10 Ways to Make Extra Money in Retirement
Boost your retirement income.
You can withdraw less from your savings each month or even pay for a few luxuries if you're willing to earn some extra income in retirement. Here are some ways to bring in a little extra cash, hopefully without cutting too much into your leisure time.
Get a part-time job.
Retirement doesn't necessarily mean you will never work again. Aim to find a part-time job that suits your interests, such as working at a golf club, wine shop or museum.
Become an entrepreneur.
People in their 60s and older often have the ideal combination of attributes to launch a business, including experience, an extensive social network and a working knowledge of the products or services people who work in your industry need. Just don't invest money that you can't afford to lose in a business.
Sell your stuff.
You have a lifetime of accumulated possessions clogging up your garage, attic and basement. Clear out those spaces and see what items you can sell. You can try a traditional garage sale or write up a description and sell it on Craigslist, eBay or another website.
Leverage your expertise.
You might be able to lend your expertise to your former employer or other companies in the industry to make some extra cash. Let your former colleagues know that you would be open to taking on contract work when a need arises.
Share your knowledge.
Whether you are a teacher, musician or business executive, there is often money to be made passing your skills on to the next generation. You might be able to tutor children in math or coach small business owners to better manage their company.
Help your neighbors.
Almost every neighborhood has busy working people who could use help walking their dogs or watching their pets when they go out of town. And plenty of overwhelmed parents who need baby-sitting help likely live on your block. Let your neighbors know you're available and interested in this type of work, and your phone will start ringing.
Try out a hobby job.
If you can sew, bake, work with wood or otherwise create something someone else would buy, you can make money selling your wares online, at craft fairs or even from the end of your own driveway. Once you build up some word-of-mouth, customers will come to you.
Rent out a property.
Some retirees earn an extra stream of income by renting out a property they own. But you have to be ready to do the work of finding tenants and maintaining the building, or to share the profits with someone you hire to take on those chores.
Tap into the sharing economy.
You can rent out a room in your home to vacationers looking for a unique and affordable place to stay or offer to taxi people to the airport in your car. A variety of online companies can help connect you to people who want these and other services you might be able to provide.
Get more for your money.
Shop around for a better interest rate on your savings account or certificates of deposit and get rid of high-cost investments that are reducing your returns. Make sure that your savings is earning as much for you as it can.
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