Retirees are perfectly positioned to start a successful side hustle. With remote work the new norm, and gig work apps like Uber and Airbnb a part of our everyday life, it has never been easier to secure an extra income stream. Use the skills you have accumulated throughout your career to earn extra cash — or use it as an opportunity to get involved in a new hobby you have always wanted to try.
Retirees have a particular advantage because they have both time and expertise in various fields. Here are 15 ideas for generating an additional income stream during your retirement.
Start a blog or online course teaching others about your retirement planning strategies
If you specialize in any topic, there is likely a market for it on the internet. For example, If you are a retired teacher, share some of your most successful lesson plans. If you are an excellent cook, make a blog with your recipes. Have you mastered planning for retirement? Consider sharing this information online.
The possibilities are endless, and odds are you have a skill worth sharing online that can make you some extra income throughout the month.
Rent out a room in your house
Many retirees have tons of extra space in their homes, especially after their children have moved out. If you are a homeowner with some extra space, renting out a room in your house on Airbnb is one way to fill up the extra space and generate additional passive income.
If the idea of having strangers coming in and out of your home makes you uneasy, you could also find a more permanent tenant to share your home with. For example, consider opening up your home to a college student looking for a place to stay during the semester or an international traveler who needs somewhere to stay for a few months. This can be a fun way to forge new relationships and add some passive income.
Rent out your car
Another less invasive income stream option is temporarily renting out your car or motorcycle. Rideshare apps like Turo and Drivy allow you to lend out your car for whatever period you desire. If you have an extra car sitting around, or only use your car for big trips, this is an excellent way to generate additional income while you sit back and enjoy your retirement.
Offer pet-sitting services when friends and family go on vacation
This is a great temporary and easy way to earn some extra money. Not only are you doing your friends, neighbors, and family a favor, you can make money in the meantime.
Even exchanging the favor could help you save money the next time you go out of town if you are a regular traveler. Whether for the favor or physical cash, pet sitting and house sitting are some of the lowest effort ways to earn some extra money.
House sit internationally
Suppose you’re more of an adventurous type. In that case, several sites connect international travelers with homeowners abroad in need of pet or house-sitting services so that you can spend time in a foreign culture at almost no cost. For example, the slogan for Trusted House Sitters is, “Stay in wonderful places by house sitting and caring for cute pets.” It doesn’t sound too bad, does it?
While most of these gigs are unpaid, you can save tremendous costs by house or pet sitting on your next getaway. Plus, you may have the free time to explore another income stream while sitting. And of course, if you’ve always dreamed of summering in the countryside of Italy, or escaping the dreary winter for a tropical location, now is your chance!
Be a consultant for local businesses, helping them with everything from marketing to bookkeeping
Consulting can be quite lucrative to generate extra income, especially if your previous career prepared you with the necessary skills. You can always freelance your time to local companies that need help with marketing, sales, public relations, hiring, design, or anything in between. If your previous career doesn’t align with the above ideas, you can bookkeep or provide essential services which don’t require previous experience.
You likely have tons of connections and wisdom from your old job, and if you market yourself right, consulting can be an innovative and efficient way to bring in extra cash.
Start a YouTube channel
The younger generation is always looking for tips, sometimes on the most seemingly simple tasks. So turn it into an income stream.
Do you know how to fix a leaky faucet? How to get wine out of the carpet? How to save a dying houseplant? Leverage your wisdom by making a YouTube channel or blog. If you can manage to make a popular page, you can generate income through ads or sponsorships. You might be surprised what knowledge is profitable; the more niche, the better.
Tutor students in subjects you’re an expert in, such as math or science
Tutors can expect to make around $20 an hour, and if you are a retired professor or teacher, that number can double. No matter where you live, there are high school students in need of tutoring. If your algebra is a little rusty, you can also tutor in subjects like English or even reading. Children of all ages benefit from a tutor — and you can tailor the age group and topic depending on your comfort level and expertise.
Websites like tutorme or tutor.com offer remote tutoring opportunities if you’d rather not have youngsters traipsing in and out of your home. But, be prepared to have a fee removed from your wages for using the websites’ services.
