More and more retirees are having to look for ways to earn a little extra income in retirement. The cost of living rising is forcing many over the age of 50 to rethink their retirement plan and look for ways to earn additional income to cover the increase in bills.
15 ways to earn extra money in retirement
We have been researching a number of passive and active income sources for those that still want to earn money during their retirement whether out of necessity or to stay active and take on a project that has been a lifelong dream.
1. Buy a profitable business
If you have a lump sum from a redundancy package or can take a lump sum from a pension there are many different types of businesses already established to chose from.
It takes many years to build up a solid business with a good reputation but life can change in an instant so businesses have to be sold.
Here are a few business ideas for the over 50’s
2. Rent out your drive
There is website where you can rent out your drive to those that work nearby or those visiting the area that need a safe place to park their car.
With so many more businesses and organisations getting parking-eye installed, people are going to want a safe zone to park without the worry of getting a parking fine.
If you have a driveway you are not using in an area where parking is sought after i.e. a tourist destination or near a business hub then you can charge a daily fee, an if you offer additional features such as an Electric Charging point or a garage then thats even better.
The website is called Park on My Drive where you can add your details. You may even get regular customers that need the space on a regular basis. Nice passive income.
3. Become a freelance proof reader
This is a nice work from home job, paid by the hour, work your own hours per project for anything from £5 to £18 per hour or paid for a project. If your English is good and you have an eye for details, sign to Freelance.com today and get some additional income.
This is a good option for additional income for those with good English Grammar or perhaps those with experience in editing or publishing. This work is also mobile, so if you are travelling you and have access to the internet and have the software then proof read from anywhere.
4. Register as a House Pet sitter
Love animals? Then get paid to look after them. Pet sitters are not just for those that go on holiday, they maybe needed if the owner goes into hospital or their is a family emergency, having someone to take care of the much loved family pet is so reassuring.
5. Teach English as a foreign language – TEFL
I recently completed my TEFL certificate and not only was it really enjoyable I am now qualified to teach English as a foreign language, something you can also do anywhere just with a laptop and a few props.
6. Become a tutor
There are flexible roles tutoring children online to help them with their English, Science, Mathes or any other subject.
Use your knowledge and take a teaching qualification if necessary but this is a nice way to top up your pension.
7. Field Interviewer with NatCen Social Research
NatCen Social Research are recruiting Field Interviewers across the country on a Freelance basis. Get paid to meet people in your community and be part of data gathering for important national studies on health, housing, education and transport.
Some of these studies contribute to enforcing policy change and making lives better for millions across the country.
8. Train as a child minder
You may think you are too old to be involved with children, but children are full of life and fun and bring light up even the darkest days. There are trainers across the country facilitating courses for child minders.
This is a self employed role and you can specify the age of the children you wish to look after and the hours you want to do.
On of the roles of a child minder is to pick up children from school.
9. Work in the care sector
There are plenty of flexible jobs in the care sector, either live in jobs or visiting care roles. Caring roles can be extremely rewarding.
10. Rent out your rooms
Renting out your spare room to students, lodgers or event as part of an Airbnb can be lucrative. You will need to vet those staying in your home or outhouse, you need to be safe and ensure your property is looked after.
There are organisations that can manage the process for you or get a little website and advertise yourself.
11. Freelance in your expertise i.e. Financial Advisor
For those that are already professionals, going freelance in your chosen field gives you flexibility of hours and how you wish to work.
Get a good website for our freelance work, we recommend KM Web Design.
Your knowledge is valuable so be a consultant in your chosen field.
12. Become a mystery shopper
Mystery shopping offers little projects you can do in your own time in exchange for money or benefits, but can give you a little extra income.
Mystery shopping includes restaurants and hotels so get paid to go to a nice hotel for the night.
13. Become a local tour guide
Tour guides can earn good money and the work is interesting. Interested in taking tourists around local sites then check this website for ideas.
Alternatively, start you own tour guide business.
14. Register as an extra for tv and movie roles
One of the fun activities I found was registering as a movie or tv extra. Sign up with one of the agencies and get yourself in the next James Bond film or EastEnders.
15. Make your hobby your income
Turn your hobby into an income. I recently become interested in crochet and making clothes, I have made quilt and a bonnet for my niece and most recently a skirt that I wear for work. There are many craft fairs where you can sell your creations. It is a fun way to earn money.
Whether you need to top up your income or not, there is plenty of options for extra income you just need to look for it and decide what you would like to do.
A new report from the Pensions Policy Institute sponsored by the centre for ageing better finds a large number of retirees will not have enough pension to afford a decent standard of living in retirement.