Are you wondering how to make money in retirement? If you're recently retired or nearing retirement and thinking about some creative ways to earn extra cash, you're in good company. According to the U.S. Bureau of Labor Statistics, the number of people aged 75 and older in the labor force is expected to increase by 96.5% by 2030.
Here are seven unique ideas on how to make money in retirement.
Teach What You Know
You spent many years in the workforce, and your knowledge is valuable. Share what you know by teaching part-time online from home. Adult learning platforms (such as Skillshare) and homeschool sites for children (such as Outschool) are always looking for teachers.
Sell Used Goods
If you're just looking to make some extra money from time to time and don't need a regular income stream in retirement, try selling your used goods online or even at a local flea market.
Start by gathering items you no longer need or use such as clothes, hobby or sports equipment, small kitchen appliances or even your second car. Then, list them on your local online classifieds such as Craigslist or local Facebook sales groups.
Turn Your Passions to Profits
Do you have a hobby you've enjoyed for years? If you're on the hunt for creative ideas about how to make money in retirement, consider monetizing your pursuits and turn your art or crafting hobby into a side income earner. Then, you could either sell the finished project or teach others how to do it.
For example, use your skills to build and sell custom birdhouses, fiber crafts (such as original knitting, crocheting or sewing patterns) or pottery items of all kinds.
Grow a Garden Business
Gardening is a growing activity among people of all ages. If you have a green thumb, make money when you retire by starting a garden business. Grow and sell seedlings, seeds or potted houseplants. Alternatively, design and sell downloadable, printable garden planners or teach a gardening workshop at your local library or senior citizen center.
Create a Consulting Business
Depending on your previous career, you could turn it into a job that allows you to work from home during retirement. Talk to your previous employer about consulting part-time or set up a new business offering your services as a consultant to others in your industry.
Offer Freelance Writing in Your Field
With the rise of the internet and the information age, you'll find opportunities for earning money through freelance writing in many different areas.
If you're considering freelance writing to make money in retirement, consider focusing on a niche topic related to your previous career or a field in which you are known as an authority. Then, build an online portfolio, apply for freelance writing jobs in your niche and reach out to your business network to let them know you're ready to work.
Are you an animal lover? If so, you're not alone — that's why so many people with pets hire pet-sitters and dog-walkers. However, before you earn an income as a pet-sitter, make sure your home is pet-friendly and your local by-laws or HOA regulations allow this type of home-based business.
Alternatively, if you're looking for canine companionship on your daily walk, consider launching a dog-walking business for pet owners in your neighborhood. Advertise your services via local online classifieds and your area pet supply store.
Aside from working part-time at a traditional job, there are many creative ways to make money once you retire. When considering your options, think about your financial needs, interests, capabilities and physical health before choosing the right opportunity for you.