Discovering enjoyable activities to fill your leisure time and generate additional income can serve as a wonderful method to remain engaged and enhance your retirement funds.
Whether you choose to pursue freelance work, lease out spare accommodations, engage in dog walking services, or even establish your own entrepreneurial venture, there exists a wide array of opportunities for earning money during your golden years.
Here are 7 side hustles to make extra money in retirement.
1. Start freelancing
Engaging in freelance work presents an excellent opportunity to increase your retirement savings, particularly if you possess sought-after skills and expertise.
If you love writing or have a background in customer service, sales, marketing, or any other relevant field, platforms like Fiverr and Upwork can connect you with businesses seeking assistance. These websites offer a wide range of job postings, catering to various industries and specialties.
While traditional business topics are commonly requested, it’s worth noting that Fiverr and Upwork also provide sections dedicated to voice-over work, music creation, translation services, and more. This expands the horizons of potential freelance opportunities, allowing you to leverage your unique talents and interests.
2. Rent out extra rooms
While many individuals are familiar with the concept of renting out an entire house on Airbnb, it’s worth noting that even if you don’t possess a second property, you can still post a single room in your primary residence for rental purposes. However, it’s crucial to ensure that you adhere to the rules and regulations specific to your local area.
Airbnb offers the necessary tools and support to facilitate the safe and convenient rental of a single room in your home. Creating a listing on Airbnb is free and allows you to include compelling photos, detailed descriptions, and a list of amenities to attract potential guests.
Moreover, as a host, you benefit from Airbnb’s Host Guarantee, which serves as a protective measure against accidental damage to your property, providing you with peace of mind throughout the rental process.
Another avenue to explore is renting out additional space in your home for storage purposes. Whether you have an extra room, a shed, or a garage, these unused spaces can be monetized effectively.
3. Sell items online
If you have a passion for creating unique items to showcase at craft shows or local markets, one avenue to consider is opening a shop on Etsy. This popular online marketplace provides a straightforward setup process, making it an ideal side hustle for individuals who enjoy crafting.
By establishing an Etsy shop, you gain access to a large customer base of individuals seeking handmade and one-of-a-kind items. You can showcase your creations through attractive product listings, accompanied by engaging descriptions and high-quality photographs.
Etsy also provides tools and resources to help you manage your shop efficiently, such as order tracking, customer communication, and inventory management features. This allows you to focus on your craft while still maintaining a professional online presence.
4. Provide pet-sitting services
Engaging in pet sitting can be an incredibly enjoyable and fulfilling source of retirement income, especially for those who have a deep love for animals. By signing up as a dog walker, pet sitter, or house sitter through platforms like Rover, you can immerse yourself in the world of pet care while earning an income.
Rover offers a convenient platform that allows prospective pet sitters to define their schedules and determine the specific services they are comfortable providing. This flexibility enables you to tailor your pet sitting experience to your preferences and availability.
Whether you prefer working with small dogs, older animals, or have any other specific preferences, you have the freedom to choose the types of pets and services you want to offer.
5. Start driving for Uber or Lyft
One option to stay active during retirement is by becoming a driver for a rideshare service such as Uber or Lyft.
If you possess a reliable vehicle, have a passion for driving, and are available during peak hours like mornings and evenings, you can earn money with minimal physical activity.
Both Uber and Lyft even provide rental services for drivers who may be concerned about extensive wear and tear on their own vehicle or if their car is undergoing repairs.
Before embarking on your rideshare journey, it is crucial to consult with your insurance agent to ensure you have appropriate coverage. Adding rideshare coverage to your auto insurance policy will safeguard you while driving for these services, providing you with peace of mind and protection in case of any unforeseen incidents.
Becoming a rideshare driver not only offers a flexible work schedule but also allows you to interact with diverse individuals and explore different neighborhoods or cities.
6. Teach English online
Individuals with a background in education, particularly former teachers or those who enjoy working with children, may discover a rewarding second career as an online English tutor for children. Online platforms provide a means for connecting students seeking to learn English with certified teachers eager to teach.
To become an online English tutor, usually individuals must meet certain qualifications. They usually must possess at least a few years of teaching, mentoring, tutoring, or coaching experience.
In addition to the educational requirements, prospective tutors must also meet certain technical specifications. These include having access to a suitable computer, a reliable internet connection, a headset, a webcam, and other necessary equipment to facilitate seamless online teaching sessions.
Teaching English online can be an immensely fulfilling experience, especially when it allows you to dictate your own terms and work from the comfort of your own home.
7. Start a business
If you’ve had a brilliant business idea but never had the opportunity to pursue it while juggling work and family responsibilities, now is the perfect time to bring your vision to life.
However, launching a new business involves various legal and administrative tasks that can be overwhelming to handle alone. Fortunately, there are platforms available, that can provide the necessary assistance to ensure your new venture is set up correctly and compliant with legal requirements.
Platforms like ZenBusiness and LegalZoom offer comprehensive services that guide you through the essential legal aspects of starting a business. These services include assisting you in obtaining an employer identification number (EIN), which is crucial for tax purposes and establishing your business as a separate legal entity.
Additionally, they provide guidance on setting up a limited liability company (LLC), a popular business structure that offers personal liability protection for business owners.
By using these platforms, you can streamline the process of launching your business and focus on the core aspects of your entrepreneurial journey. Rather than getting bogged down by complex legal procedures and administrative tasks, you can rely on the expertise and guidance provided by these platforms to handle the necessary legalities while you concentrate on developing and growing your business.
