How to Make Extra Money During Retirement
Written by
Ashley Donohoe
Edited by
T. Woods
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
Your Social Security benefits and savings may not go far enough to cover your post-retirement living expenses. According to the Schroders 2024 U.S. Retirement Survey, 47% of respondents faced higher-than-expected expenses, and only 44% felt confident about their retirement savings.
Finding more income sources could provide a more comfortable retirement along with potential opportunities to socialize or learn new things. Here are six options for earning extra cash during retirement.
1. Monetize Your Hobbies
Retirement comes with extra time to pursue hobbies you could monetize to improve your finances while still doing what you enjoy.
Whether you love to write, take photos or make crafts, consider selling your work online or offering services in your community. Other examples include selling the plants that you grow in your garden or the baked goods you make using your family’s special recipes.
2. Rent Out Things You Have
You could generate extra retirement income by simply renting out your things.
For instance, you could rent your driveway to someone without parking space, put a spare room on Airbnb or offer storage space in your garage. You could also rent out your vehicle on Turo or list various household items on Yoodlize.
Just carefully consider the effort and risks involved with renting out property.
3. Offer Professional Freelance Services
If you’d like to keep your skills sharp, consider offering professional freelance services related to your pre-retirement career. You might do the work directly, offer consulting services or tutor students in your professional field.
Another option is finding gigs doing something unrelated or new. Examples include walking dogs, delivering orders, taking care of people’s houses or being a caregiver.
4. Earn While You Declutter or Downsize
Downsizing and decluttering during retirement can offer several benefits, including potentially earning cash during the process.
Besides selling bigger assets like spare vehicles, you might have valuable household items that you could sell at a garage sale or on a platform like eBay, Etsy or Craigslist. Consider researching the values of items online before you toss or donate them.
5. Make Wise Investments
Your existing retirement investments can continue earning cash until you withdraw the funds. However, some of the spare money you have elsewhere could go toward new investments.
For example, you might put cash in a money market, high-yield savings or certificate of deposit account for interest payments. You could also invest in low-risk dividend stocks and mutual funds.
6. Find a Regular Part-Time Job
If you’re looking for more structured work and predictable income, taking on a regular part-time job might be better than freelancing or considering passive income options.
Working at a local business could provide enjoyable work that lets you interact with others and potentially stay active. You can also consider online part-time jobs to enjoy flexibility and avoid the commute.
More From GOBankingRates
