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20 Ways On How Retirees Make Extra Money

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WANT TO EARN EXTRA MONEY?

Are you retired and finding that your retirement savings isn’t stretching as far as you would like?

The good news is, there are easy ways to supplement your retirement income to help close the gap in your earnings. Keep reading to learn about these 20 ways retirees make extra money.

1. Tutoring

Tutoring is an excellent way to share your knowledge and expertise by helping others learn. You can work part-time with a flexible schedule, helping students in various subjects like:

  • English
  • History
  • Math
  • Science

If you’d like an opportunity to work online as a tutor, look at these opportunities:

VIPKID

You’ll teach English to Chinese students, working a part-time schedule and earning up to $25/hour. This rewarding, high paying job is home to over 20,000 tutors. Well regarded by Forbes, CNN, and other media outlets, VIPKID will require you to pass their interview process and meet this requirements in order to be eligible to work for them:

  • Teaching experience (ex. tutoring, coaching, mentoring, etc.)
  • Bachelor’s degree (any field)
  • Eligibility to work in the U.S. or Canada.

Tutor.com

You’ll work at Tutor.com helping kids from kindergarten through college, in a variety of subjects. The platform offers learning to students through a mix of media including interactive whiteboard, voice chat, and video chat.

The average pay is $12.15 per hour and these are the requirements:

  • A U.S. or Canadian resident with a valid SSN or SIN.
  • Eligible to work in the U.S. or Canada.
  • Available to tutor at least five hours per week.
  • An expert in the subjects you want to tutor.
  • Fluent in English with strong oral and written communication skills.

For more about online teaching and tutoring jobs, check out 12 online tutoring jobs: earn $10 to $30 per hour working from home.

2. Consulting

You worked up to a decade or longer in an industry or variety of industries and now you’re retired. Why not put your expertise to work as a consultant?

As a consultant you’ll be helping companies work better, improve their processes, save money, make more money, become more productive, and improve overall.

Here are some consulting jobs that might be a good fit:

  • Web consulting
  • Ecommerce consulting
  • Business consulting
  • Operations consulting

Where to Find Work?

Start with your former employer. Contact that company and ask about consulting opportunities to help. You can also look for opportunities in online job banks like Indeed or freelance marketplaces like Upwork or Freelancer.

3. Life Coach

Life coaching is an emerging industry that focuses on helping others to become their best self. As a life coach, you will be working with people to help them:

  • Overcome an obstacle
  • Face an upcoming or current struggle or challenge
  • Transition during a difficult time
  • Become a better worker
  • Develop self-confidence

Life coaches can make a very lucrative living. According to Payscale, life coaches earn an average of $33.44 per hour and it’s not uncommon to earn six figures annually working part-time.

Where to Find Work?

While you might be able to land a life coach job at an employer, most life coaches have their own business. As such, you’ll be in charge of finding clients, setting your pay rate, managing your taxes and other responsibilities that come from running a business.

Find clients through family and friends, networking, online communities like Facebook groups, industry groups and lists, and even freelance markets like Upwork. This can be a very fruitful opportunity allowing you make money as a retiree while helping others.

4. Start a Service-Based Business

Service-based businesses are desirable to start because the overhead and startup capital is so low. If you’ve ever dreamed of owning your own business, this would be an opportunity to do so.

Take those years of education and experience and put it to work, for yourself!

Here are some examples of service-based businesses:

  • Accounting/Bookkeeping
  • Graphic design
  • Social media managment
  • Copywriting, editing, and/or proofreading
  • Video editing
  • Web design and illustration
  • Web development
  • Voiceover artist
  • Transcription

You’ll be building your own business and enjoying perks like being your own boss, designing your dream schedule, and unlimited income potential, along with other benefits.

Where to Find Clients?

Join service markets like Thumbtack, Bark, Angie’s List, etc. Reach out to family and friends and start with your own network to build up your clientele. Ask for referrals. Go online, look on social media like Facebook or LinkedIn.

5. Start a Product-Based Business

Though more costly to start usually, compared to service-based businesses, a product business is an opportunity to showcase your product to the world. Make your mark, create a business, and build a legacy through self employment.

Things to Think About:

  • Consider your Niche
  • Develop an outlet to sell
  • Stock inventory
  • Market/promote
  • Fulfill orders
  • Operate as a business

Your niche is your category which you might already have in mind if you know the product you’ll be selling. Think about the demographic you’ll be serving.

