More than 1 in 4 retirees say they’re spending more than they can afford, according to an October 2022 survey by the Employee Benefit Research Institute. With inflation at 7.1% in November, it’s not surprising that savings aren’t going as far as they used to. But there are ways to bring in extra income without taking on a full-time job.
Some part-time gigs — such as tutoring, pet sitting or helping with tax prep — allow retirees to work a few hours at a time, and the extra income can make a big difference.
Here are some ideas to consider.
If you have a fenced-in yard and the ability to care for someone else’s furry family members, offering pet services can be lucrative and flexible. According to data analyzed by e-learning platform Preply, dog walking is the best-paid side hustle by average hourly wage.
“Not to mention, having canine companionship offers many health benefits,” says consumer finance expert Andrea Woroch. “So pet sitting is a great way to get that without the high costs of owning your own dog.”
One of the few perks of the pandemic is that online teaching and tutoring have flourished . You can set up shop on an online tutoring site such as Preply or Wyzant, or an online teaching site such as Udemy. “Carve out a couple of hours on weeknights to tutor students online,” Woroch said.
If you have the credentials, consider creating a college-level course that you could teach as an adjunct professor.
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“I created and teach on veterans’ issues at the Sanford School of Public Policy at Duke University,” said Paul Dillon, owner of Dillon Consulting Services, which helps veterans who want to start a business. “Whenever the course is offered, I spend about five to 10 hours per week on work related to the course.”
Retirees often have decades of valuable experience. Taking on project work can help you stay in the game on your own timeline.
“Consulting is a great way to continue staying relevant in your field and offering your insights and advice without having to go back to the office full time,” said Jacques Famy Jr., a managing partner and chief marketing officer for merchant funding firm AdvancePoint Capital. “You can either offer the services through a firm or start your own side-hustle business.”
Depending on where you live, there may be ample opportunities to pick up side work with your town or city. Your local school may need occasional (or frequent — flu season!) substitute teachers, for instance.
“Many K-12 schools can use the talents of retirees,” said Janet Heller, president of the Michigan College English Association. Heller points to the need for crossing guards, assistant coaches for athletic teams, and recess supervisors, among other things. Contact your local school district to see what part-time spots may be available.
Do you have a lot of extra house, and do you live in an area that attracts visitors?
“Rather than letting that freshly renovated basement or spare room go to waste, rent it out on Airbnb,” said Brian DeChesare, founder of Breaking into Wall Street, a financial modeling training platform.
“You get to set your ideal availability, so you’ll never be stuck with guests at inopportune times.”
One tip: If you winter (or summer) elsewhere, consider hiring a property manager to manage rentals of your space.
Got tax-prep skills? You can find work assisting with tax returns in the first few months of the year — then take the rest of the year off. This is a great opportunity for anyone with tax experience, but it’s also possible to take a tax prep course that will qualify you for spots at the big-box tax firms.
The same goes for bookkeeping if you have a finance or accounting background. You can put your previous financial skills to work on a freelance basis or take a bookkeeping skills course to qualify for project work.
“If you’re looking to do an additional job, building your skills — which might mean getting a certification or taking another course to help make yourself more competitive for a specific role — we certainly encourage our clients to look into doing that,” said Toni Frana, career services manager for FlexJobs.
“For something that requires some knowledge of financial fields … you do need to have a little bit of experience in those areas.”
MoneyWatch
/ AP
Changing investment strategies for retirement
MoneyWatch: What to know about changing investment strategies for retirement 04:52More than 1 in 4 retirees say they're spending more than they can afford, according to an October 2022 survey by the Employee Benefit Research Institute.
With inflation at 7.1% in November, it's not surprising that savings aren't going as far as they used to. But there are ways to bring in extra income without taking on a full-time job.
Some part-time gigs — such as tutoring, pet sitting or helping with tax prep — allow retirees to work a few hours at a time, and the extra income can make a big difference.
Here are some ideas to consider.
If you have a fenced-in yard and the ability to care for someone else's furry family members, offering pet services can be lucrative and flexible. According to data analyzed by e-learning platform Preply, dog walking is the best-paid side hustle by average hourly wage.
"Not to mention, having canine companionship offers many health benefits," says consumer finance expert Andrea Woroch. "So pet sitting is a great way to get that without the high costs of owning your own dog."
