You never know where the next crisis will land, as the first few months of 2020 have demonstrated. The economic crisis has killed off the technology sector, and the U.S. housing market and a Coronavirus have killed off the stock market over the past 20 years. And being in retirement puts you in more danger of losing money.
Taking out the stock market is the common denominator here. In other words, we have to learn to regain control over our own lives, our lifestyles, and our personal happiness.
Pensions, personal savings, and Social Security once united to form the three-legged stool of retirement. The problem is that pensions have pretty much disappeared, and this crisis keeps undermining our savings. We need to mount a new leg on the stool in order to increase the stability of retirement finances. A new leg to this new movement is the ability we have in the digital age to utilize the gig economy for our own benefit.
The options available to you will align with your skills and passions, no matter what you do now or have done in the past. To assist you in choosing the most suitable income stream, we have compiled a list of 18 ways retirees have used to generate income in retirement.
Let us show you how you can achieve your dream of making money in retirement from anywhere.
Sell Your Photos
The availability of inexpensive, high-quality digital cameras has made photography a viable way for people to earn an income without making a significant financial investment or having a specialized background.
Almost every subject you can think of can be found on stock photography websites. The vast majority of these databases are maintained by photographers from around the world. They upload their images for sale to editors, designers, or practically any organization with a website.
If you upload a photo to a stock website, you can sell it a number of times, to different people, meaning you can continue to make money in the background, without having to do anything else.
Open a Café
Because coffee is so prevalent worldwide, you have plenty of chances to leverage its popularity for making money in retirement. You can make money from this little bean, whether you plan to oversee a coffee farm or bring the perfect cup of joe to a new community.
Opening your own coffee shop is one of the easiest and most satisfying ways to make money with coffee.
Some retired entrepreneurs have found that there is an untapped demand for Western-style cafés. The number of people searching for European and American-style coffee in the U.S. is always increasing, as well as classic American dishes and desserts.
Set up a Rental Business
Traveling with bulky equipment isn’t fun for anyone, especially you. It’s for this reason that you can set up a rental business in a number of top destinations around the world. A slice of the rental action could be your ticket to making money in retirement if you want to live in an area where people vacation, such as sunny beaches or bustling cities.
Try International House Sitting
It is possible to spend a few weeks in a luxury condo in Singapore, a secluded beach house on Roatan, or a restored castle in the French countryside. More and more people are taking advantage of house-sitting websites to travel for money. Check out here to see if you can get your next luxury vacation paid for.
Start a Tutoring Service
Starting your own tutoring business may offer you a lucrative income and a flexible lifestyle. Almost any country in the world can offer you the opportunity to set up a tutoring business.
If you’ve got paying customers, you can keep them by using a few key strategies. As a first step, consider offering discounts to long-term clients who refer their family and friends to your business. When you are just starting out, word-of-mouth marketing is still one of the most valuable tools you have at your disposal.
Create a Money-Making Blog
Think about your unique perspective and be specific with your topic. Travel blogs are a dime a dozen, so what sets your blog apart? Are you focusing on luxury travel or on budget travel? Do you have expertise in a particular region or live there yourself? Is there anything you like to do while traveling, such as hiking or shopping?
You will have an easier time attracting an engaged audience and earning money in retirement with your site if you are more specific.
Consider Pet Sitting
Animals are a part of the lives of most people, and many have more than one. It is not uncommon for people to go on vacation or visit family occasionally. A dog hotel provides them with the opportunity to do so freely without having to worry about their pets.
Compared to other types of businesses, this type has a relatively low overhead. Food, beds, toys, and air conditioning are some of the regular costs you need to know about.
Set up an Online Course
You can create a video instead of writing an e-book. Wouldn’t it be great if there was a complete online course that included video tutorials, PDF downloads, and written tutorials? Both Teachable and Udemy could provide such a service.
Depending on the challenges or projects they are working on, students can then navigate through the course in whatever way they like.
Sell Handmade Products Online
With a store on Etsy, you can join the microbusiness revolution. As a creative platform, Etsy empowers and gives a platform to people who want to work alone.
You might even be able to quit your day job with a side hustle. There’s room for every idea, so don’t be scared off by the competition!
Sell Custom Products Online
At Zazzle or Café Press, you can turn your sass into cash by selling your one-liners. Start your online store, upload images, graphics, and text, choose the products you want to display and get paid. Developing a niche will set you apart if you think about it carefully.
Do you lack creativity? You can earn a commission by promoting others’ products through affiliate marketing.
Sell Your Skills Online
With the right idea, you can earn some quick cash on Fiverr, fun and energetic website. Is it worth the $5 to have someone wear a leprechaun suit, sing happy birthday from a tropical beach, overreact to a video, or make a video rant about your business?
Many people are making money online by selling their skills, from real value to sheer craziness. Would you be willing to sell your skills for $5?
Become a Local Guide
Make money in retirement as a local guide by combining your unique perceptions with your local knowledge.
Your tour can be themed like the best coffee shops in the neighborhood, or you can dig deep to find hidden treasures no one else would know about. Be creative and have fun!
Get in touch with local publications or join Facebook groups for the area you want to guide in.
Get Paid for Online Surveys
One of the best-paid surveys sites is Swagbucks. Take consumer research surveys, try new free products, and refer others to earn money. Playing games and socializing can also earn you Cashback on your own online purchases. (What?!)
Try Task and Errand Services
There is a website called TaskRabbit that matches people who need help with everyday errands and tasks with people who have the time and talent to handle them. When you join TaskRabbit, you bid on tasks that fit your skills.
In addition to the U.S., TaskRabbit is available in Canada and several countries in Europe. In the event that there isn’t a tasking service in your area or country, TaskRabbit can be a valuable resource for you to start one.
Try On-Demand Ride-Sharing
More and more websites are popping up to encourage collaborative consumption. Car owners and people in need of rides can connect through websites like HyreCar Inc.
Give rides to people in your area with your smartphone and your car to earn money. You have the option of accepting or declining a ride request.
It’s possible to earn a full-time income or a side income by growing mushrooms, especially gourmet mushrooms. There are blogs, websites, and forums where you can meet other mushroom growers and learn from them.
Mushrooms are a great urban farming project since they don’t have many requirements. Use your green thumb to earn money growing mushrooms.
Check Out the Senior Job Bank
Even though we’re over 60, we can still make a significant contribution to the world. By using Senior Job Bank, you can find employers who recognize this and are actively seeking seasoned employees. Being appreciated for the skills and knowledge you’ve acquired over your lifetime is a nice feeling.
Be a Virtual Administrative Assistant
Trade in the cubicle for the bunny slippers. You can already do this if you have experience as an administrative assistant in a brick-and-mortar company. With your comfortable home office, you can now work the jobs that interest you, whenever you like. Visit FlexJobs for job listings.