Where does your audience hang out?

How old are they?

Where do they work?

Where do they live?

Are they married?

Figure out how you’ll be able to get product to customers. This is called sourcing. If you are stocking wholesale products, then you’ll need to find wholesalers and suppliers. If your product is handmade, you’ll need to create a process of building the products, factory, commercial facility, etc.

Then, marketing and promotion.

How will you share your business with the world? Are you going to be on social media? Will there be an online store, a brick and mortar storefront, both?

Order fulfillment is all about shipping to your customers. Will you pack and ship in house? Will outsource to a fulfillment house or dropship?

Lastly, make sure you are operating like a business. Don’t forget the important stuff like setting up your business structure, taxes, business permits, etc.

It can be a lot but it’s a dream that many people have and more don’t get the opportunity to fulfill so take advantage of this exciting time and make your mark.

Where to Find Customers?

  • Your brick and mortar store
  • Your online website
  • Through business cards you leave at local establishments
  • Networking
  • Social media
  • Family/friends
  • Local and regional events

6. Blogging

If you are looking for an outlet to express yourself and connect with others, blogging might be a great fit! Through your blog, you can teach, inspire, share, vent, and more.

You will carve out your space on the internet, calling it your blog.

Blogs make money. Here’s how:

  • Sponsorships
  • Ads
  • Affiliate marketing
  • Your own products and services

You should think about your blog as a business.

Best practices for success:

  • Be consistent
  • Connect with your audience
  • Spend more time promoting your content than creating it

It might take some time to start earning a regular income from blogging but once you do, you be surprised at how quickly it can increase.

Sireesha from Crowdwork News started making a few thousand dollars per month with her new blog within the first 6 months.

McKinzie from Moms Make Cents made her first $1,000 per month blogging before month 6 as well!

Kelan and his wife from The Savvy Couple make $25,000 per month after just 2 years!

Where to Start?

This easy guide will give you step-by-step instructions on how to start your own blog.

7. Freelance

Freelancing is a way for you to get paid for your skills. Think about what you do for work and do the same as freelancer. In fact, freelancers can actually make more than employees doing the same work from companies.

Here are some examples of freelance jobs:

  • Search engine optimization specialist
  • Videographer
  • Editor
  • Web designer or developer
  • Virtual assistant
  • Operations manager

Where to Find Freelance Jobs?

8. Take Paid Surveys

Voice your opinion and get paid for it with survey taking. Surveys can take as little as 5 minutes and you’ll earn money for your time.

Frankly, surveys are an excellent opportunity for extra income but you won’t be making “full-time job” kind of money. Pay outs vary and can be $.80 to $500 each depending on the type of survey, time requirement, and other factors.

Some survey companies to start with:

Here are some best practices you will want to follow:

  • Never pay for a survey
  • Never pay for a list of surveys
  • Never give out sensitive information (like your social security number, etc.)

You can join as many survey companies as you’d like.

Here’s how it works:

Step 1: Join a survey company, sign up for free

Step 2: Start taking surveys

Step 3: Get paid

Depending on the company, you might have access to surveys right on the website once finishing the sign up process or the company might email offers, when they are available.

Interested in higher paying surveys?

High paying surveys that require a bigger time commitment are panels. On a panel, you’ll be surveyed by a company about your opinion on a product, company, practice, etc.

The time frame may be 60 minutes, 3 days, 2 weeks, etc. They do have a longer time commitment than the companies previously mentioned but the higher pay makes it worth it.

I’ve taken several panels, earning $150 to $400 each for my opinion.

Panel Companies to Check Out:

Intrigued? Take a look at these 10 survey companies that will make you $300/month or more.

9. Renting Your Home

Monetize your home by renting out a room or your entire place with companies like AirBNB or HomeAway. In our gig economy, AirBNB hosts make the most money out of all gig workers, making an average of just over $900/month!

You don’t even have to be away from your home when you rent it out.

Many homeowners will stay in the master bedroom or guest house, renting out the other areas of the home to short term renters.

Don’t miss out on this passive income opportunity to boost your earnings with little to no work required.

10. Renting Your Car

It’s called car sharing and it’s very similar to the short term home rental market. When your car is not in use, rent it out.