TEACHING
One of the few perks of the pandemic is that online teaching and tutoring have flourished .
You can set up shop on an online tutoring site like Preply or Wyzant , or an online teaching site such as Udemy. "Carve out a couple of hours on weeknights to tutor students online," Woroch says.
If you have the credentials, consider creating a college-level course that you could teach as an adjunct professor.
"I created and teach on veterans' issues at the Sanford School of Public Policy at Duke University," says Paul Dillon, owner of Dillon Consulting Services, which helps veterans who want to start a business. "Whenever the course is offered, I spend about five to 10 hours per week on work related to the course."
Retirees often have decades of valuable experience. Taking on project work can help you stay in the game on your own timeline.
"Consulting is a great way to continue staying relevant in your field and offering your insights and advice without having to go back to the office full time," says Jacques Famy Jr., a managing partner and chief marketing officer for merchant funding firm AdvancePoint Capital.
"You can either offer the services through a firm or start your own side-hustle business."
Depending on where you live, there may be ample opportunities to pick up side work with your town or city. Your local school may need occasional (or frequent — flu season!) substitute teachers, for instance.
"Many K-12 schools can use the talents of retirees," says Janet Heller , president of the Michigan College English Association. Heller points to the need for crossing guards, assistant coaches for athletic teams and recess supervisors, among other things. Contact your local school district to see what part-time spots may be available.
Do you have a lot of extra house, and do you live in an area that attracts visitors?
"Rather than letting that freshly renovated basement or spare room go to waste, rent it out on Airbnb," says Brian DeChesare , founder of Breaking Into Wall Street, a financial modeling training platform.
"You get to set your ideal availability, so you'll never be stuck with guests at inopportune times."
One tip: If you winter (or summer) elsewhere, consider hiring a property manager to manage rentals of your space.
Got tax prep skills? You can find work assisting with tax returns in the first few months of the year — then take the rest of the year off. This is a great opportunity for anyone with tax experience, but it's also possible to take a tax prep course that will qualify you for spots at the big-box tax firms.
The same goes for bookkeeping if you have a finance or accounting background. You can put your previous financial skills to work on a freelance basis or take a bookkeeping skills course to qualify for project work.
"If you're looking to do an additional job, building your skills — which might mean getting a certification or taking another course to help make yourself more competitive for a specific role — we certainly encourage our clients to look into doing that," says Toni Frana, career services manager for FlexJobs.
"For something that requires some knowledge of financial fields … you do need to have a little bit of experience in those areas."
First published on December 28, 2022 / 9:51 AM
© 2022 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Retirement is an important event in the life of any person. Finally, you can not go to work and completely devote time only to yourself.
And everything would be fine, but what to do if the money received from the state is sometimes not enough even for the most necessary things? The answer suggests itself: you need to try to choose for yourself an occupation that will bring both joy and good money.
How is earning money in retirement different from a normal 8-hour job?
The fact that a pensioner can afford the luxury of choosing when and with whom to work. He can meticulously and slowly consider every offer made to him - and boldly refuse everything that he does not like. Photo: Depositphotos
1.
Money from the garden (farming).
This is one of the most familiar and accessible ways of earning money for the older generation. Farm products are very much appreciated by healthy lifestyle adherents (healthy lifestyle) and meat-eaters (vegetarians), because they are full of fresh vitamins and do not contain nitrates.
You have a huge scope for activities: you can grow vegetables or fruits, breed animals, sell dairy products, devote yourself to beekeeping or growing mushrooms.
It is better if both spouses are passionate about farming: joint work not only brings them together and prolongs life, but also helps to divide labor so that everyone can find a job according to their strength.
Photo: Depositphotos
2. Handmade.
Behind this buzzword is the opportunity to profitably do what you like - getting a decent reward for it.
Do you like to sew, knit or make something with your own hands? Then do this right now:
3. Minor household repairs.
Almost every man of retirement age can make money by doing the work of a “husband for an hour”. Troubleshoot plumbing, hang a shelf, fix a curtain, stick wallpaper - your help will come in handy both in small things and in more complex cases.
Women will also not be left without orders, because many families (especially with children) are looking for those who can shift at least part of the household chores. Photo: Depositphotos
4. Photography.
This is my favorite topic! For example, my VKontakte account has more than 40,000 photos that I took in just a few years.
