Methods of Generating Extra Income in Retirement

You’ve left your 9-to-5 job and are enjoying retirement. However, if you retired early, your Social Security check may no longer be adequate. Perhaps you need to support your adult children or your grandchildren. During retirement, life can often become more expensive than it was before. And, certainly, many of the financial obligations you had while working continue when you retire. If you’re living on a fixed income, this is an issue. Fortunately, finding some side hustles might be a good way to boost your income without returning to work full-time. More and more retirees are using these methods, either by choice or necessity. So, what are a few ways you might be able to generate extra income in retirement? Today, we will discuss.

Rent Out Your Space

If you’re an empty nester or haven’t downsized yet, you probably have an extra space in your home. Renting out that room on a short-term basis via websites such as AirBnB or HomeAway might be an excellent method of generating passive income. Or, if you’re not comfortable with having a guest living with you, consider renting out your entire home while you’re away.

To maximize your rental income, you should seek guidance from others who have already rented out their space. There are numerous tips on how to improve your listing, take better images, and generate more bookings. Keep in mind that there are both municipal and state restrictions regarding AirBnBs, so make sure you are familiar with them.

Work as a Substitute Teacher or Tutor

Have you ever worked as a teacher? Would you say you are passionate about education? Substitute teachers are in high demand around the nation. Furthermore, this part-time job provides flexible hours and comes with minimum prerequisites. In most school systems, becoming a substitute teacher only requires a bachelor’s degree. Furthermore, the money is reasonable, particularly for a side gig. Substitute teachers earn an average of $20 per hour, or around $42,000 per year.* If you have a postgraduate degree, you may be able to enhance your income by working part-time as an adjunct instructor at a community college. Alternatively, if you prefer to work one-on-one with pupils, tutoring is also in high demand.

Sell Things You Already Own

When it comes to selling items online, one man’s trash is another man’s treasure. Popular online marketplaces such as OfferUp, Etsy, eBay, Facebook Marketplace, and others might be true goldmines for anyone looking to get rid of unwanted items around the house. You might be surprised at how much money you can make by selling items you no longer need, such as jewelry, vintage furniture, artwork, retro clothing, or cookware.

Look through similar listings to yours to get an idea of the market price. Additionally, check the item’s condition thoroughly. If it is newer than other similar items on the online marketplace, you may be able to charge more. Or, to increase sales, consider setting it at a lower price compared to similar items that have been available for a longer. Furthermore, if you can deliver the item to a customer’s home yourself, they may offer to pay you a little more. It truly pays to be flexible when it comes to meeting locations and availability. Additionally, be willing to negotiate the price.

Drive for Uber or Lyft

There are numerous driving jobs available if you have a reliable vehicle and are a good driver. Driving for ridesharing services such as Uber or Lyft is a flexible way to add to your retirement income. Your earnings are decided by the number of rides you take, and you will be paid via direct deposit once a week (or more frequently if you like). You also have the opportunity to choose how often and when you work. For example, do you dislike driving at night? You don’t have to!

Leverage Your Talents

Using the skills you picked up while working is one of the most effective ways to earn extra income in retirement. Whether you worked as a nurse, accountant, graphic designer, paralegal, et cetera, you can find ways to monetize your skills after leaving your full-time job. There are several ways to earn income online using your skills, due to internet platforms like Flexjobs, Upwork, and PeoplePerHour, which make it easier than ever to find available work, schedule your availability, and get paid. Almost every skill available can be utilized in the online marketplace.

Struggling to Save Extra Income For Retirement?

If you’re approaching retirement and are concerned about running out of money, you aren’t alone. Fortunately, we can help. We can walk you through the various options for protecting your retirement income while generating extra income over time. This will hopefully prevent you from running out of money in retirement and having to return to work full-time. Contact us to learn more; set up a meeting so we can get to know you and your circumstances, or register for one of our seminar events or online webinars.

*Sources: Barbara Friedberg Personal Finance, Bankrate

Scroll to Top