This has become popular among office workers that have their vehicle sitting on the street or in a parking garage while at work from 8 or more hours a day.

Monetize your car through car sharing.

Renters are vetted and screened and many car sharing companies offer insurance to cover your car in case something unexpected were to arise.

You can make an extra $1,200 per year, passively, by renting out your car.

Where to Rent?

11. Rent Your Stuff

Do you have expensive equipment, tools, or photography gear?

You can make money renting it out.

Renting your Parking Spot

Yes, this exists. Through apps like SPOT and AirGarage, you’ll have the power to approve parking guests and sell the parking spot for a period of time.

Renting your RV, Boat, Motorcycle, or ATV

Get paid to rent out your recreational vehicles! There are a number of sites and apps to help you do this:

Rent your Clothes

This is great if you own high end clothing. Try these apps:

Rent your various Stuff (general)

Look to RentNotBuy and Zilok.

When it comes to renting your stuff, like recreational vehicles, for example, make sure you are prepared with the right insurance and don’t forget to consider your taxes too. This could be a good opportunity to make extra money.

12. Drive

In this booming gig economy, driver jobs are in in abundance. You can drive people, drive and deliver goods, groceries, takeout food, and more.

Here are some driver jobs to consider:

Uber or Lyft Driver Jobs

As an Uber or Lyft driver, you’ll work from the comfort of your car driving people. It’s like being a taxi driver but using your car. A lot of drivers love this kind of work because they can work in their comfortable car, meet new people, pick their schedule and get paid weekly.

If you have friends or family who would like to drive, they have a great referral program too!

Read our full Uber review to get more information.

Here are some of Uber’s requirements:

  • Valid driver’s license
  • Meet the minimum driver age for your city
  • Have car insurance
  • Have 1 year of driving experience

Read all the requirements here.

Some of Lyft’s driver requirements:

  • Be at least 21 years old
  • Pass a background check
  • Use an iPhone or Android phone
  • Have at least four doors

More on Lyft’s driver requirements

Postmates

As a Postmates driver, you’ll be delivering food and goods to customers. You’ll be working as independent contractor, working as a courier delivering goods to customers. Read more about the pros and cons of working for Postmates, along with pay structure, requirements and more.

UberEATS

You will deliver food to customers at around $11/hour. If you want a low-stress, easy job that will let you be active, not chained to a desk, you’ll be pleasantly surprised with the flexibility of UberEATS.

How it works:

Customers place food orders using the UberEATS app. Then, UberEATS drivers pick up and deliver the order to them.

Drivers pay is structured on a per delivery basis, considering delivery and miles driven, as well. Apply to sign up here. Get our review including driver and vehicle requirements, and pros and cons here.

Doordash

Doordash works similarly to UberEATS. Customers place food orders through their app and Doordash drivers pickup and deliver the food from the restaurant to the customer.

Some of the perks of working as a Doordash driver:

  • Pick your own schedule
  • Weekly pay
  • Work from the comfort of your car

There’s an easy 3 steps process to get started:

Step 1: Get activated

Step 2: Get ready

Step 3: Get paid

When you get activated, you will be signing up, providing information to Doordash to begin the process, including background check.

There are the driver requirements from Doordash:

  • Must be 18 or older
  • Cannot have any major violations in the last 7 years, including: DUI, Reckless Driving, Homicide or Assault, Driving with a suspended license, failure to stop or report and driving with a license that is suspended or expired
  • Cannot have more than 3 incidents* in the last 3 years

These are the background check requirements from Doordash:

  • DoorDash conducts background checks in accordance with applicable federal, state, and local laws and regulations.
  • DoorDash will always conduct an individualized assessment.
  • DoorDash will only consider arrests or criminal accusations that are pending or that resulted in a conviction within the past 7 years.

Once you are approved and pass the background check, you’ll be getting ready, learning the basics of dashing, getting gear and getting familiar with the iOS or Android app which you’ll be using for work.

Lastly, get paid! You’ll start work using their easy app to accept orders and deliver.

Sign up for Doordash here.

13. Start a Hobby Business

Sell handmade items on Etsy or other handmade markets including flea markets, thrift stores, and local shops.

Ideas of products to craft:

  • Knits like sweaters, gloves, scarves
  • Baked goods like cookies or brownies
  • Apparel
  • Home decor items like throws or blankets

Head to Etsy and browse the categories to get more inspiration of items you can create.

