How to Make Extra Income as a Retiree

Sell Your Hobby

One of the best parts of retirement is how much free time you will have. It’s easy, however, to become overwhelmed with what to do, enough that you find yourself bored. One way to combat this boredom is to find a new hobby, or to reinvest yourself in one you have loved throughout the years. If you find that your skills make it easy to create items people would want, you can sell them for a profit through a site like Etsy. Not only does this give you a new income stream, it gives you something productive to do with all the things you will be making in your down time. And, unless you are taking orders, you will be able to complete these projects at your leisure.

With the help of the internet, making money in your spare time from home has never been easier. There are various apps or websites that pay you for investing a bit of your time to complete surveys, or watch videos. In some cases, you may be paid in gift cards, or through a payment service, such as PayPal. If you have a hobby that does not produce a physical profit, this does not mean you can’t benefit from it financially. If you enjoy photography, consider uploading your pictures to a website that sells images. Don’t hesitate to use pictures from decades ago, either. You never know what will sell, so use everything at your disposal. You might even upload your favorites to various products, like mugs, posters or t-shirts, using one of many custom product websites. These sites usually let you make your own “store,” which you can then advertise on social media, like Facebook.

This is a great solution if you have a long history of employment in a specific field. Again, with the help of the internet, you can put out an ad for free on websites to promote your services. List your training, your history, and what you have to offer. If you have a community center in your town, talk to them about holding a class to get people started in your field. If you still have contacts, you might discuss work-training to be a part of your class, and the services you offer. You could also become a freelance tutor. There are many people attempting to learn English, so even if you don’t feel you have a skill worth sharing, you can be paid to help people speak conversationally.

If you have a second home or can afford investing in a small property, getting into the vacation rental business is another great way to generate income, especially if you live in the Long Beach area. Think about it: if your property is in close proximity to Mothers Beach, Belmont Shore, Naples, the Aquarium of the Pacific or other popular attractions, you could easily have vacationers who want to rent from you. And if you partner with a vacation rental agency, someone else can handle bookings, cleanings and customer service, leaving you more time to do the things you want.

Depending on how you decide to generate income in retirement, if you truly have the makings of a business, it may be wise to formalize your business with the state. This can prove beneficial when it comes to tax advantages or protecting your assets. Often, small business owners opt for an LLC or sole proprietorship structure due to the flexibility and ease of setting these up. However, it can be tricky to determine the right choice. To eliminate a lot of the guesswork, look to the firm of Simon, McKinsey, Miller & Stone to find an attorney who can help you choose and form your business.

When it comes to making money in retirement beyond a part-time job, there are as many options available to you as you can imagine. With the help of the internet, and your lifetime of experience, you can boost your income while enjoying the retirement you deserve.