Need Income? Seven Ways to Make Money in Retirement

There was a time when retirees could lead a comfortable life with the help of the three-legged stool of a lifetime saving — Social Security, a pension, and private savings and investment.

Sadly, that is no longer the case for many. Retirees find it increasingly difficult to manage their expenses on Social Security income alone because the government program was never meant to be the only source of income for anyone.

The good news is that it is entirely possible to make money in retirement. Here are seven ideas that can put some extra cash in your pocket and supplement your retirement income.

Rent out your space

This is undoubtedly the easiest way to make money in retirement. You can rent out a portion of your home, backyard, basement, garage, closet, locker, and pretty much any unused space at your place and make money on a regular basis, which can help anyone out in a rising cost environment.

Rent out your gear

Renting out the equipment and other items you own is also a great way to make some money on the side.  Through various websites you can now rent out your vehicle, RV, boat, motorcycle, bike, snowboard, surfboard, power tools, camera, musical instruments and clothing to those who need it and make money without moving a muscle.

Become a freelancer

Thanks to the emergence of the gig economy it is easier than ever before to monetize your skills. From writing copy to translating documents, designing websites, transcribing audio and video files, teaching English to non-native speakers and tutoring students, there are many things you can do on a freelance basis to make some money on the side.

Become a cook

If you happen to be a good cook you can monetize your culinary skills by starting a home-based catering service business. If you are not interested in setting up your own business, you can sign up with websites like Chefsfeed and Eatwith and make money by cooking for locals and tourists who are looking for authentic and unique dining experiences. You might even start a Youtube channel to showcase your cooking skills and make money as well.

Become a mystery shopper

Mystery shopping can be a fun way to monetize your free time. All you need to do is shop at different stores and give your feedback on the shopping experience. While the pay is not great, the gig allows you to go to different places and meet different people on a regular basis, which can be rewarding in its own way. Usually the service you test is free, like going through a car wash, and it may be something you need at no cost to you.

Babysitting

If you love kids, this is probably the best gig for you. Research shows that spending time with young children can improve the cognitive abilities of elderly people. So, aside from getting paid, you can also keep your brain sharp by taking care of children.

Pet sitting

Pet ownership is at an all-time high in America. No matter where you live, you can bet that there are pet owners in your area who are in need of someone who can walk their dogs and take care of their pets.

You can spread the word through your family, friends, and neighbors and let everyone in your neighborhood know that you are willing to take care of their pets. Apart from this, you can also sign up with websites  which can connect you with pet owners who are in need of trustworthy pet sitters.

7 Step Retirement Planning Checklist

Irrespective of whether you are planning to retire in 10 years, five years, three years, one year, or have already retired, getting organized, planning ahead, and controlling your finances goes

You Have a Year to Get Rich: 8 Key Steps to Take Now

If you had a year to get rich, what steps would you take immediately? As 2018 winds down, it's time to set your sights on you financial goals for the year

8 Honey Secrets For a Healthy Gut, Great Skin, and Supermodel Hair

Ah, honey, one of nature’s greatest treasures. This liquid gold is the pride of the bees and one of the most beneficial and nutrient-rich substances available on the planet. If

What to Do When You Receive a Financial Windfall

Knowing what to do if you receive a financial windfall is necessary to ensure that it does not get wasted. There are numerous ways one can receive a windfall, some

Middle Aged at 74? Life Expectancy Science Says ‘Yes’

For quite some time most people have viewed the age of 65 as the entry point into old age, hence the collecting of a pension and other senior specials. That

These Bad Financial Habits Are Destroying Your Credit Score

Bad financial habits are hard to break. But break them you must if you expect financial security someday, and that starts with good credit. The perfect FICO credit score rating

5 Jobs Where Employers Usually Hire Senior Citizens

Even though we live in a world where forced retirement and ageism are a reality, it doesn’t mean that middle-aged and elderly people have no employment options. There are plenty

3 Early Morning Elixirs that Give You All Day Energy and So Much More

It happens to all of us from time to time. We pop up out of bed, thinking we are rested and ready to take on the day, only to find

4 Types of Social Security Benefits You Should Know as a Senior

Figures published by the government show that more than 60 million Americans depend either fully or partially on Social Security benefits for their livelihood during retirement. Clearly, for most seniors,

4 Surprising Benefits of Lemons

There’s something simple and joyous about laying eyes on a fresh, vibrant lemon. Sitting in a fruit bowl or hanging out in the fruit and veg drawer of the fridge.

Little-Known Causes, and Solutions, for Anemia

If you’re constantly feeling tired and lacking energy, losing hair, or have unhealthy nails, you or your doctor might suspect anemia. The common "solution" is to take an iron supplement

how to protect elderly parents from scams

How to Protect Elderly Parents from Scams

Many young Americans are up against the challenge of how to protect elderly parents from scams. At present, more than 15% of the U.S. population is above the age of