Even if you’ve been a great saver your entire life, it’s not out of the question that you may find yourself wishing you had just a bit more money during your retirement years. After all, it’s always nice to have a little extra cash to spend on vacations, leisure, gifts and those pesky unexpected expenses. So why not consider working during retirement?
And even if you have enough savings to fund the retirement of your dreams, working during those later years can be a great way to keep your mind sharp: A recent study in France found that people who delayed retirement were less likely to develop dementia.
If you’re looking for some extra disposable income or a way to spend your free time during retirement, here are some ways to bring in extra money.
What was once your full-time career can become a part-time activity that pays a lucrative hourly fee, notes U.S. News & World Report. In particular, the magazine points to fields such as management, engineering and science as being fertile ground for consultants. And if you’ve had several careers, Money Talks News argues that you have the advantage of offering more than one perspective.
Another way to share your expertise — particularly if you’re good in areas such as math, reading, music, art and foreign languages — is by being a tutor, according to Investopedia.U.S. News notes that you can advertise your services on Craigslist or sign up with the online placement service WyzAnt Tutoring. Another possibility: Register with local non-profits who hire tutors.
Starting a blog is yet another way to benefit from your interests. If you have a passion in a certain area, you can turn it into a website. Notes U.S. News, there are a number of online resources to teach you how to start and monetize blogs.
Whether you’ve made money creating arts and crafts in the past or want to do so in retirement, there’s a growing market for handmade goods, according to U.S. News. The publication points to sites like Etsy, where craftspeople can sell wares such as furniture, lighting, graphic design and much more.
If you have a treasure trove of goods such as antiques, books, recordings, clothes and more, you can make money by selling them online. Investopedia recommends looking into sites such as eBay and Amazon for making sales. In fact, the site adds, those with special areas of expertise can even buy items on eBay, then sell them elsewhere at a profit.
Being a caregiver
Whether you want to help the young, the old or the four-legged, there’s money to be made, notes U.S. News. If you have energy to spare and love children, you may want to become a babysitter. If you prefer to aid the more mature, you can take up elder care, where you can run errands or help out seniors who need a hand. And if you like getting out and love dogs, dog walkers can charge $15 to $25 per hour per dog, according to U.S. News.
Renting out space
If you have extra space in your home — say a spare room or the basement — U.S. News suggests renting it to someone. Another option: If you’re traveling a lot, you may want to rent out your home while you’re gone.
And if any of these retirement pursuits get to the level where you’re essentially starting a business, AARP offers advice on steps you need to take, such as taking courses, creating a business plan and setting up the proper bank accounts.
How will you make extra money in your retirement? Which of your past endeavors can you monetize in the future?