7 Ways to Make Some Extra Money in Retirement

You spent all those years saving, but you’re realizing you still need more money to stay comfortable in your retirement years. Luckily, there are a lot of ways for seniors to bring in some extra money after retiring – even if you don’t want to consider going back to work full time.7 Ways to Make Some Extra Money in Retirement

Here are seven options for supplementing the income you have now by making some extra money in retirement:

1. Babysitting.

If you like children, then an option is becoming a professional babysitter. You may already have experience with this with your grandkids or your friends’ kids, but you can find more families in need of babysitting help through sites like Sitter City and Rent a Grandma.

You can set your own prices, make sure any clients you consider are a good fit (both the kids and parents) and make some extra cash while making some new connections at the same time.

2. Consulting.

This is the option that’s most likely to resemble your former job, but if you do the same type of work you did before (or something else you’re good at) as a consultant, you can do it more on your own terms. You can charge what seems fair to you, take on the clients you want to work with and set your own hours.

That’s not to say it’s all easy money, but if you want to start generating income for work you’re good at without the constraints of an office, consulting can be a good compromise. To get started as a consultant, get back in touch with your professional contacts to let them know your availability. Consider hiring someone to make you a website and put together a business plan to help guide you in finding clients, managing your calendar and promoting yourself, as you go.

3. Getting a part-time job.

If you want something steadier than a lot of these options, then it may be worth it to start keeping an eye out for part-time jobs in your area. These can offer a steady paycheck without requiring you to show up to work 40 hours a week. If there are cafes or stores in town you like, start by asking about job opportunities there.

A few more years of part-time work could be what you need to get your retirement savings to the place you want them at.

4. Getting a roommate.

If you own an apartment or home with multiple bedrooms that are more space than you need on your own, one way to quickly bring your expenses down and start making more is to rent one of your rooms out. You can look for other seniors to live with or consider students. As long as you find someone that’s a good fit, this is an option that doesn’t include much work at all.

5. Pet sitting.

Do you like cats and dogs? Every day, people go on trips that they can’t practically bring their pets along on. In many cases, those people prefer to leave their animals with a person who can watch them in a home, rather than at a pet boarding company. If you’re good with animals, you can sign up on a site like Rover to make it easy for potential pet sitting clients to find you.

6. Renting out your car.

If you own a car, but don’t drive it much now that you don’t have a commute, your car can start making you money in the hours you don’t use it. Companies like Turo let you list your car during times you don’t need it so that someone who does can rent it from you. You get money for not doing much more than handing the keys over and opening the garage door.

7. Selling online.

Selling stuff online is a relatively easy way to start making money online. You can start by going through your own home to identify things to get rid of that are in good enough shape for someone else to want them ­– like a garage sale, but with a wider reach. You can also expand beyond that to make it into a more profitable venture over time.

That could mean going shopping to look for good deals on items you can re-sell online at a profit. Or it could mean selling items you make yourself that people would want to buy if you’re good at something like making soap or woodworking. Familiarize yourself with the main online selling platforms like eBay and Etsy to get started.

If you’re worried about money, you can take proactive steps now to start adding to your income. Whatever extra money you make today will make your life easier in the years to come.

Kristen Hicks is an Austin-based copywriter and lifelong student with an ongoing curiousity to learn and explore new things. She turns that interest to researching and exploring subjects helpful to seniors and their families for SeniorAdvisor.com.

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