6 ways to make 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 Employee Benefits Research Institute. With inflation at 7.1% in November, it’s no wonder savings aren’t going as far as they used to. But there is a way to earn extra income without working full time.

Some part-time gigs — like teaching, pet sitting or helping with tax preparation — allow retirees to work a few hours at a time, and the extra income can make a big difference.

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Here are some ideas to consider.

Pet sitting and dog walking

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If you have a fenced yard and can take care of someone else’s furry family, offering pet services can be profitable and affordable. According to data analyzed by e-learning platform Preply, dog walking is the best occupation for average hourly wages.

Consumer finance expert Andrea Woroch says: “It goes without saying that spending time with a dog offers many health benefits. “So pet sitting is a great way to get that without the high cost of owning your own dog.”

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teaching

One of the few advantages of the pandemic is the growth of online education and training. You can set up a store on an online education site like Preply or Wyzant, or an online education site like Udemy. “Set aside two hours a week for online tutoring,” says Woroch.

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If you have the license, consider creating an advanced course that you can teach as an adjunct instructor.

“I developed and taught about 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 businesses. “Every time the course is offered, I spend five to 10 hours a week on course-related work.”







In Money NerdWallet Extra Income-Retirement

With inflation at 7.1% in November, it’s no wonder savings aren’t going as far as they used to. Part-time gigs like teaching, pet sitting or helping with tax preparation can allow retirees to work a few hours at a time, and the extra income can make a big difference.


Jenny Kane, Associated Press File 2019


Consulting/freelancing

Retirees often have decades of valuable experience. Taking on project work can help you stay in the game on your own schedule.

“Consulting is a great way to continue to stay in your field and offer your ideas and advice without having to go back to the office full time,” says Jacques Famy Jr., managing partner. and head of marketing for investment firm AdvancePoint Capital. . “You can offer your services through a company or start your own business.”

Meeting the needs of the community

Depending on where you live, there may be a lot of freelance work opportunities with your city or town. Local schools may need substitute teachers occasionally (or often – flu season!), for example.

“Many K-12 schools could use the talents of retirees,” said Janet Heller, president of the Michigan College English Association. Heller points out the need for crossing guards, assistant coaches for sports teams and vacation monitors, among other things. Contact your local school district to see what part-time positions may be available.

Host guests

Do you have an additional home, and live in an area that attracts visitors?

“Don’t let that newly renovated basement or living room go to waste, rent it out on Airbnb,” says Brian DeChesare, founder of Breaking Into Wall Street, a financial modeling training platform. “You can set the most appropriate opportunities, so you won’t be stuck with guests at the wrong time.”

One tip: If you winter (or summer) somewhere else, consider hiring a property manager to manage your space’s rentals.

Tax/books

Have tax preparation skills? You can find work to help with your tax return for a few months of the year – then take it the rest of the year. This is a great opportunity for anyone with tax experience, but it’s also possible to take tax preparation courses that will qualify you for a position at a major tax firm.

The same goes for bookkeeping if you have a finance or accounting background. You can put your previous financial skills to work in the private sector or take an accounting skills course to qualify for project work.

“If you’re looking for additional work, building your skills – which may mean getting a certificate or taking other courses to help you be more competitive in a particular role – we encourage our clients to look into doing that,” he said. Toni Frana, manager of career services for FlexJobs. “For things that require knowledge of the financial sector … you need to have some experience in those sectors.”

This article was provided to The Associated Press by personal finance website NerdWallet. Kate Ashford is a writer at NerdWallet. email: [email protected] Twitter: @kateashford.

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