Renting
If you’re an old-timer who’s lucky enough to still live in your own house, you might consider opening it up to first-time renters. A spare room, flat, or even your basement can make for a fine bachelor pad that people will pay real money for, giving you some extra cash for the month.
Dividend-Paying Stocks
Don’t let anybody tell you it’s too late to invest - it’s never too late to make money, baby! Some companies pay regular, monthly dividends to their investors, which could mean the difference between scraping by and cruising along. Utilities and consumer companies, such as Procter & Gamble, are likely to be your best bet.
Peer-To-Peer Lending
This next method assumes you already have some extra cash on hand. With peer-to-peer lending services like LendingClub, you can help others in need of some quick cash, which in turn earns you interest. Aim for around $5,000 spread across multiple borrowers for optimal results.
Consulting
As a retiree, you’re in a unique position to share your knowledge with others - but there’s no need to give it away for free. Regardless of your chosen vocation, there is always some professional wisdom and guidance to be imparted to the younger generation.
Online Freelancing
Freelancing is quickly becoming more and more popular as a means of living for retirees, part-timers, and college students alike. You could try your hand at design work or offer writing services via a platform like Upwork. There are plenty of avenues for you to explore.
Selling Handmade Goods
Sites like Etsy aren’t just for the crochet girlies and Warhammer bros. A retiree could do quite well for themselves, depending on what they’re selling, of course. Granted, this does rely on you having some experience with woodworking, arts and crafts, or painting, and you’ll need to be willing to part with some of your creations - for a price, of course.
Writing and Selling EBooks
Back in the old days, you’ll hear them say, folks had to submit stories to magazines, newspapers, publishers, and editors if they ever wanted to make a name for themselves in the literary world. These days, however, a service like Amazon Kindle Direct Publishing makes it easier than ever to publish your story, memoir, or guide—and get paid for it.
Online Tutoring
School sucks, and for some kids, it’s difficult, too. Whether you’re a retired maths teacher, amateur physicist, or a studied hand at art, you can bet that there’s a kid out there who could use your help in one subject or another.
Creating Online Courses
If you’re not too keen on the idea of hosting one-on-one sessions with students, you could instead prerecord lessons for your chosen subject. This could be anything from cooking to landscaping - whatever you’re good at, you can make money off of it.
Renting RVs, Boats, Etc.
Unless you planned to spend every day of your retirement out on the open water looking for a bite, chances are your old boat could do with some time out of the garage. The same goes for the RV, too. Renting these out could earn you some extra pocket money.
Starting Podcasts and YouTube Channels
Unless you’re really old (in which case you probably wouldn’t have been able to access this webpage to begin with), you’ve most certainly heard of YouTube and podcasting. These need not be a young person’s hobby - in fact, many viewers and listeners would likely appreciate a more mature take on… whatever subject interests you.
Licensing Photography
What if we told you that you don’t need a $100,000 DSLR and an elaborate series of bipods, tripods, and other accessories in order to be a “professional” photographer? All you need are some decent-quality photos (of nature, buildings, etc.), which you can then license to sites like Shutterstock and Adobe to use.
House and Pet Sitting
No offense to many retirees, but it’s not as if you’ve got a whole lot going on. Rather than sitting around doing nothing all day, you could instead sit around and do nothing in another person’s house - and get paid for it!
Selling Collectibles and Antiques
Don’t worry, we’re not suggesting that you get rid of your most prized possessions and items with sentimental value. But chances are you’ve got some extra goodies lying around that many people nowadays may not be able to get their hands on - and would thus pay a steep amount of money for.
Tour-Guiding
If you’ve lived in the same place for most of your working life and plan to continue living there for your retirement, too, you’ve likely got a better grasp of the lay of the land than most others. You could offer historical walking tours to visitors for a modest fee, giving you some extra spending money for the month with almost no effort.
Music Lessons
Music theory used to be taught extensively back in the day, and many households had at least one instrument or another. These days, though, music knowledge is a lot harder to come by - that is, of course, unless some generous retiree would be willing to impart their knowledge and offer use of their old piano for a modest fee.
Market Research Studies
Focus groups and surveys allow companies to get a better idea of what consumers like you want. Sometimes, they’re even willing to pay you for your feedback, which is what makes joining research studies so worthwhile.
Delivery Driving
“It ain’t much, but it’s honest work,” as the old saying goes. Delivery driving may not be particularly glamorous or thrilling, but it does keep you active and allows you to meet different people, all while getting paid for your efforts.
Childcare
Most families nowadays live in a two-income household, which means parents are often kept away from their children. That’s where you come in, offering your services as a dependable and trustworthy babysitter that others can rely on.
Monetization and Ad Revenue
Many retirees and others with ample time to spare maintain blogs where they share their thoughts, interests, and wisdom. With monetization services and ad revenue, you can also make money from your old WordPress page.
Creating and Selling Digital Products
While saying that everything is digital these days may be slightly hyperbolic, there’s no denying that plenty of people rely on digital applications to aid them in their day-to-day tasks. That’s where you come in, creating and selling digital templates, planners, and even art for a profit.
Teaching ESL Online
English is one of the most widely spoken languages in the world, and many people overseas could benefit from a good English tutor to help them master the intricacies of the language.
Virtual Assistance
You may technically be out of the workforce, but you can still offer your services as an assistant online, helping with scheduling, planning, emailing, the whole she-bang.
Licensing Music
This next one only applies if you’ve got some degree of skill or interest in musical composition. While it’s never too late to break into the industry, you can start making money off your songs sooner by licensing them to video creators and businesses.
Selling Baked Goods and Homemade Food
Maybe you make a mean cheesecake, or are a real whizz when it comes to serving up delicious gourmet burgers. In that case, you could begin selling your foodstuffs at marketplaces, or even directly from the comfort of your own home (if local laws allow for it).
Real Estate Investment Trusts (REITs)
Real estate investment trusts allow you to earn money from property without actually owning it. Buying shares in these REITs earns you some monthly or quarterly dividends.
Hosting Exchange Students
Many schools have an exchange program whereby international students can get a taste of the American way of life. Chances are, there’s a school in your area that plays host to these students, who are always in need of accommodation - accommodation you can provide.
Resume Writing
Resumes nowadays are mostly digital, but all the best ones still adhere to the best practices of yore. You could aid job seekers in their search for employment by helping them structure and cultivate their resumes - for a modest fee, of course.
Seasonal Work
Plenty of retirees have made a second career out of strictly seasonal work, that is, employment during peak shopping seasons, like holidays. Again, as the old saying goes: “It ain’t much, but it’s honest work.”
Transcriptioning and Captioning
Many of the YouTube videos you come across would likely benefit from some captioning to aid viewers who are hard of hearing. You can earn some extra cash by offering transcription services on a site like Rev.com.
Renting Parking Spots
In dense urban areas, a decent parking spot is hard to come across. If you’re lucky enough to have one all to yourself, you could make some easy money by loaning it out to others for a modest fee.
Home-Based Baking and Crafting
If selling your goods online sounds like it would be too much of a hassle, it may be worth it to check for any upcoming events in your local area. You can prepare an assortment of goods in advance and sell them at a stall!
Clinical Trials
Some medical studies will offer compensation to participants, which can be a good way to earn quick (if not consistent) cash. Just make sure you meet the eligibility requirements.
Notary Services
Becoming a certified notary does require some extra work, but it could be totally worth it if you market yourself to - say - real estate agents and lawyers.
Car Rentals
Of course, earning some extra money can be as simple as loaning out your car for the day. Let others make use of your wheels when you don’t need them, charging a modest fee for your troubles.
