For years, retirement can feel like a far-off dream that will never arrive. When it does arrive, the routine of staying busy can be exceedingly difficult to break. Whether you’re looking for ways to stay busy or to raise extra money for travel or gifts for loved ones, learning how to earn money in retirement can prove beneficial.
You have several avenues worth considering when finding ways to earn more. From existing skills to new opportunities, the world is your oyster. Continue reading to learn how to earn money in retirement for a more stimulating and comfortable experience.
Tutoring
Today’s technology makes tutoring more feasible than ever. If you’re retired and looking for a way to earn money from home, tutoring online can be a viable option. Tutors can teach a wide range of subjects, from painting and piano to creative writing and arithmetic. It’s an excellent way to stay busy and make extra money teaching something you know and enjoy to others.
Virtual Assistant
Organizational skills are invaluable for professionals who are always on the go. Life can feel hectic, and many young professionals need assistance to stay on top of all the aspects of their lives and careers.
Working as a virtual assistant can entail email and calendar management, data entry, and booking travel arrangements for clients. If you have social media experience, you can also leverage that to help clients with a significant social media presence.
Freelance Writing/Editing
Writing jobs provide an impressive work-life balance. If you have experience writing and creating content, you can find opportunities to earn money from home during retirement. If you don’t have experience, you can start by sharing information you know through a personal blog.
As you gain experience and a following, you can pick up new clients to write and edit for, increasing your earnings during retirement. If you’re ready to try your hand at freelance writing, take a second to apply to be a writer and kickstart your passion.
Crafting
Individuals looking to earn money in retirement with a background in creative arts and crafting have several ways to add to their cash flow. You can design and sell items like paintings, jewelry, and handmade furniture.
The internet can provide a forum for creatives to reach a massive audience with their crafted wares. Local shows, festivals, and co-ops can also offer ways to show off what you’ve made and sell the wares to earn money in retirement.
Pet-Sitting
Animal lovers who want to earn money in retirement can turn toward helping friends and neighbors. One of the few drawbacks of welcoming furry friends and other pets into the family is finding someone to take care of and feed them when traveling.
If you love animals and want to earn money in retirement, consider using your compassion to watch and care for pets when their owners are away. You can forge bonds with all manner of critters while enjoying ample time to put toward other tasks and hobbies. Best of all, you’ll get paid for your time and efforts.
Tour Guide
Working as a tour guide during retirement can be a rewarding experience. Finding an opportunity that aligns with your interests and knowledge can make earning money during your retirement fun and memorable. Look for open tour guide positions to share a love of history or architecture with future generations.
Tips for Success
The best side hustles are those that fit within your schedule, allowing time to enjoy your favorite activities and spend time with family while still earning money. Ensure you look for opportunities that help you find and maintain that balance. It’s also beneficial to find positions that fit with your lifestyle and interests to stave off boredom.
It’s also essential to account for the tax aspect of earning money with side hustles during retirement. You will need to report the income you make to the IRS on top of any money you earn through Social Security and retirement funds.
If you earn money as a contract worker, it’s beneficial to pay quarterly taxes to avoid fines and fees. Staying ahead of taxes can clear the way for a refreshing and exciting retirement experience.