It is no more news that a higher percentage of people are joining seniors without having enough savings to back on in their seniors. Low savings into retirement can be attributed to many reasons, and these are based on the individual.
While many people started retirement savings late, some ate deep into their retirement pulse due to one reason or the other, leaving little to sustain them throughout their retirement years.
No one is perfect, as anyone can find him/herself in this kind of situation. However, if you find yourself in this kind of category, there might be some options for you to earn some supplemental income to help your retirement life.
Apart from earning extra income to supplement your pension, some of the ways discussed here will keep you connected to the world you have been forcefully disconnected from. Being active in your retirement age implies more opportunities to keep you healthy and hearty.
We are not saying you should go back to your full-time daily work. No, that is like taking the tension out of the pension. Moving Feedback believes that earning an extra income shouldn’t be in hard ways. It is your retirement age, and we expect you should enjoy it to the fullest.
Even as you are looking for a way to earn additional incomes, you shouldn’t give up those leisure times you had planned to have in your retirement. Luckily, earning supplemental income in your seniors doesn’t have to be like your 8-hour job, considering the available technological advancements and internet.
Now, you can sit in the comfort of your home and start earning extra income with few hours of work every day at your schedule. You set your passion, sell them to the world and earn your income. With this, you may not even touch your pension for several years of your seniors. Is that something you would love to know? Proceed as we unveil how to get this done.
Costs of Retirement
Generally, many people think that when they retire, their daily expenses will reduce. The thought they won’t have to incur on commuting expenses or fueling of their car or spending heavily on expensive office wears and all sorts of expenses.
However, you might be surprised it is far beyond that, as you may be facing new expenses as you take up a new health care service, hobbies to keep you engaged, and much more. You also spend more on housing.
Even after paying off your mortgage, some expenses such as property taxes, utility repairs, insurance, and as well as some house supplies maintenance still not going to end soon.
This is an additional expense to normal costs of food, entertainment (which may even be higher this time because you need to enjoy those leisure times), security, and other related costs. A rule of thumb it’s that 70 to 90% of your pension is used to maintain your standard of living.
However, this depends on many factors such as how long you will live, your choice of retirement location, and much more. The only way to maximize your retirement period and enjoy it to the fullest is to look for a way to supplement your income. This will be treated next in this article.
7 Best Ways to Earn Extra Income During Retirement
After 35 years in service, would you love to go back to your desk? Obviously, no! Retirement is actually meant to enjoy yourself. But if you are handicapped financially, what can you do? If you rebuke the idea of going back to your office desk, it will be a great opportunity to know other ways to get paid even during your retirement other than your pension.
All the sources of income discussed below are virtually oriented without risk. These risk-free jobs imply that no financial obligations are required. You can start them immediately after finishing reading this article. Below are the supplementary means of income:
1. Rent Out a Spare Room in your Home
This is a straightforward means of earning supplementary income for your seniors. If you have a spare apartment, quarters, or a bedroom on your premises, it can be a sure way to earn passive income during your retirement.
While the notion of strangers living with you may look somehow to some people, renting out a section of a detached quarter is not a bad idea to extra income. It can even turn out to be a blessing, as you would have people around you every time, especially if you are living alone.
To make it more perfect, there are various options you can explore when you decide to rent out a room or quarters. Look for someone you can trust such as another retiree, and give out a room to them with extra income on a monthly basis. There are dedicated websites for this.
A platform such as Airbnb is a place to go to rent space to travelers. This is the main business of some people, and they are earning huge income from it. Airbnb hosts can earn you between $24,000 to as high as $100,000 annually on average, based on the number of spaces available for rent in your home.
Another option to explore is a website like VRBO. The platform lets homeowners rent out either a single room or the entire home to visitors and earn massively from it. You only need to set your house rules and the rates you would love to rent it out. Your safety is protected by these sites always.
They usually verify guests before giving out space to them. The platforms also handle the payments and remit the same to the homeowners or renters. Hence, if you are living in a populated or tourism-oriented area, this might be a huge shot for you.
2. Become a Tutor
Learning is one of those things that remain forever. The increased level of a different category of people yearning for learning is an opportunity to look over this goldmine. This is because there will always be a tutor to teach these millions of people yearning for knowledge.
If you are experienced in academic areas such as English or Mathematics or even languages, tutoring teenagers or kids or even adults can be a way to use your passion to earn some supplementary income daily, weekly, and monthly.
Some people are not teachers, but they have a passion for teaching; hence, your pre-retirement career might be otherwise, taking up a tutoring job do not need special qualifications other than your teaching method, and this is where passion comes in.
Skills like languages, music, quilting, and others are always in demand. A number of websites are connecting tutors with prospective students who are eager to learn and ready to pay any amount. You can as well check with your senior center or local community to find out if they are in need of a class tutor.
Another option to consider is to search online for available part-time tutoring jobs in your locality on platforms such as Indeed.com, Care.com, and other related job sites. Setting up a profile on LinkedIn outlining your skills and background is another option to explore and you would start receiving offers from people and interested students.
3. Sell Your Hobby Online
This is another way to earn extra income during retirement. Your creativity can turn out to be a lucrative way of generating multiple incomes into your wallet. What is your talent? Is it photography, knitting, woodworking, sewing, weaving, art, painting, documentary, or other craft? You can sell your hobbies online.
You might be amazed to see people demanding your works and ready to pay a huge sum to get them. For example, a platform like Etsy.com is an online store that allows crafters, artists, and photographers to list and sell their handmade works or items including pictures, quilts, frames, painting, drawing, and much more on the site.
