5 Ways Retirees Can Earn Extra Cash

Happy senior businesswoman working on her laptop in the office.
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Once you retire, you may find that you want to do something to pull in a few extra dollars each month. Whether your retirement nest egg is coming up a bit short or you’re looking to do something more productive with your time, there are plenty of options for retirees to earn more cash without a significant amount of effort. Here are just five ideas to get you started. 

See: The Downsides of Retirement That Nobody Talks About
Important: All You Need To Know About Collecting Social Security While Still Working

Sell Your Excess Stuff

Probably the easiest and quickest way to generate some short-term cash is to get rid of things you no longer need. Not only can you quickly raise some money, but you can also help declutter your life. You can choose to go the traditional route of having a garage sale to clean out your excess items, or you can use more modern methods like online message boards or third-party seller sites like Ebay or Amazon. After a lifetime of working and spending you might be surprised at how many things of value you have accumulated and can unload at significant prices, from card or art collections to knickknacks like home furnishings or decorations.

Make Your Money Work Better for You

Rent Out Excess Rooms

If you’re an empty nester and find yourself living in a home much larger than you need, consider renting out your excess rooms. The income you raise may be able to cover your entire mortgage, or even more. If you’ve already paid off your property, then this income all falls directly to your bottom line. While you might have to do a bit of extra maintenance — or hire someone to do it for you — this is an easy way to generate what can be a significant amount of passive income. Rental income is also a great hedge against inflation, as you can typically raise rent every year, subject to local laws and regulations.

Other Options: 27 Most Lucrative Side Hustles for People Over 50

Consult

One of the most valuable assets you have as a retiree is experience. By the time you retire, you likely reached some level of status in your industry, and/or moved about and acquired knowledge from a number of different businesses. This kind of personal insight can be invaluable to companies looking to expand or improve their services, or to workers looking to get ahead in their field. Set yourself up as a consultant and offer what you know to those in need and you could end up with a lucrative, ongoing side gig. Depending on your specialty, you can both set a high hourly rate and get plenty of referrals from companies in need of your specific advice.

Write

A great way to earn additional cash as a retiree is to write. A wide variety of media outlets need insight into a variety of topics, from life to love to travel to you-name-it. As a retiree, you likely have a reservoir of experience in a number of different topics. From the comfort of your own home, you can pen anything from editorials to step-by-step instructions for people in need of your assistance and earn money for your efforts. While consulting is generally more job-oriented and speaks to a specific audience, writing often incorporates a number of different fields with a broader focus. Whichever is better suited to your unique talents or desires can be a way for you to earn more cash.

House or Pet Sit

If you’re more of the stay-at-home type, even that can be parlayed into additional income via house or pet sitting. Friends, relatives and even strangers go on vacations all the time and need someone to take care of their homes and/or animals, and you could be the perfect candidate. If you’re a pet lover, pet sitting could be ideal for you, as you’ll not only generate additional income but also get to spend time with animals. In some cases, and with your permission, pet owners may even bring their animals over to your house, meaning you won’t even have to leave the comfort of your own home. As a housesitter, you may even feel like you’ve gone on a mini-vacation yourself by spending some time at another home, except that unlike with a vacation you’ll actually be earning money rather than spending it.

Make Your Money Work Better for You

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About the Author

After earning a B.A. in English with a Specialization in Business from UCLA, John Csiszar worked in the financial services industry as a registered representative for 18 years. Along the way, Csiszar earned both Certified Financial Planner and Registered Investment Adviser designations, in addition to being licensed as a life agent, while working for both a major Wall Street wirehouse and for his own investment advisory firm. During his time as an advisor, Csiszar managed over $100 million in client assets while providing individualized investment plans for hundreds of clients.

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