Unfortunately, many people don’t have enough money in their retirement accounts to live comfortably, especially since life expectancy has gone up. This poses a problem for several people who are no longer working. Fortunately, there are ways for retirees to make some extra money, all without having to take on a full-time job to earn a yearly salary once again.
#1: Sell Your Crafts on Etsy
When you’re retired, it is now the perfect time to devote more time to your hobbies. If any of your hobbies include making hand-crafted items, then consider making some of these items to sell on Etsy. Etsy is an e-commerce website that specializes in mainly handmade items. Some items that sell the best on Etsy include:
- Handmade jewelry, jewelry supplies, and other accessories
- Fabric and sewing supplies
- Art and collectibles
- Vintage items
- Party decorations and wedding supplies
- Paper crafts
- Stickers
- Digital artwork and printables
- Phone cases
- Personalized clothing
- Bags and purses
- Homemade self-care products
While results are not typical for everyone, it is possible to make a good amount of money on Etsy. Some users have made $4,000 in just one month, others have made $50,000 in a year, while it takes a little longer for some to see any sales. It’s all about how you market your product and if there’s a demand for what you’re selling.
#2: Consider Seasonal Work
If you don’t mind being a little busy during the holiday season, then you can definitely seek part-time work in a retail store for the holidays. Retailers are always looking for more people to hire during their busiest times of the year, and you are likely to get more pay and receive more hours as well. The good thing is that since this is only a temporary position, if you don’t like the job, you won’t be stuck working in a position that you don’t like. However, the extra money is still a good way to add to your retirement savings.
#3: Become a Substitute Teacher
Do you have extensive knowledge in a particular subject, or you’d really like to help shape the minds of the younger generation? If so, then you can apply to be a substitute teacher--- even if you don’t have much experience in teaching. Several school districts will not require you to have a teaching certificate. Like working retail during the holidays, this is a temporary position and you can choose when you would like to sub.
#4: Become a Driver or Deliverer
If you have a car and a smartphone, then you can become a driver for services like Lyft or Uber. Doing this also allows you to be flexible--- you can choose when to drive and pick up passengers. Similar to this, you can be a driver for delivery services, delivering fast food or groceries to people’s homes. This is another way to make some really good money on the side.
#5: Rent Your Space or Invest in a Rental Property
Websites like VRBO and Airbnb allow you to rent out your home to tourists--- you can simply rent out one room as well! However, some people may not be fond of having another person or more staying in their home, even if it’s temporary. If that’s the case, you can invest in a separate property to use as a rental. You can use part of your retirement, or enlist help from a private lending company to help you finance this second home. Many individuals who have invested in a rental property were able to earn passive income from renting it to others.
There are many more things you can do to earn money during your retirement, such as writing a book or selling baked goods. I hope you can find this list of passive income ideas worth reviewing. These days, just about any type of hobby can be monetized. It’s worth it to see if you can turn your hobby into a way to make money.