This article isn’t about how to make pocket money on the side. Instead, it focuses on how retirees can make a steady income from their primary activities. Although not all seniors will be able to take up every job listed here – some require a certain level of fitness – there are ideas that most retired individuals can do, even if they aren’t in peak physical condition.
No one really plans on working during their retirement, but sometimes life throws you a curveball: family commitments, health or marital problems, economic downturns, or poor investment decisions can create the need for additional income. At present, half of all Americans lack sufficient retirement savings. Hence, it’s not surprising to learn that 50% of older Americans continue to work.
This article is based on research that includes rummaging through internet forums, blog posts, news articles and conducting interviews with acquaintances. There are other lucrative side jobs for retirees too, beyond what I’ve discussed here.
If you find this article useful and land a job because of it, it would bring me immense joy. I would appreciate it if you could leave a comment below as feedback.
My dad’s example is a good case in point. A retired steelworker, my 66-year-old father now earns money through his blog, thanks to advertising revenue. He taught me the ropes, and I took to blogging in addition to my regular job. While only devoting 2-3 hours each day to blogging, I manage to earn between $2,000 and $5,000 per month from ad revenue and affiliate sales. You too can do the same!
Blogging doesn’t require much physical effort, but it does require mental stamina. Starting is often the hardest part. It only took me $100 to launch my blog. You might also want to consider purchasing a theme as the free ones can be a bit problematic. Give blogging six months of concentrated effort. Don’t expect to see results instantly, and retain your confidence and commitment; be as diligent as someone younger. Believe in yourself and give it your all.
My father lost his job during the modernization and computerization era. Despite his many talents, he never regained his confidence and was unable to find new work. A lack of determination and stiff competition in the job market left him jobless by the age of 54.
For some of the suggestions I’ve made, an upfront capital investment will be necessary. Utilize your resources, moving money from lower-performing investments to meet the initial capital requirement. Alternatively, you could borrow funds from someone you know, like a family member, friend, or take out a business or personal loan.
Before we delve further, remember, retirement should be a reward for years of hard work. It should be a time for celebration, travel, and self-indulgence. However, because of financial concerns, many retirees live in fear of running out of funds. Having some form of equity or contingency plan provides peace of mind.
Once you retire, there are plenty of earning opportunities that don’t require a hefty load of work. Here are some possible options:
1. **Use your skills:** You’ve accumulated a wealth of experience and skills over your career. As a retiree, you could tap into these skills to start a similar business. Various job sites offer part-time opportunities in your field of expertise.
2. **Start by volunteering:** Consider freely offering your skills in local communities. You might even find paid work eventually.
3. **Temporary employment agencies:** Many firms offer temporary contracts that can accommodate your fitness and capability levels.
4. **Passive income:** Not as strenuous as the others, there are a number of companies that promise considerable passive income.
5. **Sell your collections:** If you’ve been a collector, it might be time to sell your treasures.
6. **Write a book:** Consolidate your blog posts or other writings into an easy-to-sell book.
7. **Be a trainer:** Share your expertise by conducting trainings in your field.
8. **Buy property to rent:** Rental income is a perfect way to create passive income.
9. **Internet jobs:** The internet offers opportunities for freelancers to earn a decent sum without leaving home.
And more! Remember, the goal is to enjoy your retirement while generating some income on the side. Pursue opportunities that align with your capabilities, interests and enjoyment. Retirees have a wealth of knowledge, skills and experience to offer. Retirement can be the perfect time to begin a new career, different from what you used to do.