The cost of living continues to skyrocket, and pensions may not be enough to sustain your life after retirement. You may need to supplement your retirement benefits with a side hustle.
The best part of side hustles is that they are age-bound, which means seniors and retirees can find a perfect self-employment opportunity. Senior citizens have extra time on their hands and years of experience, which they can utilize to earn extra cash.
If you are already receiving regular income from your investment accounts or social security fund, side hustles can be an alternative income source. As a retiree, you already have specific skills- it just requires some thinking before you start earning from it.
One survey by Bankrate found that baby boomers form approximately 28% of side hustlers, showing that most retirees have landed safely on their feet.
Consider some practical side hustles that retirees can take advantage of to earn money. Read on to find out more.
You might also enjoy reading: Here’s How To Get Your Finances In Order Before Quitting Your Job.
1- Rent Out Your Free Space At Home
If you are a senior, your children probably live independently. Instead of using the extra rooms in your home as stores, you can rent them out through a private agent or online platforms like Airbnb, Silvernest, and Peerspace.
You could rent out your former office space if you can do your side hustle at home. In many countries, people want houses, but with limited supply, thus increasing the demand for rental homes.
Airbnb and Peerspace rent your home in the short term, allowing you to make money more quickly. Alternatively, you can go for traditional long-term rentals, offering a more stable source of income.
2- Offer Child Care Services
Do you have experience handling children or love being around little ones? You can turn this passion into a side hustle and provide the demanded childcare services to busy families.
Child care services are like re-living the times you cared for your own children, but with monetary benefits. Besides babysitting your neighbor’s children, you can upload your profile on sites like Care.com or Sittercity, sharing your credentials and experience to find work.
Another viable site is “Rent A Grandma,” which allows seniors to offer different services, including childcare, cooking, and pet sitting. Many people are looking for someone with experience to handle these tasks for handsome pay, and that can be you.
3- Leverage Your Experience
What was your profession before you retired? Were you a teacher, an accountant, an office assistant, or an artist? Regardless of your former career, someone is looking for your experience, and you can turn what you love into a money-minting machine.
A side hustle is advantageous because you dictate the amount of work you can take and the pace at which you intend to do it. You will not have a boss breathing on your back because you have not met targets.
Furthermore, you have a ready market on websites such as Fiverr and Upwork, where you can sell your services to the highest bidder. You can easily teach any subject, be a virtual assistant, write blogs post, or sell accounting services on these platforms.
Since you already have the skill, it is easier to build a stellar profile to attract well-paying clients. Many clients also value seniors who want to tap into your experience to get the job done.
4- Sell What Your Stuffs
Decluttering can be challenging if you do not have incentives, but if your goal is to sell the stuff you do not use, you have added motivation.
Whether it is old paintings, furniture, classic cookery, jewelry, or vintage clothes, you can sell them to make extra cash. Once you know how to sell online, you can ask your relatives and friends if you could declutter and sell things they don’t use anymore.
5- Share a Ride
You have undoubtedly heard about Uber and Lyft, or maybe you have used their services. But did you know that you can use your car and earn money from these platforms by picking up and dropping off people or parcels at the desired destination?
Ubering is convenient since you can do it anytime, anywhere. You can earn the extra dollar when most are asleep in the middle of the night.
Alternatively, you can rent your car for uber and earn part of the pay. You do not need to lift a finger; money can stream to your bank account while you are sleeping.
6- Start a Blog
Blogging is not left just for the millennials; seniors can also share their wealth of experience through blogs. Blogging enables you to build a loyal audience, and you can monetize them.
However, it takes time before your blog can generate good traffic that can generate revenue. You may need to invest in quality websites and content to generate traffic before you can earn money through sponsored posts, Google AdSense, and affiliate marketing.
Your blog may expand and become a company if you consistently post quality content. Some people even use blogging as a full-time job to sustain themselves.
You might be wondering Whether Personal Blogs Make Money or Not; if so, I encourage you to check out this article.
7- Create Stuff To Sell
Do you have a skill you suppressed during your employment years? You can utilize this skill and create stuff you can sell online or in the open market.
For instance, if you are good with stitching or crocheting, you can create decorations and unique table mats and then post them on Etsy or eBay. You may be surprised by the number of orders you get from your posts.
You can also make unique gifts, stationery, or printables since you have limitless selling options.
8- Participate In Paid Online Surveys
Paid online surveys are another easy way to make money on the side. Although it is a low-paying opportunity, it can help you make extra cash in your free time.
If you are interested in participating in paid online surveys, I wrote a whole article about the 8 Best Paid Survey Sites For Students that I encourage you to read.
9- Online Coaching
As a retiree, you have many experiences and life lessons, providing endless coaching opportunities. You can help others improve their lives in various ways.
For instance, you can help people with their retirement, especially if you retire early. You can start an online coaching business and sell your audience and customers monthly subscriptions for your content.
Are your audience interested in financial plan or savings? If you are skilled in this area, you can offer regular guidance on how to gain financial freedom.
However, you must first establish the niche of your coaching. Be sure what you are offering is a skill or advice your audience needs; otherwise, you may not have many subscribers.
10- Write Product Reviews
You can earn more with product reviews because you can do it in your leisure time. How does it work?
You will sign up on Amazon and register to become an Associate. If approved, you can earn money when someone clicks a link from a product you reviewed.
You can earn between 4%-8%, depending on the value of the products. If you write quality reviews, many people will likely click on the link, thus increasing your chances of earning.
You can go through Amazon’s product catalog, pick one that interests you, and begin writing about it. You do not need to use complicated jargon; the most important thing is to make your writing exciting and the product stand out.
11- Create a YouTube Video
You can supplement your blogging with YouTube videos. YouTube is only second to google as a search engine and has expanded over the past few decades.
This platform can help you build your brand and direct traffic to your website. You will likely get more subscribers to your channel if you consistently post informative videos.
You can attract advertisers and generate revenue with more subscribers and views for your posts. What topics can you create videos about?
You can do lifestyle, cooking, or how-to videos and make money promoting goods and services through your posts.
Brands are willing to pay you to get your subscribers’ and viewers’ attention; therefore, continue creating and posting regular videos.
12- Become a Translator
Are you fluent in more than one international language? You can be hired to translate books, speeches, or blogs from English to the language and vice versa.
You can pitch for these freelancing translation jobs or apply for them through sites like Upwork and Fiverr.
If you are interested in becoming a translator, I encourage you to read this article: 9 Ways To Make Money Online as a Translator (How to get started and where to find gigs!)
Side hustles are not just for the young and jubilant generation that can handle more than one job. Seniors and retirees also have a chance to supplement their income through side hustles.
You can use several online and offline avenues to make extra cash.