If you see beauty everywhere and are able to capture a person in such a way that he likes himself, try photography.
5. Freelancing.
For anyone with a computer and Internet access, the doors of freelancing are wide open - it's a kind of remote work related to the performance of small assignments.
Check the literacy of writing an article, write an article yourself, leave a review, etc. simple orders are waiting for you on numerous sites for freelancers.
Final recommendation regarding personal finance : to always have enough money, you should learn to “befriend” them.
Yes, we were not taught this in the Soviet Union, and even banned, promising that communism would come and money would be completely abolished. But since communism has not come, we will have to take care of ourselves financially.
What to do to learn how to live richly:
1.
Read articles on financial literacy (or books on personal finance) every day.
2. Value your money - pay yourself first, and then others. Set aside 10-20% of any amount you receive. Learn how to multiply your money wisely.
3. Wealth is in the mind, not in the wallet. Rich people always know a little more than the rest. And all because they are not afraid to try new things and learn what they do not know how to do.
To consolidate the material, watch the video:
Tags: pensioners, retirement, earnings, pension
Retirement is not a reason to refuse additional income.
There are many ways to earn money that are suitable for older people, for example, remote work. It allows you to work according to a convenient schedule and does not limit the level of income. We will tell you how to earn a pensioner without leaving home.
Need help?
Entrust your work to a PhD!
Want to learn more interesting life hacks? Join our telegram channel. A special group with promotions and discounts will help you save.
The choice of income for pensioners depends on personal preferences: someone will be happy to do needlework and sell finished products, someone will teach children and teenagers. We offer 10 ways to make money on the Internet for pensioners without investments, which will allow you to work at a convenient time and do not require specific skills.
One of the easiest ways to earn money is by completing surveys for which the user receives a reward. This type of employment does not take much time: usually from 1 to 3 questionnaires come in a week.
And you won’t earn a lot of money on it for the same reason.
If you still want to try it, we recommend the Questionnaire service: it has been working for a long time and does not cheat with payments.
This activity is suitable for those who have retained good eyesight and do not experience problems with typing. Such work is also not paid too high, but it is suitable for assiduous people who have a lot of free time.
We recommend verified sites:
An easy way for a pensioner to earn money on the Internet is to complete simple tasks:
First you need to register on a special website, where you can find similar paid tasks. For example, on Yandex.Toloka.
We have already talked in detail about this way of working from home.
It is suitable for those who can decipher handwritten texts and have a high typing speed. The main thing is to choose reliable clients and in no case make an advance payment: usually scammers make such requests, not real employers.
If you don't want to deal with manuscripts or retype text from pictures and scans, you can try this type of earnings on the Internet for pensioners as transcribing audio recordings. The principle of searching for such vacancies is the same as with typing - the main thing is not to make any prepayments, but to look for trusted employers with a large number of reviews from performers.
For those who have a good command of the word and can create interesting texts, rewriting (retelling someone else's material in your own words) and copywriting (creating original publications) are suitable. Businesses always need such specialists: with their help, companies convey information about themselves, their products and services to customers.
Orders can be found on popular freelance exchanges:
By the way! For our readers, there is now a 10% discount on any kind of work
and students. This is a great way for a pensioner to earn money at home using their knowledge. We advise you not to try to look for clients on your own, but to register on a special service that can offer a large database of orders.
The Zaochnik website has been operating in the educational services market for about 20 years and guarantees its authors:
Those older people who know a foreign language well can do translations. Orders can be found on special exchanges (Tranzilla, Perevod01).
Please note: most often they receive an order for working with technical documentation, which not every philologist can handle.
Those pensioners who, despite their age, know how to work with gadgets, can maintain accounts in social networks. This type of activity does not require much effort, it is enough to understand the principles of the social network and regularly post new posts, as well as answer questions from subscribers.
A good way to earn money as a pensioner is to share your knowledge with those who need it. You can engage in online tutoring (English and mathematics teachers are especially in demand) or provide legal advice.
The hardest thing is to find the first clients, and then they will start recommending you to their friends.
If a pensioner has the talent of a photographer, he can sell his pictures on special services or offer them to the media and various sites. This is a great option how to combine a hobby and additional income.