Grade standardized tests
The ACT, College Board, and statewide standardized test providers hire standardized test graders each year. Once you get the hang of it, it is a pretty straightforward and time-flexible way to bring in an extra income stream.
WriteScore offers paid gigs to grade elementary, middle, and high school students’ essays during the summer, while Measurement Incorporated will pay graders on a project-by-project basis. Some online grading sites require a minimum time commitment, but others give you the flexibility to work when you want.
Do odd jobs for people in your neighborhood,
Help out your busy working neighbors while bringing in an extra income stream. Offer to rake leaves, shovel driveways, or mow the lawn for a fee, and your neighbors will thank you. Obviously, these jobs are seasonal, but you can make a killing on a snowy day, depending on your availability.
You can get more creative with this too. Offer to organize your friends’ closets, or grocery shop for your busy neighbor next door with kids. You can become well-liked and a little more prosperous at the same time.
Babysit for family and friends
Retirees are some of the most sought-after babysitters, because they are considered mature, experienced, and trustworthy. Offer up your babysitting services to the community to earn some extra income. As you will be home during the workday, a retirees schedule is desirable for busy young parents. As a sought-after nanny, you can charge upwards of $20 per hour, while the average babysitting rate hovers around $15.
Sell handmade crafts or goods online
Did you know that a simple crochet top can sell for over $100? Handcrafted items are making a comeback, and you might be surprised how much you can sell your crafts online. Capitalize on this trend by selling your jewelry, pottery, or wood-carved utensils. Websites like Etsy make it easy to set up an online shop and sell your items across the country but will take a cut of your earnings. Not only can you pick up on a new hobby, but you can also make money doing it!
Try selling your wares at the flea market
While selling your handmade goods on Etsy is convenient, selling your art or crafts in person can be a more fulfilling and personal activity. You can usually sign up for a booth at your local art festival or flea market for a small fee and sell your crafts in your community. You can spend a weekend meeting like-minded people and make some extra money.
If you love dogs and physical activity, dog walking is the perfect side hustle for you. Sign up with apps like Wag and Rover, upload your information and instantly begin connecting with potential new clients. You always have the freedom to reject or accept a new gig, so you tailor that in your profile if you feel more comfortable only walking small dogs. Dog walking will help you get some exercise, and hanging out with a canine companion will give you a dose of dopamine.
Become a study participant
As a study participant, you can expect to earn anywhere from $50-$300 a day. There are many options in the category, including participating in focus groups, psychological studies, or clinical trials, all of which will range in payouts. These can be super short, one-day gigs, or they can carry on for months or even years. Depending on your potential time commitment, you can expect to earn thousands of dollars for some of the longer engagements.
Aside from being a generous thing to do, donating plasma can help you earn extra income. You can expect to earn $50 to $75 per donation appointment, and you are generally allowed to donate twice a week. That means you can earn up to $400 each month by donating plasma regularly. Donating plasma is different from donating blood because some of your blood and red blood cells are returned after the plasma is returned.
If you were in any way involved in the hiring process at your previous job, you know what a good resume looks like. Put this knowledge to use and help people write their resumes. According to FreelanceWriting.com, “Standard resume services for an entry-level employee with little experience or job history average around $65 per resume.”
Some resume writers will get a resume writing certification to boost their credentials. Still, if you are qualified due to your past work experience, you may not need to get a certification to earn money as a resume writer. Instead, start with friends and family who need help writing a resume to build up your portfolio, and from there, you can start marketing your skills to the broader community.
Make it Fun
There are tons of options for generating an extra income stream during retirement. Sharing your space or vehicle are some more passive ways to generate income while building up an Etsy shop or resume portfolio will require an extra time and energy investment upfront. Whichever option you choose, don’t be afraid to get creative and have fun, and you will boost your income stream in no time.
Article by John Boitnott, Due
About the Author
John Boitnott graduated from UC Santa Barbara with a Masters Degree in Education. He worked for 14 years as a broadcast news writer for ABC, NBC, and CBS News where he covered finance, business and real estate. He covered financial news for SAP for four years. Boitnott is now working as a columnist for The Motley Fool where he covers personal financial and investing strategies.