7 Tips to Make Extra Money in Retirement

Jane Wardle

Written by Jane Wardle on January 31, 2019

Updated June 11, 2019

The worst thing you can probably experience is seeing your retirement finances dwindle without a way to improve your financial outlook. Whether you’re well catered for in your retirement or short in terms of finances, making extra money on the side in your retirement can help you in many ways, from keeping you busy to improving your memory and bank balance.

According to research, those over 50 years of age (17 per cent) are earning extra income outside work. The same research also found out that it’s not just those who earn below £10,000 engaged outside work but also high earners taking home over £40-50,000.

You can make extra money in retirement in various ways;

#1 Rent out extra space at home

It’s possible your children are long gone and have fled the nest and settled elsewhere, and your home has spare rooms. Generate some extra income by renting out your spare room. You could take on a lodger or two, which is also tax efficient. In the “rent a room” structure, a furnished space in a home can be rented out without parting with tax for the first £4,250 earned annually.

No spare room? You can still make extra funds by renting out your garage, shed or loft as storage space through a portal like Storemates. If you have a large car parking area, you can rent it out as well, particularly if you live close to football stadiums or busy economic area or on the commuter trail, if you live close to a train or tube station.

#2 Offer personal care to those who need it

Hitting retirement age might make you feel unwanted or your experience and wisdom unappreciated. You can actually offer services such as tutoring, elder care, childcare, nursing to personal assistant services across the UK. In sites such as ‘Rent a Grandma’, you can begin right away and offer families various services depending on what you believe you can do.

Offering personal care allows you to negotiate directly with families/clients. Even better, simply begin such services with likeminded retirees in your locality anywhere across the UK. Your experience and time are definitely needed somewhere by a person willing to pay well for it.

#3 Become a freelance tutor

The good thing with freelancing is the freedom to work from anywhere and any way you like. Find websites online seeking mentors on various niches and find what you can comfortably cover effectively. In most cases, degrees aren’t needed.

Make the most of what your skills from your employment days and offer freelance tutorage along those lines. Seek virtual sessions as well where travelling might not be needed.

#4 Sell online

You probably have some unwanted stuff you might want to get rid of. However, chances are out there someone is looking for such an item. Open accounts on sites such as eBay and Amazon and start selling in minutes. Your garage and loft could hold the secret to extra money in retirement. Just take quality pictures and offer products at a reasonable price; factor in shipping costs and get started with a lucrative income generating activity after retirement.

Artistic skill? Create handmade crafts and sell them online in portals such as Etsy.

#5 Work on movies and television

It’s possible since you retired you’ve some spare time on your hands most of the week. Film and television shows can make you some little money on the side. Mostly no experience is required except appearing on the set when needed and following directions and instructions provided. Being an extra in film and TV shows can be incredibly interesting as you watch the action behind the scenes and can help you to find new friends too.

Find a casting agency and register. Anytime when such a job comes up, you’ll be notified to prepare accordingly.

#6 Start a side hustle you love

You can actually retire and create a small business to keep you busy and earn some good money on the side. Think about the skills and abilities that you have. It can be playing a musical instrument such as a violin or piano. Perhaps you’re multi-lingual or academically sound. Whatever skill you have, simply start a small business and start offering these skills and work at your own leisure. Tips: You can do all sorts of things from tutoring, pet sitting, ironing, dog walking among others. As you are your own boss, it is best to think about what you will enjoy doing so you don’t end up in a job you don’t like.

#7 Write a book

Almost everyone has some knowhow that can be put into writing. Today you don’t even need to find a publishing agent. You only need to write the book and put it out there for people to purchase without leaving your home.

After writing your piece, use tools such as Kindle Publishing Direct to publish the book. It takes minutes and reaches millions of willing readers globally perusing Kindle stores.

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