It’s no secret that many people are entering retirement without enough savings to sustain themselves through 20 or 30 years of retirement living. If you fall into this category, you might have to earn some extra income to keep the lights on and put groceries in the fridge.
The good news is that earning extra money in your 60s, 70s and even 80s doesn’t have to feel like work, given advancements in technology and the Internet. “Nowadays, retirement is evolving from an endpoint to more of a transition,” says Holly Kylen, a wealth manager at Voya Financial Advisors, in Lititz, Pennsylvania. “While continuing to work in retirement isn’t always a choice, working beyond what is currently defined as ‘retirement age’ can certainly have its advantages.”
[Read: 10 Resume Mistakes That Make You Look Old.]
You don’t necessarily have to work full-time to experience an improvement in your finances. “Most of us didn’t plan for that, so even working a few days a month or a few hours a week can really help retirees supplement their nest eggs,” says Carisa Miklusak, CEO of tilr, a technology-based talent management company in New York City.
Whether you want or have to work in retirement, consider these income-producing ideas:
Get a gig. The sharing economy allows folks in retirement to earn extra income on their own schedule. “The great advantage of it is that the type of work that comes with these sharing economy gigs is flexible, which means that you can do them whenever you want and not interfere with your retirement plans,” says Kevin Han, an attorney and blogger at Financial Panther. Han says he earned $16,000 in 2017 by dog sitting on Rover and renting out his room on Airbnb, among other gig income options.
Be a consultant. Independent consultants use the experience they gained during their full-time working years to bring in retirement income. “In addition to offering flexibility, a sole proprietor consultant can earn substantial extra income,” says Paul Dillon, founder of Dillon Consulting Services in Chicago. The pay is often good, so even a part-time consulting gig could bring in thousands of dollars per year.
Merge your passion into part-time work. Creative retirees might be able to turn a personal passion into a part-time gig. “For example, if you’re a person who loves wine, working as a wine steward can be fun and it pays an average of about $16 or $17 per hour,” says Mark Avallone, a financial planner at Potomac Wealth Advisors in Rockville, Maryland. “If working evenings is more attractive, then a local restaurant can also be an enjoyable place to spend some time and earn a few extra bucks.”
[See: 8 Popular Part-Time Jobs for Retirees.]
Become a substitute teacher. If working with young people has always been of interest, contact your local high school to become a substitute teacher or part-time coach, Avallone advises. “Substitute teacher income varies by state, but in Virginia, for example, they can earn about $15.50 per hour,” he says. “Or, if coaching has been one of your dreams, a high school basketball coach, for example, can earn about $3,000 to $4,000 per year.”
Get a job where 50-plus Americans are in demand. There are plenty of full- and part-time jobs where older Americans are at the front of the line, hiring-wise, says Brie Reynolds, a senior career specialist at FlexJobs. “There are so many more opportunities for older workers to work part-time than ever before, and in fields where their vast experience and knowledge can still be utilized,” Reynolds says. She says specialist gigs including professional interpreters, virtual assistants and online tutors pay well and welcome older workers who want relaxed schedules.
Be a professional blogger. For retirees with a creative flair, blogging offers a fairly steady gig that allows you to work from home with flexible hours. “They just need a computer and access to the Internet,” says Dayne Shuda, founder of Ghost Blog Writers in Eau Claire, Wisconsin. “They can earn a couple hundred dollars a month to supplement what they have saved or what they receive from other sources.”
[See: 10 Tips for Working in Retirement.]
Be a delivery driver. Opportunities to drive your personal vehicle for Uber or Lyft are well known. But there are also other driving options, such as being a commercial delivery driver for a flower shop. “You’ll be out with people and you’ll always get a smile after you drop off a beautiful bouquet of flowers,” says Dawn-Marie Joseph, founder of Estate Planning and Preservation, in Williamston, Michigan.
Earning extra cash in retirement isn’t as hard as you may think. Start with the ideas above and see if one of them doesn’t come in handy as an income-producing vehicle in your golden years.
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7 Great Ways to Earn Extra Cash in Retirement originally appeared on usnews.com
