Retirees are able to leverage their years of work experience to make a living from the comfort of their homes. This is particularly helpful during the current COVID-19 pandemic when it is dangerous to work outside the home if you’re over a certain age. Older adults are finding many creative ways to supplement their income.
Tutor online
Various websites provide platforms for retirees wanting to share their experience online and make money doing so. On Chegg Tutors, freelancer tutors can mentor international students in specific subjects through virtual sessions.
Getsetup is another platform where older adults can make money teaching their peers topics of interest, such as “getting started with WhatsApp” or “Using your IPad.”
If you’re retired and earning money online, it can help to improve your life in many ways, such as being able to afford a Medicare supplement plan. Medisupps.com will help you to compare options and help you to find the right plan for the best price.
Look for remote work opportunities
There are many opportunities for remote workers, including transcriptionist and virtual assistant jobs. All most of these jobs require are a computer, an internet connection and a quiet workspace. Your income potential will depend upon the type of work you’re able to do and your experience.
Some opportunities will turn out to be scams so you need to exercise some caution when researching such positions. If companies ask you to pay a fee upfront, it is likely to be a scam. Jobs that promise thousands of dollars for little work are usually too good to be true.
Rent out space in your home
Once your children have left home, you may have extra space in your home you don’t really need. You may be able to rent out some rooms on a permanent basis for a predictable monthly amount.
You can also rent out a room or your entire home by advertising on Airbnb. The platform offers a painless payment system, freedom to charge what you feel is fair, and low fees. You can advertise your space to millions of people worldwide and Airbnb charges guests before arrival so you don’t have to handle the money directly and always get paid on time when you host.
Consult or freelance in your professional field
If you’re not interested in tutoring but you have professional expertise in a particular field, you might want to consider freelancing or consulting. If you’re on LinkedIn, reach out to your network and offer your services to assist with projects on a contract basis.
If you want to try contract consulting, Encore Fellowships matches you with social-purpose organizations that can use your skills and guidance.
You can also register on one of the many freelancing sites, such as Upwork, Freelancer, Fiverr or Guru. However, competition is stiff and many of them use a bidding model where clients post work and freelancers bid for them so it is not always easy to get consistent work that pays well.
Transform your hobby into a business
One of the best ways to boost your cash flow once you’re retired is to generate cash from your hobby. If you’re a crafter, you could consider selling products like jewelry or clothing on sites like Etsy or eBay.
You could consider buying old furniture, restoring it and selling it. Even if you have suitcases full of old clothes in your attic, this could provide a treasure trove of items to sell. Of course, you will need to go through a learning process to do so but it could be lucrative once you know-how. Your hobby may turn into a whole second career that you love.