Does this sound interesting but you’re not crafty?

Learn how to craft. There are tons of resources to help you learn a skill:

You can even head to social media to find video tutorials like this one from YouTube, teaching viewers how to make a chunky blanket.

14. Babysitting

According to GoodHousekeeping, a study showed that loneliness can lead to earlier death. In other words, spending time with people can extend your life. What better way than babysitting?

If you have experience with kids like raising your own children, for example, babysitting might be a good fit.  Offer to babysit for friends, family, or neighbors.

You can also sign up to SitterCity or Care to create a profile and find babysitting jobs in your area.

15. Be a Mock Juror

You can earn $10 to $60 per hour, helping lawyers prepare for cases. This is half as stressful as being called to jury duty. Check out Online Verdict to learn more.

16. Virtual Assistant

You will work as a personal assistant virtually. This is a growing field and you’ll help a range of people from busy professionals, small businesses to overwhelmed individuals.

Some of the tasks you might do:

  • Scheduling meetings
  • Answering calls and emails
  • Posting on social media
  • Creating simple graphics
  • Sending out event invitations

The kind of work you do will vary based on your client’s needs.

Kayla Sloan makes $10K per month as a virtual assistant! This can be a very lucrative money making opportunity for you!

Where to Find Clients:

Look on freelance job banks like Upwork or Freelancer. You may also find opportunities on social media like Facebook and Indeed.

17. Dropshipping

Start a dropshipping business on the side and enjoy benefits like:

  • Unlimited income potential
  • Flexible hours
  • You make your own schedule
  • Be the boss

How it works:

You’ll create an online store and when a customer orders, dropship their order from the supplier.

This is a great setup because you pass on the fulfillment to the dropship supplier. Shipping, handling, fullfilling the order is all on the supplier.

How to get started

Decide what to sell, create your online store and sell to customers. Take a look!

Step 1: Pick a Niche

Decide what kind of products you will sell: home decor, apparel, toys, electronics, etc.

Step 2: Create you store

Set up your store on an ecommerce platform like Shopify, BigCommerce, etc.

Step 3: Sell products and get paid

Find your customers, sell products, and get paid!

As orders come in, extend them to your dropshipper, who will do the fulfillment. Check out these dropshipping success stories.

18. Writer

Become a writer and author books or write for others. Do you have a passion for writing? Love to tell stories, share your experience and teach others through writing?

There are many routes you can take this:

  • Author books
  • Write for magazines
  • Write for websites
  • Write for bloggers
  • Proofreading
  • Editing

As a book author, you can actually go the self-publishing route which is a lot faster than going through a publishing house.  Many of the wealthiest writers don’t earn based on a bestselling book, but rather a collection of various books that have sold. So, you can scale and create multiple books to increase your income fast.

Writing for magazines, bloggers, and websites, as well as other people or businesses, is a good way to get regular, consistent work.

Proofreading is an in demand job that is needed, along with editors.

Where to Find Work?

19. Teach Online

Extend your expertise to courses and teach the masses online. Course creation is a lucrative industry that can create income for you, while you work part-time or even passively!

Pick a topic, create your curriculum, then publish your course.

Think about pain points that exist and create a course to solve that problem. Here are some examples:

  • Teaching a foreign language
  • Cooking or baking
  • Meditation
  • Mindfulness and stress management
  • Anger management
  • Business
  • Social media
  • Operations or productivity

Where to Sell Your Courses?

20. Transcriptionist

As a transcriptionist, you’ll make up to $25/hour typing what you hear in audio files. Your clients will include:

  • YouTube creators
  • Attorneys
  • Podcasters

You should be a fast typists and a keen ear since you’ll be typing exactly what you hear listening to audio. Not sure if transcription is right for you? Take this free mini course to get a feel for it.

Where to Find Work?

Learn more on where to find home transcription jobs.

Final Thoughts

There you have it, 20 ways retirees make extra money. I hope that you found these ideas helpful and a nice starting point to help you find your path to extra income in retirement or inspire you to find an extra income opportunity that fits you best.

If you are in retirement, how are you earning extra money? Do you work or what have you thought of doing once you reach retirement age? Share your thoughts below. Let’s continue the conversation.

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