Boomers and Beyond: 5 Ways To Make Extra Money if You Retire in Your 70s

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Retirement, that magical time when you may no longer have to work for your money, is on the horizon for many Americans. But although many boomers are quickly approaching retirement age, many of them may not be able to retire as soon as they’d like.

A CivicScience survey of nearly 3,000 respondents conducted between March and May 2024 reported 61% of those aged 55 and over say they won’t be able to retire by 65, and 53% will need to keep working even when they do retire.

Luckily, there are numerous opportunities for making extra money if you’re planning to retire in your 70s, or are already retired living on Social Security and limited savings, according to Bento Bucks and Boomer Benefits.

1. Add Money to a High-Yield Savings Account

Storing extra cash in an interest bearing high-yield savings account is a great idea for retirees in need of extra income. High-yield savings accounts are typically online only, and provide a much higher APY on your money than traditional savings accounts. They offer virtually risk free passive income, which is a no-brainer when you’re retired.

2. Buy Dividend Stocks

Investing in stocks is also a great way to grow your money, especially dividend stocks. Companies that offer dividend stocks pay shareholders annual dividends simply for owning shares of the company. While investing requires a higher risk tolerance, dividend payments can serve as an additional revenue stream for retirees.

3. Rent Out Unused Space in Your Home

If you have extra rooms or unused storage space in your home, consider renting your space to make extra income. Airbnb allows you to rent empty rooms in your home to travelers, while a platform like Neighbor allows you to rent storage space in your home to others.

4. Become a Dog Walker

If you’re a pet lover or dog parent yourself, this could be the side gig for you. Consider marketing yourself as a dog walker in your local community. There’s always a need for dog walkers, especially for those who work full-time in an office all week or travel frequently.

5. Become a Ride-Share Driver

If you have a car, you can easily use it to generate extra income. By signing up as a ride-share driver on platforms like Uber and Lyft, you’ll earn an income shuttling people around on your own time. This is one of the most flexible side gigs out there since you can switch it on or off whenever you like.

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