6 ways to make more money in retirement
According to an October 2022 survey by the Employee Benefit Research Institute, more than one in four retirees say they spend more than they can afford. With inflation at 7.1% in November, it’s no surprise that savings aren’t going as far as they used to. But there are ways to earn extra income without working a full-time job.
Some part-time gigs — like tutoring, pet sitting, or helping with tax preparation — allow retirees to work a few hours at a time, and the extra income can make a big difference.
Here are some ideas to consider.
Pet sitting and dog walking
If you have a fenced yard and the ability to care for someone else’s furry family members, offering pet services can be lucrative and flexible. According to data analyzed by online learning platform Preply, dog walking is the highest paying side job in terms of average hourly wages.
“Not to mention that dog companionship offers many health benefits,” says consumer credit expert Andrea Woroch. “So pet sitting is a great way to get that without the high costs of owning your own dog.”
One of the few upsides of the pandemic is that online teaching and tutoring has flourished. You can settle on an online tutoring site like Preply or Wyzant, or an online teaching site like Udemy. “Schedule a few hours on weeknights to tutor online students,” says Woroch.
If you have the credentials, consider creating a college-level course that you could teach as an adjunct professor.
“I created and taught on veterans’ issues at Duke University’s Sanford School of Public Policy,” says Paul Dillon, owner of Dillon Consulting Services, which helps veterans who want to start a business. “Whenever the course is offered, I spend about five to 10 hours a week doing course-related work.”
Retirees often have decades of valuable experience. Taking on project work can help you stay in the game on your own schedule.
“Consulting is a great way to stay relevant in your field and offer your insights and advice without having to return to the office full-time,” says Jacques Famy Jr., managing partner and chief marketing officer for the finance company. AdvancePoint Capital merchants. . “You can either offer the services through a business or start your own side business.”
Respond to community needs
Depending on where you live, there may be many opportunities to work alongside your town or city. Your local school may need occasional (or frequent – flu season!) substitute teachers, for example.
“Many K-12 schools can utilize the talents of retirees,” says Janet Heller, president of the Michigan College English Association. Heller points to the need for school crossing guards, assistant coaches for sports teams and recreation supervisors, among others. Contact your local school district to see what part-time spots may be available.
Do you have a lot of extra house and do you live in an area that attracts visitors?
“Rather than letting that freshly remodeled basement or spare bedroom go to waste, rent it out on Airbnb,” says Brian DeChesare, founder of Breaking Into Wall Street, a financial modeling training platform. “You can set your ideal availability, so you’ll never be stuck with guests at inconvenient times.”
A word of advice: if you’re wintering (or summering) somewhere else, consider hiring a property manager to manage rentals for your space.
Do you have tax preparation skills? You can find work assisting with tax filings for the first few months of the year, then take the rest of the year. This is a great opportunity for anyone with tax experience, but it’s also possible to take a tax preparation course that will qualify you for places at big-box tax firms.
The same goes for accounting if you have a background in finance or accounting. You can put your previous financial skills to good use as a freelancer or take an accounting course to qualify for a project.
“If you are looking to do some extra work, develop your skills – which could mean getting certified or taking another course to help you become more competitive for a specific role – we certainly encourage our clients to consider doing so” , says Toni Frana, Career Services Manager for FlexJobs. “For something that requires some knowledge of financial areas…you need to have some experience in those areas.”