Most people dread their retirement because they view it as the end of their career. This should not mean that the person stops earning after retirement.
On the other hand, you might be excited to start a new life and making money after retirement on your own terms. However, the lifestyle you need may not have enough financial support.
Making Extra Money After Retirement:
You could find a retirement solution that does not include working for someone else. This read will help you narrow down to some of the most lucrative retirement solutions.
Renting out a room in your house or one of your homes if you have a number- Alternatively, you could also rent out your house as you go for a vacation. If your area has a lot of tourist appeal, you could rent out your space once in awhile to them.
The best part about this business is that you can set your own terms and rates. The demerit is that you might have to deal with rowdy or an upset guest (be sure to do a background check). Alternatively, you might have to conduct some repairs and renovations to make your residence more appealing.
Affiliate Marketing – This can be a very lucrative business to be in but you have to be very careful to not fall for any of the scams that are out there. My #1 pick is not a get rich quick scheme it is a business and with the right program and training you can build your own online business but as with any business it will take time. Anybody can do it, I am 80 years of age and love it, this is my #1 pick for training and help. CLICK HERE FOR INFORMATION
Technology has made it easier by introducing applications such as Uber and Taxify to help drivers earn more money daily. Take note that you will have to go through a vehicle inspection and pass it before you are authorized to carry anyone. After this inspection is complete, you could take small detours to drop people around your area as you go site seeing.
Participation in surveys and focus groups- This lucrative idea would fit a retired person who wants to enjoy their own company and enjoy some relaxation. You do not have to walk around or invest anything to this idea. You are able to make money in the comfort of your own bed. Very many websites offer payment for surveys and focus groups. The details on the sites tend to vary but they all offer money for the surveys and focus groups.
You could start by looking through the following sites:
OpinionOutpost.com and Sites like MySurvey.com. Focus groups could earn you a few hundred dollars but it takes quite a few hours. This may not seem like much but any extra income after retirement but could supplement your pension. Moreover, you could do this on your free time even during a vacation.
Independent consultancy- If you think you cannot do anything that does not relate to your past career; then you should think about being a consultant in that field.
You could use that experience to offer advice and guidance to individuals and even companies. You have the power and discretion to work in your free time and charge whatever rate you think your services are worth.
You could use your expertise, experience, and time invested to charge as much as you want. The beauty about this business is that the higher you charge and deliver to your customers, the more other people in the industry will see and appreciate your value. Thus, make sure your services match your price rates.
Companies are well known for seeking this services and spending as much as the consultant seeks since they are well aware that you are an independent agent rather than an employee.
Handyman- If you are ready to experience a new life away from the hustles of the corporate world then you could try some odd jobs around the house. You could trade in some of your skills and help your neighbors to fix some of their appliances or paint some walls in the area.
Use your friendship ties by asking your friends and acquaintances to market your skills. Alternatively, you could make use of technology by searching for prospective clients in your area who are in need of your services.
A virtual assistant or online freelancer- If you have experience in copy writing, customer service, marketing or even accounting, you could advertise your skills in various online platforms as a freelancer.
Use your valid skills to generate some income that could help you live a comfortable life after your retirement.
Freelancers have the liberty to set their own rates and even select the project they intend to work on. For you to be able to handle this job impeccably, you will need some basic web tool knowledge such as Word press and email use, and ability to grasp concepts fast.
Teaching- This job is both profitable and fulfilling. You will be able to nurture young minds and impart some wisdom into their lives from your experiences. You might think that you do not have enough knowledge to teach any subject, but you might be able to impart some skills into their lives.
Alternatively, you could sign up as a counselor and advise young people on their approach to life. Moreover, you could do this either in-person or online.
Reselling items online- If you have personal knowledge on a product and its demand in the market, you could purchase it and sell it at a profit to other people online. This is particularly lucrative when unique products are sold such as antiques.
Numerous platforms could be used to sell the products such as eBay or even Facebook. It is advisable that you start with less valuable products as you taste the water. This will ensure that you do not encounter severe losses from cons.
You will perfect your work with sufficient patience and time. Try aiming for discounted items and sell them above their market price. This will help you with more profit.
Some retirees are set for life, while others need to supplement their pension in order to live comfortably. It is easier to sustain a side business in this era and the above options are good ideas for starting out as you start living your new post-retirement life.
Would love to hear your comments and input to “Making Money After Retirement” Leave them below, will get back to you.
Wayne
I have seriously been thinking of ways to supplement my income for retirement and as from now. Your article has been really helpful. Most of the points I have not heard before so will start looking into them. I have been doing quite well with testing websites and am now looking into freelance and consultancy. I also want to Foster. My primary aim is to help children that need care, support and a loving home and also earn a little extra income.
I’m glad you found a few helpful ways to try out, Fostering children is something that is needed much more and takes a very special person to do so. I hope everything comes together for you ( in the foster care ) and am very happy to have been of some help with some other ways that may work for you. Thank You for your comment.
Hey Traveller75, I loved your post. You know, there are too many people out there who are so bored in retirement that they find jobs to excite themselves.
I like that your post gives those people other ideas other than trying to work until they drop dead especially if they spend half their lives doing already.
I always said that I want to be making money from home when I reach retirement age.
So incidentally, your post is great and very relevant to the fact that people should have peace in retirement and your information can make it so. Good work!
Your right after retirement it really can get boring when your used to working 8 – 10 hours a day. A part time business that you can work from home is just enough to make life interesting again. Nice to see some of these ideas can maybe work for you. Happy working to Retirement.
These are some great ideas!!
I’m really interested in investing in some real estate to bring in passive income. AirBnB seems like one of the best and low maintenance ways of bringing in some extra cash.
Affiliate marketing sounds great too! It’s a long term commitment I’m guessing, but with hard work I hear that it can pay off very well.
Thanks for sharing!
Real estate is a good thing to get started in, done it myself in my younger years, bought houses,condos, duplexes and townhouses then rented them out. I now find that in my later yrs that Affiliate Marketing is better for me, ( way less work ) and even for you as it will bring in extra cash to invest in real estate.
As I have said before Wealthy Affiliate is great but it takes time as with any other business but with less money invested and your working from home.
Wayne,
Personally, I’m aiming to build an online business using a combination of affiliate marketing and b2b services.
Like you, I found WA and made it one of my top recommendations. I don’t just recommend it, of course, but use it to host my blogs and improve my online business skills. Wish I’d found it several years ago!
I like your suggestions for offline work after retirement. I work in Japan as a freelance English language teacher. For healthy retirees who want to see the world, teaching English as a foreign language is something well worth exploring.
All the best,
David Hurley
#InspiredFocus
Sounds like you are on the right track and That is a neat idea for those that are qualified to to teach English in another country, great way to get to see the world. One could also have an affiliate marketing business along with this or any other part time business as it can be run from anywhere in the world.
Hey there,
These are quite some handy tips you offer here for retired folks.
I have been trying to get my uncle a good way he could supplement his pension and i think that the idea of reselling stuff online is going to make him happy as he has been a marketer throughout his life.
Thanks very much for the insights. 🙂
Nice to see you liked these tips on working part time after retirement. As for your uncle that would be a great idea. You should get him started at Wealthy Affiliate and he could market all his products online, great way to reach millions of potential customers and he can start for free, no credit card or out of pocket money needed.