12 Awesome Ways to Supplement Your Retirement Income
Retirement is an exciting and promising time for many people.
Once you have retired, you’ll be able to do whatever you want with your extra free time.
But it can come as a shock when the extra income from work dries up. This is especially true if you aren’t prepared for this eventuality in advance.
Thankfully, there are some great ways to supplement your retirement income so that you can maintain the lifestyle that you’ve become accustomed to without having to worry about money or living expenses.
How Can I Make Money When I Retire?
Many seniors are finding that they need extra income in retirement. There are many ways you can supplement your retirement income.
Here are the 12 best side hustles for seniors that can help supplement your retirement income.
1) Freelancing
As a retiree, you probably have tons of knowledge on several subjects. You may be surprised to know that this extra knowledge can become a great source of extra income for you.
If you’ve been keeping up with current events, trends in your industry, and the like throughout your career, then it’s likely that there are people out there who would love to hire someone with all these skills! Freelancing is one way to supplement your retirement income, and it can often be extra lucrative because you’ll have extra time on your hands.
2) Renting Your Home or a Room Out
Do you own a home? Got an extra room you ain’t using? Renting out this space may be one of the best ways for you to supplement your retirement income. If you’re looking to live somewhere extra quiet and serene, then renting out your home can be a great way for you to get extra money without having to leave the house at all!
Another nice thing about this is that it’s an easy side hustle. If you already have a job lined up in another industry or would rather dedicate extra time to freelancing, then renting out your home or a room can be an easy way to make extra money in the short term.
3) Selling Your Stuff Online
While you may have all of this extra free time now that you’re retired, there are likely some things sitting around your house right now that haven’t been used in years. These extra items can make for great extra income if you sell them online. Several websites cater to the selling and buying of second-hand goods, such as eBay or Craigslist.
Selling your extra stuff is also nice because it’s an easy side hustle. Just take some photos on your phone and list the item for sale, and you’re all set.
Here are some sites where you can sell your old electronics. If you have some preloved clothes you would like to get rid of, check out these options to make money from your used clothes.
4) Substitute Teacher or Aid
If you’ve spent your career in education, then one great way to supplement your retirement income is by becoming a substitute teacher or aid. Not only will this extra money help you get through the end of your career, but it can also be an excellent source of extra cash once you retire.
What’s nice about working as a substitute teacher or aide is that it’s a job that you know how to do, and likely have done before. If you’ve already retired from this career path, then applying for extra work as a substitute can be an easy way to get extra income in the short term while still keeping your current lifestyle intact.
5) Community Volunteer Work
If teaching or working with children isn’t your cup of tea, don’t worry. Not everyone is cut out for the extra work that comes with a career in education or child care. There are plenty of other ways you can contribute to an extra income stream once you’ve retired!
One excellent way to do this is by doing some extra volunteer work at your local community center, library, or other public places. In many cities, there are extra jobs that need to be done and extra hours that can be filled by retirees who would like to help out their community for a few extra bucks.
6) Online Tutoring
Another great way to supplement your retirement income is by tutoring younger students on the subjects you know best. Whether it’s extra assistance in math, English, or science, tutoring younger students can be a great way to make extra money without having to work extra hours.
What’s nice about this option is that you might already know some of the extra material covered in these classes from your own time spent at school. If not, there are plenty of resources out there that can help you catch up in extra subjects, or, if needed, brush up on the extra material.
If tutoring isn’t your idea of a great way to spend an extra few hours each day, then perhaps selling some homemade items via Etsy is more your speed.
7) Rent a Grandma
While it might sound a little extra, becoming an in-home grandma is another great way to supplement your retirement income. You can do this either by caring for children or the elderly, pet sitting, tutoring, depending on which you feel most comfortable with.
Sign up on rent a grandma and get placed with families that are looking for services. You get to negotiate payment and services directly with the families. And what’s more, you can start a franchise!
Grandmas signing up in non-franchise locations pay $25. This helps to cover membership and background checks.
8) Consider Mystery Shopping
Love shopping? Here’s your dream side project! Mystery shopping is a great side job for retired people.
There are legitimate mystery shopping companies worldwide that will pay you to “shop” their clients’ businesses and give them honest feedback. Businesses use this service as undercover to check on the quality of their customer service and other business aspects.
9) Get Into Copywriting
While you might not be able to write copy for blogs or do social media marketing, if writing is your extra talent (or hobby), consider this option.
Many companies need extra help with their blog posts and other written content. If you know how to use the right words in just the right order, then start creating an extra income by doing extra content writing.
If you have a knack for it, then consider joining in.
Upwork is a great option to find copywriting projects.
10) Try International Housesitting
Imagine being paid to house sit a beach house on a beautiful island. Yes, extra income is that extra amazing!
International house sitting has become more and more popular in recent years. There’s a huge demand for it, so if you love traveling or just want to earn extra cash while staying put at home then take this option on board today!
To find house-sitting jobs, check out TrustedHousesitters.
11) Retail Arbitrage
Every day, people sell items on marketplaces such as Craiglist and eBay without knowing their full value.
They may also sell large bundles of objects with hidden valuables inside them. Thrift stores frequently have vintage or slightly worn items that can be restored or mended and sold at a profit.
At 60 years or older, you probably have a wealth of knowledge that can help you identify treasure from trash.
Retail arbitrage is another extra income option for retired people. It’s extra simple in the sense that all you have to do is find products at local stores like Wal-Mart or Best Buy, and then resell them on Amazon FBA for a higher price.
Buy cheap, spruce them up and sell at a profit. Rinse and repeat.
12) Driving a School Bus
If you are looking for an opportunity to bond with kids the age of your grandkids, consider taking up a driving position at a school.
If you have a clean record, why not apply? Most school districts are more than willing to hire seniors as their school bus drivers.
You Can Do It All!
The world is your oyster, and the extra money you need can be yours with these extra income tips. With a little bit of hustle and some extra hours in the day to spare, there’s no limit to what extra work you might take on to earn more cash while enjoying your retirement.
We will all retire at some point. Knowing what options you’ve got to help cover the bills, is a great step. As you choose what side hustle to take on, be extra cautious when it comes to your health. When we’re young, our bodies are in peak condition, but as the years go by they start slowing down.
