Many retirees find themselves with more time on their hands than they know what to do with. Whether you want to supplement your income or use this as an opportunity to retire early, here are some things seniors can do to make extra cash in retirement.
Investing and Trading
Investing and trading are two of the best ways to make extra cash in retirement. The key is to take advantage of all investing platforms your bank offers. For example, if you have a Roth IRA or Roth 401(k), make sure you’ve set up automatic investments. Otherwise, for every dollar you want to invest, you’ll need to take time out of your day to log into your account, log into an investment site or app, and then manually enter how much money you want to invest.
Renting Out Your Space
It’s hard to come up with an exact number for how much you can earn from renting out your space because it depends on many factors. But a website called Airbnb says renters can make about $1300 a month renting a private room. If you have a spare bedroom, consider listing it on Airbnb and seeing what happens. It’s free to create an account and post your first listing, but fees start at 3% once your reservation is confirmed. Just remember that as more people buy second homes or invest in vacation rentals, there’s less demand for places to stay long-term, so be aware of that as you plan out your retirement.
Teaching and Tutoring
Teach a class, join an online tutoring service, or start your own tutoring business from home. The education market is massive and growing, so find a niche you’re interested in and get certified to teach it. It’s also a great way to meet like-minded people if you don’t already have them in your life.
Selling Items Online
If you’re not familiar with eBay or Craigslist, it might seem silly to try to sell things online. But before you toss out that old couch or table, check out these sales channels. Each of them is very different in terms of what they allow you to sell and how much they let you keep for yourself, but they are all worth checking out to get a feel for whether or not selling items online is something that could be right for you.
Even if you don’t have a pet of your own, you can still take care of others’ animals and get paid to do so. If you enjoy spending time with animals and you know how to offer proper pet care, consider becoming a dog walker or starting an in-home pet-sitting business. Pet parents trust and depend on these people to look after their pets when they’re away at work or on vacation, so it is a great way to keep busy in retirement.
Depending on your personality and your financial situation, there are ways you can earn extra cash in retirement. Consulting or contract work might be a perfect fit for those with these existing skills they have learned in their work before retirement. For others, selling off possessions and working odd jobs may be right up your alley. Implementing just one of these ideas will give you more income.