What to do to make money in retirement
By Michele Lerner Updated Nov 26, People often think of retirement as a time of trading what to do to make money in retirement the nine-to-five slog for a life of leisure, but these days many retirees want to earn extra money to boost their cash flow.
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One of the best ways to feel retired while earning extra income is to generate cash from your hobbies.
Key Takeaways You can transform almost any hobby—from writing poetry or party planning to gardening or organizing—into a side hustle with a bit of research and commitment. If you have a skill—such as playing a musical instrument, painting or drawing, or speaking a foreign language—then teaching or tutoring may be your ticket to extra income.
With added effort and a measure of entrepreneurial spirit, you can turn pleasure into profit.
How much you can earn depends on the amount of time you are willing to invest in marketing your services or products. Below are some examples of potentially profitable hobbies. Retirement Hobby: Sales Many people's hobbies involve collecting objects ; others enjoy creating things such as handmade cards, jewelry, pottery, and or other crafts.
If you haven't considered selling your treasures or wares in the past, now may be the time. Items on eBay If you have a collection of antique toys, record albums, or clothing that you no longer want, you can sell them on eBay to the highest bidder.
Make Money While You Shop
Some entrepreneurial types turn their negotiating skills into an eBay business by buying low and selling high. If you have expertise in a particular area or simply want to gamble a bit on something like sports tickets, you can spend hours making bids and then reselling items on other websites.
Books and CDs on Amazon Another option for people with the storage space for books and CDs is to sell more than your own collection through Amazon. You can haunt flea markets and thrift stores for bargain-priced books and CDs, then resell them. Just make sure you take into account shipping costs and the hassle factor of storing and sending the items.
Your hobby may be so engaging that it leads to a second career
Crafts on Etsy If you love to quilt, sew, or make jewelry or other crafts, Etsy. The website makes it simple to market your wares.
- Their answers were amazing and showed just how creative our generation has become when it comes to supplementing our income in the best years of our lives.
- Make sure the line of work is compatible with your level of strength and fitness -- dog walking requires strength and stamina, and grooming sometimes requires heavy lifting.
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You can also sell vintage clothing. So, if you have a trunk full of old clothes in the attic, this could be a goldmine—and help you clean out those stored treasures.
Collectibles at Flea Markets and Yard Sales Plenty of people love to spend their time looking for treasures and unique items at flea markets and yard sales. If this is your hobby, you can turn it into a business by snapping up bargain items and reselling them.
Best Jobs after Retirement
You also may sell your handmade items at flea markets. If you're a yard-sale expert, you can even launch a business running yard sales for others.
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Retirement Hobby: Teaching After playing an instrument or painting landscapes in your off-hours or practicing your Spanish on trips to Mexico, you may be ready to turn those skills into a part-time teaching job.
One of the fastest ways to earn money on your own schedule is to become a tutor or a teacher. Whether you excel at math or English, you can offer tutoring services via your own website or by advertising at local schools.
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- And that is especially true in retirement.
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- Retirement once was built on the three-legged stool of Social Security, personal savings, and company pensions.
- Doing nothing at all sounds fun in theory, but after a couple of months or years, you might start to get restless at home.
If you speak a foreign language or want to help others learn English, you can also earn extra cash by tutoring. Other skills that can attract students include teaching voice lessons, art, or a musical instrument. Be sure to think about whether you are set up to have students come to your home—and are comfortable with the idea—or if you'd prefer to meet in a public venue, like a library, or in their homes. If you have a flair for decorating, you might consider becoming a home stager and offering your services to homeowners to help make their houses look their best for a sale.
Sell Your Photos
You may even find that the activity you've always loved becomes the basis of a second career. Writing If you've always wanted to write, look into freelance writing for your local newspaper or for websites that specialize in something that interests you.
Fiction writing is less lucrative, but if you are prolific and dedicated to submitting your work, you can even make a little money with your poetry and prose. Party Planning If you are the one everyone turns to when they're looking for a suggestion for a party theme or an interesting way to entertain guests, set up a party-planning website and start charging for your advice. Be sure you have looked into liability issues before you get underway.
Organizing If you love to organize your home, you may want to offer your services to others. Just make sure that you can physically handle hauling papers around or clearing out someone's closet. You can start your own business or offer to assist someone who already has a thriving business as an organizer.
Gardening and Baking Farmers' markets are more popular than ever and offer a great venue for selling your baked goods, plants, and vegetables. Find out how much it costs to set up a stand at your local market. Searching for Gold If you live near a beach or a lake and enjoy being outdoors, you may want to invest in a metal detector. With gold prices skyrocketing, you can search for lost treasures and sell them to strategies for binary options beginners cash in your pocket.
Retirement Hobbies That Make Money
Bottom Line The key to making money while still enjoying your retirement is to do something that you already love so the hours you spend working seem less like work and more like play—but the type of play that can pay, too.
You never know; your hobby may be so engaging that it leads to a second career in your what to do to make money in retirement half of life. Compare Accounts.