Sunday, February 10, 2013

Ten Ways to Make Money After Retirement

If you are worried about the need to increase your retirement income, one solution is to continue to earn money well after you have stopped working at your current job.  However, many people are unsure of the best way they can make money after retirement.

A number of the "officially" retired people I know are continuing to supplement their retirement income by working at a variety of part-time jobs.   Listed below are ten common ways to supplement your retirement income.

Where to Work after Retirement

1.  Continue your current career from home and work fewer hours.  This is the most common retirement career choice for many of the people I know.  A number of my friends have continued to earn money for years after their official retirement by working as substitute teachers, neighborhood Realtors, bookkeepers for small businesses and insurance agents.

2.  Work as a consultant for firms in your former industry.  Two petroleum engineers I know have chosen this route, which has allowed them to work from home.  They earn a high income while keeping their own hours.  They only take on as many projects as they can comfortably handle, so the work is less stressful.

3.  Keep your former job, but work fewer hours.  Many people decide to job share or work part-time for their former employer.  They find this can be a pleasurable way to earn money, stay in touch with co-workers and feel productive well into their late 60's or 70's.  They often discover that their job is less stressful when they work fewer hours, and they do not have to go through the process of finding a new employer or learning new skills.  This is a common choice for people who have worked for retail stores, restaurants, and similar jobs.

4.  Provide services to other senior citizens.  A large number of retirees are discovering that they have skills that could benefit other seniors.  They charge an hourly fee to help run errands for other seniors, drive them to appointments, complete their tax returns, handle their bills (especially complicated medical bills), organize their family photographs into albums, or assist them in writing a family biography.  Many seniors are willing to pay in order to have someone else help them with these chores.

5.  Teach a class.  Several seniors in my retirement community charge a small fee to lead yoga classes, give guitar lessons, or teach their peers how to use a computer.  The teachers often enjoy the interaction as much as their students.

6.  Become a bonded babysitter.  When we took our grandchildren on a trip to Palm Springs, we hired a sitter from a local babysitting agency to care for the kids while we went out to dinner one evening.  The woman was in her late 60's, and our grandchildren loved the fun activities she brought with her to keep them busy.  She told me she only babysits on Friday and Saturday evenings, and she enjoys the extra money she earns.  Depending on how many hours you want to work, you could earn several hundred dollars a month.

7.  Work for your local school district as a crossing guard.  According to the Bureau of Labor Statistics, about one-third of crossing guards across the nation are over the age of 65.

8.  Apply for a job at your local senior center or retirement community.  Many of the employees of our local senior center and retirement community are residents who also live here.  Office workers, gate guards, receptionists and many other people who keep our community operating are, for the most part, over the age of 65.

9.  Try that little job that always interested you.  One former stockbroker we know went to work in a health food store after retirement.  Someone else went to work as a part-time receptionist in an art museum.  Several acquaintances of ours are working in gift shops, antique stores and art galleries.  Most of these people had intense jobs when they were younger, but always wanted to have a "fun" job that interested them in their later years.  There is no time like the present to take on an interesting little job that will enrich your life.  Earning an extra $500 to $800 a month can make a huge difference in the life of someone who is living on very little other than their Social Security benefits.

10.  Get creative!  One former Realtor we know is earning extra money on a regular basis by selling her paintings.  She is a prolific and talented artist who now sells her work at a number of Southern California art festivals throughout the year.  She loves being able to paint and earn extra money at the same time.  Other individuals, like myself, earn extra income by writing online articles or e-books.  I know women who sell their quilts and there are men in our community who build cabinets for people to use on their patios or in their garages.  All of these endeavors are a wonderful way to release that pent-up creativity and earn extra retirement money at the same time.

There is another advantage to earning extra money after retirement.  Since many retired workers will continue to pay into Social Security, depending on the amount they earn, their monthly Social Security benefits will be re-evaluated each year.  In some cases, their monthly benefits will be increased, especially if they have fewer than 35 earning years on their record.  This means that the extra money they earn in their 60's and early 70's can pay a small dividend for the rest of their lives. 

With so many employment opportunities for healthy, active senior citizens, there is no need to suffer quietly in poverty simply because you are no longer physically up to the demands of a stressful full time career.  With a little creativity, there are many ways you can supplement your income and increase your financial security as you grow older.

Looking for more financial or retirement ideas?  Use the tabs or the pull down menu at the top of this article to find links to hundreds of additional articles.

You may also be interested in reading:

Do You Need a Million Dollars to Retire?
Cheap Places to Retire
Best Places to Retire on $40,000 a Year
Why Some Seniors are Choosing Cohabitation

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3 comments:

  1. I love this article. Your suggestions for ways to earn additional income are so helpful. The years after retirement are the perfect time to explore earning money with that special talent you may have, one you always thought could never support you. What do you have to lose? It just might surprise you.

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  2. I agree that this is the one time in your life when you can choose an occupation because it is something that you love to do, rather than because it will earn you the most money. Work can be an enjoyable part of our lives when we are able to work the hours we want and do the type of work that really interests us!

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  3. Don't just get a low-paying boring job that limits your retirement freedom. Start a Retirement Business with no store-front or fixed hours.

    I suggest writing a Kindle book, selling crafts on Etsy, buying items at garage sales or Craigslist and reselling on eBay, buying wholesale common products and selling at flea markets, renting a room to foreign students, teaching part-time at community college extending learning, teach on Udemy, join Uber taxi service, make candles / cosmetics / soap.

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