 and make it into a memoir or autobiography. Or if that’s too personal, fictionalize it and make it into a novel.
You could use your experience in your chosen profession and write about that.
If you have knowledge of your area’s 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 yours and have the world benefit from it?
9. Become a local tour guide
On the back of local history, if you do know your stuff and your area gets tourists, why not offer your services as a local tour guide?
The startup costs are minimal, and often you don’t need any special licenses (though do check your local guidelines on this).
You could charge a fee, ask for a donation at the end of the tour, or even work with the owners of a local attraction.
Be a Part-timer or Freelancer
Just because you’re retired now doesn’t mean you have to stop working if you’re still capable and you still want to. Here are some part-time and freelance positions you can apply for so you can continue earning even while retired.
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10. Work as a temp
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.
Every major city has at least one temp agency you can sign up. Many of the jobs are clerical, but you might chance upon a company looking to fill a professional or managerial role temporarily.
11. Apply to your favorite local business
Your local grocery store, bookstore, flower shop, or any other business may like having you as a customer, but maybe they’d like you as an employee just as well.
Again, they probably don’t have top-level positions, but if stocking shelves, arranging books, or taking care of flowers sound like better options than sitting around at home all day, definitely consider it.
12. Pet sit or babysit for neighbors
You may be living in an area with plenty of busy families who are money rich but time poor.
These people will need help with taking care of their kids and pets, and you with your experience can help (for a fee).
13. House sit for neighbors
Along the same vein, you may be living in an area where families go on holidays for days or even weeks at a time and will need help with house sitting when they’re gone.
The tasks vary depending on the homeowner’s needs. Generally, you’ll be asked to do some basic housekeeping and light cleaning, but you may be asked (for an additional fee, ideally) to take care of their plants and pets or forward phone messages.
House sitting jobs normally require that you stay in the house the entire time. But if you live near enough, you may be able to persuade your client to give you a few hours a day to go back to your house and do your own brief errands—water your own plants, feed your own pets, etc.—and then return to the house you’re staying in.
14. Become a grandma or grandpa “for rent”
These sites simply help you connect with people who may need your services. You are vetted so potential customers know you are safe and can do what is asked of you, and you get to negotiate your pay with customers.
15. Apply for online jobs
The internet has opened up plenty of part-time and freelance jobs you can do online for a wide variety of people: students, stay-at-home parents, and even retirees.
It just depends on the type of job you’re comfortable doing, as well as your interests and how many hours a day you can spare. Here are some ideas for online jobs for retirees.
If you’ve always wanted to start a small retail business but never had the time, here’s your chance! Here are some ideas for selling stuff to get you inspired.
16. 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.
17. Sell your own stuff
After a lifetime of earning and spending, most retirees end up with a lifetime’s worth of stuff lying around.
Some of them have sentimental value, but more often than not, they’re items that don’t serve any real purpose anymore. A quick and easy way to make some more cash is to sell these off.
Go around the house one room at a time and sort out the stuff. Boxes with “Keep,” “Gift,” “Donate,” and “Sell” will help you be organized.
Here are some ideas on what stuff to sell and where to sell them.
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 your stuff.
I do recommend getting some of the items for sale checked out first, especially things like old china sets, vintage furniture, paintings, old clocks, and other antiques. They may be worth much more than you think.
If you’ve already sold off all your old stuff that you’re willing to part with, you may want to start bargain hunting for items to sell at a profit.
Flea markets, thrift stores, yard sales, and storage locker sales are your best bet for finding collectibles, designer bags and clothes, vinyl records, board games, and retro consoles and video games.
Before buying items, though, it’s wise to check the price you can sell them for against how much it would be to purchase them.
You can then offer them up on eBay, Facebook Marketplace, or through selling apps.
Rent Out Stuff
If selling doesn’t sound too appealing to you, why not rent out some of your stuff and even your properties? You can earn cash for things and spaces you rarely use anyway, and you get to help others save money. Here are a few ideas.
19. Rent out your things
You may have a lawnmower, carpentry equipment, or tools that you can rent out to your neighbors. Or maybe you have golf clubs or camping gear.
If you want to go beyond your neighbors, there are a few websites and apps that specialize in product rentals. These apps allow you to list just about anything and connect you with people who are interested in renting your stuff.
Try one of the following websites:
20. Rent out your parking space
Sometimes, people need an extra garage to park their cars less expensively than city or condo rates. If you have a spare driveway or garage space, you can rent out locally or through apps like Spacer or Curbflip.
21. Rent out your storage space
22. Rent out your car
Don’t let your car rust away in your garage. If you want to get some use out of an unused car, try renting it out.
Read our guide on how to rent your car.
23. Get a roommate or a tenant
Start Making Money In Retirement!
Just as retirement doesn’t mean your life is over, it doesn’t mean the end of money-making opportunities!
As you’ve read, there are plenty of ways to make some pocket money, and perhaps even have some fun and make new friends!
Do you have other suggestions on how to make money in retirement? Let us know in the comments below so we can add them to this list!