If you are in doubt of what you can offer for sale, browse through the website’s different categories for inspiration. A platform like stock photography websites allows you to display your photography and earn some percentage from it whenever someone buys your work.
4. Take Surveys Online
Taking surveys online is one of the easiest ways to earn income in the comfort of your home during your retirement. You take surveys on companies’ products, services, and other related surveys that come up on the site and you will be paid for it.
The websites pay for your opinions on the go. While the dollar turns up is low, it is an easy source of supplementary income. You can sign up on different sites – the more surveys you do, the more bucks you earn. It is very easy to join, and no sign-up fee is required.
Go to survey sites that are paying, sign up, and enter all the required details and you will be receiving an email with available survey opportunities to your demographic. Most of these sites pay through PayPal or Gift Card to top online shopping sites. Some of the trusted online survey platforms you can explore are VIP Voice, Pinecone Research, Inbox Dollars, etc.
5. Create Gigs as a Freelancer
We are now in the digital world. You can offer freelance services online and earn six digits extra income every month. Yes! It is as simple as creating a gig and start receiving offers from buyers. They are many freelance sites you can offer your service and get paid.
You only need to know your skill or learn one. It doesn’t take time. They are many services, and no knowledge is useless on the internet. Let’s briefly discuss some of the services you can offer as a senior.
Writing Services: You don’t need to be a professional writer before you start writing for people. Some training and practice can help you to start writing for websites and blogs. There is millions of material online to help you write on different topics.
But you must ensure you don’t copy other people’s work. Write your own articles, and with time, you would get used to it. An article on fiverr.com can be as high as $50 to $100. You only need to sign up on sites such as upwork.com, fiverr.com, freelancer.com, etc., and start getting offers.
Proofreading Service: Editing and proofreading are parts of the freelance services you can offer online. Millions of people are ready to get their papers, transcripts, projects, theses, articles, and related papers edited and proofread at any price.
If you have a skill for grammar and spelling, being a freelance proofreader could be an option to consider for supplementary income during retirement. It only takes a gig on freelance marketplaces such as upwork.com, fiverr.com, freelancer.com, and other related platforms to get you started.
You can earn as high as $17 per hour for general proofreading while transcripts proofreading can even be more. Is that not something to back on?
Virtual Assistance Service: You can also earn extra income during your retirement by offering virtual assistance services on the online freelance marketplaces mentioned above. Just create a gig on virtual assistance and start earning.
Virtual assistance service is an all-around service. You help the buyer to perform tasks such as typing, research, data entry, mail sending, and much more. You can earn a huge income from this service. Many buyers are ready to pay a huge sum to get their work done.
Business Planning Service: This is another lucrative gig on many freelance websites. Many people who want to start a business do come on these sites requesting business plans and are eager to pay freelancers who can get the work done for them.
So, if you are skilled in researching businesses and come up with possible business plans, you are a step away from making extra income in your retirement. Just create a gig on this service on upwork.com, fiverr.com, freelancer.com, and you will thank me later.
This list is just a tip of the iceberg of the services you can offer as a freelancer on many freelance websites. You can go to these sites to see any other services you can offer based on your potential. Also, remember you can as well take an online course on how to render all these services; hence, you don’t need to have the skills before earning from this, as you can easily take a course online to get started.
6. Stay Home
When I say home, I don’t mean staying at your home. You can earn supplemental income by staying at home but not yours. Many homeowners out there are looking for a reliable person to keep their homes when they are away. I don’t mean security job – your job is to stay at home when they travel or even go to work.
You will be paid a huge amount for check-in once in a while or even stay overnight. For example, homeowners with pets are usually in search of people to take care of their pets when they are away. You never can tell, someone near you may even need one currently.
Create a profile and your charges on a platform like rover.com to starting earning from this business. You can as well check your local veterinarian offices to know if they can help you with your flyer to their clients. Another option to explore to get clients is Facebook’s local marketplace. You can display your home sit or pet sit on the group.
7. Rent your Car
Yeah! You can earn an additional income from renting out your car. Since your car will be idle and you may even be paying taxes on it, why can’t you turn it’s idleness into an income? There are websites you can go to offer this service. Platforms like Relay Rides and Get Around make the work easier.
Instead of incurring additional expenses on something you are not even using often, a site like Getaround rents out your vehicle, take care of it, and pay you for the hour it was taken. These websites have a comprehensive insurance policy; so, you don’t need to fear. Imagine if you have more than one car – that is a lucrative business on its own.
The following table displays the best ways to earn extra income during retirement:
|No.||Best Ways to Earn Extra Income During Retirement|
|1.||Rent Out a Spare Room in your Home|
|2.||Become a Tutor|
|3.||Sell Your Hobby Online|
|4.||Take Surveys Online|
|5.||Create Gigs as a Freelancer|
|7.||Rent your Car|
The truth is that you can earn supplementary income during your retirement without having to pass through hard labor or over-stress yourself as experienced during service. Moving Feedback has shared the top seven ways to earn supplemental income during retirement. Bring out the list and choose the one you can try out for additional income to your saving in your senior. It is not about reading it – taking action is the key. No risk, no investment! You would work at your pace. So, what else? Stay tuned for more informative posts from this page!
Thomas has a degree in literature from Stanford University and a profession in Mass Communication. Thomas is a member of the Moving Feedback research team, an expert in writing educative articles to help readers make the right buying decisions. He is well versed in moving industry matters to give the best advice on moving needs.