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6 Ways to Earn Extra Money in Retirement

More than 1 in 4 retirees say they spend more than they can afford, according to an October 2022 survey by the Workers’ Benefits Research Institute. With inflation at 7.1% in November, it’s no surprise that savings isn’t going as far as it used to. But there are ways to earn extra income without taking a full-time job.

Some part-time jobs, such as tutoring, babysitting, or helping with tax preparation, allow retirees to work multiple hours at a time, and the extra income can go a long way.

Here are some ideas to consider.

Pet sitting or dog walking

If you have a fenced yard and the ability to take care of other furry family members, offering pet services can be lucrative and flexible. According to data analyzed by e-learning platform Preply, dog walking is the highest paid part-time job in terms of average hourly pay.

“Not to mention, there are many health benefits to having a dog,” says consumer finance expert Andrea Voroh. “So pet sitting is a great way to get that without the high cost of owning your own dog.”

teaching

One of the few benefits of the pandemic is the flourishing of online learning and tutoring. You can set up a store on an online learning site like Preply or Wyzant or an online learning site like Udemy. “Set aside a couple of hours on weekday evenings to teach students online,” Vorokh says.

If you have credentials, consider creating a college-level course that you could teach as an adjunct professor.

“I created and teach veterans issues at Duke University’s Sanford School of Public Policy,” says Paul Dillon, owner of Dillon Consulting Services, which helps veterans who want to start their own business. “Whenever a course is offered, I spend five to 10 hours a week on course-related work.”

Consulting or freelancing

Retirees often have decades of valuable experience. By taking on project work, you can stay in the game according to your schedule.

“Consulting is a great way to stay relevant in your field and offer ideas and advice without having to return to the office full-time,” says Jacques Fami Jr., Managing Partner and Chief Marketing Officer at AdvancePoint Capital. . “You can either offer services through a firm or start your own business.”

Filling the Needs of the Community

Depending on where you live, there may be ample opportunities for part time work in your town or city. For example, your local school may need temporary (or frequent—flu season!) substitute teachers.

“Many K-12 schools can tap into the talents of retirees,” says Janet Heller, president of the Michigan College English Association. Heller points to the need for security guards, sports team assistant coaches, and break watchers, among other things. Check with your local school district to find out which part-time places may be available.

Reception

Do you have a lot of surplus at home and live in an area that attracts visitors?

“Instead of wasting that newly renovated basement or spare room, rent it out on Airbnb,” says Brian DeChesar, founder of Breaking Into Wall Street, a financial modeling education platform. “You can set perfect availability so you never get stuck with guests at the wrong time.”

One piece of advice: if you are spending the winter (or summer) elsewhere, consider hiring a property manager to manage your space rental.

Tax preparation or accounting

Do you have tax preparation skills? You can find a job helping with your tax returns in the first few months of the year and then take a vacation for the rest of the year. This is a great opportunity for anyone with experience in taxation, but it is also possible to take a tax preparation course that will allow you to get a place in large tax firms.

The same goes for accounting if you have experience in finance or accounting. You can apply your previous financial skills to freelance work or take an accounting skills course to qualify for a project job.

“If you are looking to take on extra work, develop your skills – which could mean earning a certificate or taking another course that will help you become more competitive for a particular role – we certainly encourage our clients to look into this,” says Tony Frana, Business Development Manager. career advancement at FlexJobs. “For something that requires some knowledge in finance… you need to have a bit of experience in those areas.”

This article was written by NerdWallet and originally published by The Associated Press.

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