…How much money do you spend on a daily basis as a retiree?
At one time, people used to believe that retirement meant that they will completely say goodbye to the workforce and happily embrace a new life that feels like a constant vacation. That is indeed true for a lot of citizens, but the majority of Americans prefer to engage in different activities to make some extra money, even though they might be over the age of 65.
If you’ve just retired, chances are that all you want to do is pop a bottle of champagne and enjoy your first days of freedom. And you should totally do it because you deserve it.
Regardless of your financial status, you might be curious about some ways to make some extra money, so that you can finally do all the things you want. We took this burden off your shoulders and we did a bit of digging to find some of the easiest and best ways to make money as a retiree! Keep reading along with us to discover them!
PS: If you’re scared that your Social Security benefits will be troubled by the additional income you get after retirement, you shouldn’t be. When you reach the full retirement age, the benefits you have won’t be affected at all by your extra earnings.
However, if you’re still not sure about this, you should talk to a tax professional so that there won’t be any surprises when the next tax season comes around.
1. Rent Out Your Space
Letting strangers come into your home and use it for a couple of days is one of the easiest ways to get some extra money that will surely come in handy at some point. If you have a vacation house or a cottage you barely use, a newly updated basement, or you go on a holiday for a longer period of time, don’t be afraid to collaborate with platforms such as VRBO and Airbnb.
According to some studies, Airbnb hosts have a monthly income of roughly $900, which is great. If you want your space to get you that top dollar, make sure it’s clean, nice, and simply decorated and that it has all the things people who stay over for a few days need (such as towels, clean sheets, toilet paper, functional kitchen, silverware, plates, etc).
2. Pet Care
If you’ve read any of our articles before (especially those about how you can make your retirement life happier and healthier), you already know that we believe pets can be a great help when it comes to a fulfilled retirement life. Being surrounded by cute and fluffy animals is known for helping you release endorphins, which are known for being the happy hormone.
If you don’t own a pet or if you don’t think you’ll be able to take care of one every single day, 24/7, we are here to give you a better suggestion. You can sign up on some well-known sites such as Wag and Rover, which will help you spend time with animals, while also being paid for it.
Rover, for instance, is the biggest network for pet walkers and sitters. Creating an account is not hard at all and it offers services like drop-in visits, dog walking, pet sitting, and so many other things. Besides that, you can easily set how much time you want to work, pick the type of pets you want to care for, as well as set your own rates.
…Dog walkers on Rover can earn roughly $15–$20 per walk in most areas and if you make this your part-time “job”, you can earn even more than $600 per month.
3. Teach and Tutor
If you enjoy working with children and explaining the things they don’t know, you can think of teaching and tutoring. You can start with something easier, such as tutoring your neighbors’ or friends’ children. You can set your own rates and work hours, and word of mouth can bring in new clients pretty fast.
If you want something more advanced, you can think of teaching English online. The majority of websites require you to have a Bachelor’s degree and if you also have an ESL certificate, you are more likely to get a teaching job that pays more money.
You don’t need to have previous teaching experience, although it might be a plus. If tutoring sounds appealing to you, sign up on websites such as Preply and VIPKid and look for some flexible tutoring opportunities that are suitable for you.
…This is an incredible way to make some extra money as a retiree and it will also help keep your brain fresh and alert!
4. Sell Things Online
Another easy and quick way to make some extra money is to sell items you no longer use or even sell things that you make if you’re talented and crafty. You can list them on Craiglist and Facebook Marketplace and you can earn up to hundreds of dollars, depending on the items you want to sell.
Speaking of that, the things you want to auction can be literally anything: from old jewelry, tools, furniture, clothes, shoes, or even cars. You can also join plenty of “buy and sell” groups on Facebook, list your things, and accept the payment in cash or a bank transfer.
If you’re a crafty person and you want to sell your own art pieces (pottery, paintings, or portraits), consider listing them online on websites such as Etsy and Shopify. Besides helping you sell your stuff, Etsy also explains what can you do to set up your shop and reach as many interested people in your creations as possible.
5. Child Care
One of the most rewarding and fun ways to get some extra money in your retirement is by offering your services to care for children. If you have grandchildren of your own and you like to spend so much time with them, that you’re thinking of taking care of others and making some money at the same time, register on websites like Sittercity, Rent A Grandma, and UrbanSitter.
A great thing about these websites is that the schedule is really flexible and you can set your own hours. In conformity with some sources, the nannies that collaborate with UrbanSitter can earn between $11-$16 per hour and they keep all their earnings to themselves.
If you have a skill you’d love to monetize and make the most of it in your retirement, now is your time to shine! Some of the best-paid freelance gigs are e-commerce, marketing, copywriting, law, and graphic design. You can join plenty of well-known freelance websites, such as Fiverr and Upwork to get more clients, or you can work independently and market your own services.
And if you need a bit of extra motivation, you should know that over 20% of the freelancers that worked in 2019 were actually baby boomers!
…Have you ever considered working as a freelancer in your retirement?
There are plenty of ways you can make some extra money as a retiree, so make sure to do your research before you decide to try any of these! In addition to that, don’t be discouraged if you notice that the first job you’ve picked is not the most suitable for your lifestyle! Try another one and see how it goes!
…If you find this article helpful, we have plenty more just like this! Make sure to check this one out as well: Retirement Planning: 10 Expert-Approved Tips for When You’re Starting to Save!