4 Ways You Can Make More Money in Retirement

Many people dream of a living a life of leisure when they retire. However, you may come to find that the laidback life isn’t all it’s cracked up to be. Many retirees could use some supplemental income in order to live the life they’ve become accustomed to, while others simply miss the mental stimulation their work provided.

No matter the reason, it’s good to know there are plenty of opportunities to stay busy and earn some extra cash in your golden years. Take a look at these four ways you can make more money in retirement.

​Become an Influencer

By retirement age, you’ve learned a lot. It’s likely you’ve accumulated a number of interests and gained some savvy life-experience. A fun way to put all that to work in a creative way all from the comfort of your own home is to become an online influencer. Yes, you truly can make a decent income through such pursuits.

First, you should understand that it will probably take some time to build your brand. You can set up a blog and write posts about your passions or industry. Another option is to create a social media presence. Instagram tends to be the best and most lucrative site for being seen, though you can branch out to other sites as you grow.

Pick a niche you really love, one that will sustain your attention as you grow. Narrowing down your niche as much as possible is advisable over choosing something vague. You want to stand out from the crowd and gain an audience that truly is interested in what you have to offer.

Speaking of audience, you need one. You can start building your followers with tools such as an Instagram bot, which can help you gain relevant followers more quickly. However, keep in mind that genuine, regular engagement is necessary in order to become successful. Read Annika Bansal’s SocialCaptain review and see what the Instagram growth tool can do for you.

You want to show off your personality and your unique perspective. Think of this gig as building relationships. Essentially, that’s what it is. Stay on top of your industry or niche so you always have the most current information to share. You’ll also need to gain some creative skills in basic design, photography, and marketing. This can be a fun, prosperous outlet for an outgoing individual with lots to share.

Rent Out Your Property

By retirement age, many folks may have accumulated additional properties such as a home or condo. This may occur through savvy real estate investing or inheriting a family home. If you should find yourself with an extra abode, consider becoming a landlord.

Having a steady rental income can provide added security in a turbulent economy. While there are some risks involved, such as getting a bad tenant, you do hold much of the decision-making and control in your own hands. This can provide peace of mind.

Another option is to rent out your home on an occasional basis while you’re away. Using a vacation rental site like Airbnb is a fine way to connect with people who would be interested in staying in your home for a bit. If you live in a metropolitan area or tourist destination, your rental will be even more appealing.

Allowing others to stay in your home while you’re not using it can allow you to travel, while still earning an income. This money can supplement your existing income and might even take care of your entire mortgage if you’re still paying on one.

There are other out-of-the box options to consider if you own property. You may wish to rent just one room of your home. Did you also know you could rent your driveway, garage or storage space? It’s true! There are online services to match you with people in need of these things.

Try Temp Work

Retirees who miss the social aspects and challenges of work life may wish to consider temping. Check out the temp agencies in your area to discover what types of opportunities are in demand. These types of work experiences are great because of the flexibility they offer.

You get to choose the type of available work that fits your interests, skill set and schedule. You could do temp work for the holidays or other seasonal jobs. You may wish to take on short-term gigs or simply fill in for regular employees who are out sick or on vacation.

Temp work lets you enjoy life on your terms while still earning some extra income. In addition, you get to engage in the types of work that you find satisfying. You might choose to work in an office performing tasks such as typing, filing and answering phones. Data entry jobs are also common, if you’re a fast typist. Warehouse work is great for those who wish to remain physically active. There are even jobs for people with certain expertise such as accounting or medical transcription.

Share Your Expertise

​When you retire, there are so many ways you can continue to use your mind in satisfying and lucrative ways. Sit down and make a list of your particular skills and know-how. These could be knowledge from your previous work life, life skills you’ve picked up along the way or hobbies at which you excel. Jot down whatever comes to mind. You can narrow it down later.

Focus on the items that stand out to you, the ones that provide the most appeal. Doing what you love in retirement is something many strive for. In addition, consider the practical aspects of each thing and how you might leverage that talent.

Some people decide to become a consultant after retirement. This allows them to use their business know-how to guide others, while earning a decent income and being in charge of the types of work they take on. This might be a good fit if you have project management, business development, management strategy or recruitment experience.

Other considerations are to share what you know by becoming a teacher, instructor or tutor. You could check with the local community college, university, senior center or other local agency to see what might be a good fit for your expertise.

Teaching an adult education course could be fulfilling. Tutoring in a particular subject area is something that could be a bit more flexible, as there are opportunities to do this online. There truly are countless ways to share your knowledge and make money in the process.

These are just a handful of ways you can make more money in retirement. The possibilities are endless. You don’t have to stop working and growing. Enjoy!