14 Ways Retirees Can Make Some Extra Cash

Sam Mire

Published:

Budgeting
Credit: Depositphotos

Being formally retired does not mean you have to be completely retired. You may still be  restless or in need of extra income after your first career ends, and there are plenty of ways to occupy your time while getting paid.

Of course, not every job is fit for the typical retiree. You probably don’t want to work construction or wait on petulant patrons in a busy restaurant. We’ve considered retirees’ desire to take it relatively easy while continuing to earn.

Different personalities are suited to different kinds of gigs, so we included a variety of options for you to choose from.

1. Keep More of the Money You Already Have

older people budgeting
Credit: Depositphotos

The ultimate side hustle doesn’t require hustling at all. Rather, self-restraint and strategic lifestyle changes may be the surest way to stretch your retirement nest egg.

Given the option, saving money is preferable to earning money. You have already paid taxes on money already earned (not counting your retirement accounts), so stopping yourself from spending is a suitable alternative to working more. 

2. Drive

Man driving car
Image Credit: Shutterstock.

If you still have the vision, skill, and patience for driving, why not take full advantage while you still do? In a world where plenty has been outsourced, we’ve yet to find a way to outsource to countries outside the U.S. our food delivery, package delivery, and ridesharing.

Uber actively promotes retiree driving, even featuring a 71-year-old named Tonia who found a second professional wind after a long career as a stewardess. While driving-related side hustles are far from perfect, they are some of the most tolerable ways for retirees to keep earning.

3. Become an Unlicensed Handyman

Being retired does not mean being decrepit. Many retirees have spent decades repairing their decks, fixing toilets, hanging ceiling fans, and generally DIY-ing. Now, you’re retired—you have all the same skills, a boatload more time than you had while working, and a need for more money.

Don’t sell yourself as a contractor if you’re not. However, there are plenty of platforms like TaskRabbit that allow you to market your skills honestly and for fair pay.

4. Become a Pet Person

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If you haven’t noticed, pets are a cottage industry. One metric indicates that a pet owner spends about $1,500 per year on their animal. But other figures show the expenditure is significantly higher. Here’s your takeaway: owners are willing to pay for quality care, whether it’s a veterinarian, pet sitter, or dog walker.

You may let your network know that you’re down to watch their pets when they go out of town. You might formally advertise yourself as a dog walker or pet sitter on the myriad sites that allow you to do so. If you like pets, there are plenty of opportunities to monetize it.

5. Leverage Your Property

If you’ve saved aggressively or inherited money (or property), you might have a spare bedroom, guesthouse, or entire apartment or condo in addition to your primary residence. If you do, consider renting out whatever spare room you have.

Retirees should remain active, but passive income can be the ideal way to make money in retirement. There are drawbacks—namely property damage and nightmare tenants—but pricing your properties intelligently can account for these hazards.

6. Re-Evaluate Your Investments

Thinking old man
Credit: Depositphotos

You’re probably too smart to have your money sitting in a savings account earning less than 1% per year. However, it may have been a while since you’ve evaluated the landscape of high-yield savings accounts, stock indexes, and other low-risk investment options.

Even missing out on 1% in interest per year could constitute a significant loss, depending on how much you have saved. Do some homework and consider transferring your savings to the highest-yield investment vehicle with a level of risk you’re comfortable with.

7. Consult in Your Field of Expertise

Many white-collar professionals parlay decades of experience and accomplishment into lucrative consultancies, sometimes following their formal retirement. 

You may lean on those who handle marketing for consultants—the workforce is crowded, and someone who can shop your skills around may be well worth the investment. You might consult guides like these that explain the business side of consulting, which can be just as critical as the advice you possess as a consultant.

8. Become an Online Course Creator

Happy Old man
credit: depositphotos

For retirees, online work can provide cognitive and creative stimulation without the burnout that often comes with labor-intensive gigs. While creating online courses is a venture that has a learning curve, you may find easily accessible rewards (including financial rewards) once you get the hang of it.

There are many guides for how to become an online course creator. Because the job can vary significantly based on the types of courses you want to create (and other goals you have for the gig), we recommend relying on these kinds of guides pertaining to your desired niche.

9. Use Your Words

As American demographics shift drastically, it’s not crazy to anticipate a growing need for translators. If you are bi-lingual, or think you are capable of teaching English to kids or adults, then your linguistic talents could prove more lucrative than you ever suspected.

Teaching and translating are the kinds of side hustles that could prove immensely sustainable, and may be just as rewarding. You probably need a boatload of patience, though, so assess your personality honesty before pursuing this kind of gig.

10. Sell Your Stuff

Yard Sale
Image Credit: Shutterstock.

Let’s face it, your kids and grandkids probably don’t deserve your stuff. Nor will they appreciate it. Especially if you are feeling some financial pressure in retirement (and who isn’t these days?) you should consider parting with items that fetch a higher value than they bring you.

There’s little risk in posting ads on Facebook Marketplace, OfferUp, Craigslist, and other digital marketplaces. If you don’t get an offer that moves you, simply take the ad down. Selling your stuff could, depending on your outlook, be preferable to actually working. 

11. Become a Do-It-All Domestic Worker

There are lots of maids. There are far fewer helpers who are willing to do the laundry, load and unload the dishwasher, organize the back closet, clean the oven, and complete other domestic tasks as part of a single business offering.

If you recognize this void and are willing to treat someone else’s home like your own, you might find a lucrative niche. Also, call me as soon as possible if you’re offering your services in South Florida.

12. Detail Vehicles

Image Credit: Pexels.

There are some jobs that require expert knowledge or a unique skillset. There are others that require merely a willingness to learn, invest time, and do the work. Vehicle detailing, as far as I can tell, falls into the latter category.

You should learn how to apply wax, dry vehicles without scratching the paint, and detail a vehicle in a professional manner. Once you do, you might find many clients willing to pay an affordable rate for at-home mobile detailing. With car washes becoming increasingly DIY, the people are itching for someone to wash their whole vehicle.

13. Work in a Store

Some retirees crave human connection as well as a paycheck. Working in a coffee shop, clothing store, or restaurant could be just what the doctor ordered.

While the cliche retiree would like to stay far away from the hustle and bustle of such gigs, you may not be the cliche retiree. If you think you’d enjoy being a salesperson at a boutique women’s wear shop or a barista at the local coffee shop that is seeking help, why not give it a try?

14. Take Care of Others’ Lawns

Woman with lawn mower
Image Credit: Shutterstock.

There are many lawn services, but not everyone wants to pay a monthly rate for full-scale landscaping. Perhaps you’re willing to help with the occasional jobs, like a one-off mowing or de-weeding someone’s garden—the jobs that may not be worth the professional landscapers’ time.

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