How to Make Money in Retirement (and Have Fun!)
Retirement is the perfect time to finally channel your entrepreneurial spirit. This is how to make money in retirement based on what you love most!
Keyword(s): how to make money in retirement
So you’re planning on working even after you retire from the job you have now. Well, you’re not alone.
The trend in recent decades has been for retirees to keep active in the workforce in some capacity, and as the average lifespan of an American creeps up bit by bit, so does the federal retirement age.
Yet workers aren’t necessarily finding new jobs in retirement because they need to: they like to keep busy and make extra money by taking on new and unusual challenges.
In fact, three-quarters of current workers are planning to work after they retire, with a little more than half saying they’re doing so by choice and a little less than half planning on part-time hours at most.
Wondering How to Make Money in Retirement?
Despite what you may have heard, it’s not true that you have to choose between full retirement and Social Security. If you haven’t reached retirement age for
If you haven’t reached retirement age for your birth year yet, you can still make up to $17,000 or so before you trigger any decline in benefits.
When you ask yourself how to make money in retirement, the main question you should be asking is: what skills do I have to offer as a retiree?
Here’s how to make money in retirement by utilizing everything that you’ve learned over the years… and these jobs all share the one thing that’s most important to a retiree: flexible hours!
Be a Temp
Temp work may prove to be a little too flexible for many retirees; the very nature of temporary office work means available hours ebb and flow. You may find yourself with extended dead periods.
Still, many retirees enjoy the constantly changing nature of the work and the fact that they can fill in where necessary.
It’s a little bit like candy striper or intern work — except you get paid. And if you need some time off, there’s always someone to take your place.
Share Your Knowledge
You probably spent decades working in one area of the market, which means you have a very specific skill set that you can monetize in your retirement years.
Teach your subject at the local community college, or offer online tutorials, or offer to tutor young students.
Whatever your expertise, there’s probably a group of young people out there who can benefit from it.
Monetize Your Hobbies
In the same way, the things that you spent years and years doing off the clock can also be useful to others.
You can teach these skills as well, but it’s there’s also a small but profitable market in handcrafted items. Whether you paint or knit or sew, you can create an online gift shop for your output.
Rent Some Space
This is a classic solution for retirees and empty-nesters who have lots of room in their house on their property that they’re not using.
Services like Airbnb have made the classic “room for rent” very profitable by taking out the uncertainty of borders and continuingly flipping that extra room for profit.
If you don’t live in a tourist-friendly town there are other options: maybe rent out your guest house or convert that garage into a studio.
Care for Others
One of the other skills you may not realize you bring to the table as a retiree is trust.
Someone with a long unblemished history and good standing in the community is often a great fit for babysitters, nannies, daycare, or home health services.
Someone somewhere is willing to pay you for your companionship and reliability.
Work the Phones
This type of work is great for people who need flexible hours because you can make calls on your own time and at your own pace. Charity cold calling, pollsters, and customer service representatives are all needed.
Your long work history probably means you have a pleasant phone voice, or at the very least know how to get along with strangers. These skills are invaluable for phone work.
Guide a Tour
If there’s a local attraction you’ve been a patron or at least visitor of for years, why not see if they need tour guides?
Share your passion for the museum, the hiking tour, or the zoo as the friendly go-between that’s the face of the institution.
What you don’t know you can learn… and trust plays a factor here as well.
If you’re good with pets, there are lots of well-heeled cat and dog lovers who would love for a gentle soul to walk them, board them, feed them, or just generally do all the things that their busy schedule doesn’t allow for.
Use your free time as a selling point for folks still caught in the rat race!
Contrary to the taxi driver of old, the modern Uber or Lyft driver doesn’t have to be out there cruising around 12 hours a day.
With modern technology, you can put yourself on call whenever you need to be and make as much or as little as you need to.
Again, your trustworthiness and friendliness will come in handy, as well as your knowledge of the city. You can provide a perspective a recent arrival can’t!
Sure, you can spend your retirement puttering around the house, but that only goes so far.
Why not make some money at the same time and be Mr. or Mrs. Fix It for your local community?
Even better, find something you specialize in, such as repairing clocks or sharpening knives and saws, and carve out an indelible place in your town as everybody’s go-to guy.
Think Outside the Cubicle
There’s no need to wonder how to make money in retirement once you realize what your skill sets are: the people skills you’ve learned, along with the more specific skills you’ve honed at work and in your hobbies over the years.
These are invaluable to busy people who want the benefit of your knowledge but don’t have time to learn it, necessarily.
Also contrary to popular opinion, ageism doesn’t always factor into the workforce like it once did. Businesses are realizing that retirees bring with them not only trustworthiness but a lifetime of good work habits.
Friendly, knowledgeable, dependable, eager: these are great skills to have at any age.
Why wonder how to make money in retirement when you’re probably already doing the right things for free?