Retirement, the golden years that you're able to spend doing exactly what you want... right? Unfortunately no... along with that freedom comes significant expense, especially if your health is starting to decline or if you didn't save as much as you had hoped in your retirement account. However, do not fret - there are several ways you can make money after retirement without feeling as though you're right back to punching a time clock. This article will provide an overview and resources for five ways that you can make money after retirement.
1. Tutoring and Substitute Teaching
If you love working with young people or are highly qualified in a specific subject area, online tutoring is a great way to connect with them without ever having to leave your home. On average, you'll make about $25 an hour to work with students on subjects where they struggle, provide them with extra help, or help prepare them for major tests. Sites like Wyzant will allow you to set your rates, choose when you want to tutor, and express your expertise in a way that will help you connect more efficiently with students. Need help getting started? This post will help set you on the path to successful tutoring. Note that, since you'll usually work with each client for an hour, you'll be able to easily set your own schedule.
If you prefer to be able to get out of the house or are looking for something more along the lines of a full day's work, just on your schedule, substitute teaching will allow you to set your own schedule, work with a variety of kids, and develop a partnership with schools that will call you whenever they need someone. In most cases, teachers will set out everything you need to do for the day; you just have to come in and take care of the kids! Substitute teacher pay varies depending on your location and your education.
2. Writing Online Posts
Content is king in today's marketing strategies. Everyone needs quality content for their websites, social media accounts, blogs, and more. If you have a great deal of experience in your industry and are talented at stringing words together, now is the time to pass your wisdom down to the next generation.
If you were lucky enough to work in a specialized industry before retirement, you may already have connections that are willing to pay you to write that content for them. If you need a better look at where to get started, check out this list of websites that will pay you for your work.
Working for content mills is also a great way to turn out some extra income fast, since you know you're working with people who genuinely need the type of content you can provide. Writing online posts is a great way to increase your income without committing to long-term work. What you make depends on the site you're writing for; there are many sites that will pay as much as $50 or more per post.
3. Renting Out a Room
Do you have extra space in your home that you aren't using--for example, an apartment that was once occupied by another family member? Do you have an additional property? Renting out a room or a property on sites like Airbnb will allow you to put additional income in your pocket with a minimum of effort.
Don't want to rent out your space on a particular week because you have family coming in or other demands on your time? It's as simple as removing it from the market for the time being. This guide will help you get started with the process, while this post will give you a better look at the associated expenses and potential gains of working with Airbnb.
Is Your Rental Room Accessible? Download Our Accessibility Checklist To See.
4. Providing Companionship
You've hit retirement age, but you don't consider yourself "old" yet! There are plenty of people, however, who are older or less physically able than you who are need of companionship during the day. This can include anything from spending some time at the house with them to taking them out to run errands, get to appointments, and take care of other tasks.
If you are unskilled or not planning to provide medical care, you can expect to make an average of around $19 per hour, depending on your geographic area. Whether you work with an organization or choose to do it yourself, note that companionship is typically more time-consuming and will require you to work on a regular schedule.
You've spent a lifetime waiting for the day when you could kick back, relax, and work on your beloved crafts whenever you want. Your kids, however, only need so many crocheted hats or hand-sewn bears. Fortunately, there are people who will pay a substantial amount for those crafts, especially if you're able to appeal to a niche market. Check out This Art Quilt Company for example - talk about a specialty!
Try selling your crafts on Etsy. While it might take time to turn this into a reasonable income, you'll be able to make some extra money for selling the things you love! This guide to a successful start on Etsy will help you develop the tools you need to turn your crafts into a great source of supplemental income.
Time To Dive In
You've retired, but that doesn't mean you're ready to stop working altogether! By supplementing your income early in your retirement years, you can keep your mind sharp, hone your skills, and keep your sense of purpose while helping your retirement fund stretch longer. If you're looking for AirBNB advice or want to create an accessible home-office, feel free to schedule a Free In-Home Assessment from one of our CAPS experts.