Retirement is the goal for any working person. Some saved plenty for retirement, and others did not. But for some people, they like the idea of being semi-retired or being able to make some extra income without the hassle of having a boss. It is very much work on their own terms, which should be the goal of every human being out there. If you’re reading this, then you might be thinking of going back to work part time or are just looking for some ways to earn extra income during your retirement. Here are eight great tips to help you on the road to making some extra income during retirement.
1. Teach English as a second language
China’s population is growing such that many are leaving China to pursue jobs and live in other countries, predominantly English-speaking ones. As such, there are millions upon millions of people wishing to learn to speak English. The vast majority of them are children aged 4 to 18 years of age, but there are many adults who would also like to learn English too. As an elderly person, you know that education never stops. Why not give the gift of English? The employers ask for a commitment of 20 hours a week and the hours are such that you are up very early or sometimes very late depending on your time zone.
2. Work at a retirement home as a companion
You may be at the start of your retirement or midway through. Regardless of your age, you know that sometimes life can get lonely. There are many lonely people out there, especially elderly folk who live in nursing homes. So, why not consider working as a paid companion for someone in a retirement home or in their own home? The pay ranges are not that high but it would be a job that you could work and it would not affect your Social Security very much.
3. Participate in paid clinical research
If you can get into a clinical research trial, the compensation can be very lucrative. There are reports of some studies for certain heart medications giving the participants in excess of $10,000. These trials come with risks but if you are informed and still wish to proceed, you can make a good chunk of change from them.
4. Work for a focus group
Focus groups are much like filling out online surveys but you would go to a physical location or you would do it online via video chat. The focus group doesn’t pay predominantly well but there are reports of people making $125 a study.
5. Open an Etsy or other online store
If you are creative or you have an attic full of junk, why not open an Etsy or an eBay store and start selling off your unwanted goods or your beautiful crafts? Having an online store is a lot of work, but if you have the right attitude, you can make it a success. In terms of income that’s going to be down to sales, but a lot of people make at least $1,000 a month.
6. Be a merchandiser
If you’re someone who enjoys getting out and about and you have a reliable vehicle, then why not consider merchandising? Merchandising will keep you fit and give you a great little income. There are also nice perks to the job, such as freebies and reimbursement for gas. In terms of money, most of the jobs pay a little over minimum wage and your employer will ask for around 12 to 15 hours a week in terms of commitment to work.
7. Prep taxes
Although it’s seasonal, there are many people who procrastinate about their taxes or have extensions to file paperwork so there is always a need for a tax preparer year-round. Most people charge around $50 per tax return. So, even if you had 5 customers a day, you’d be sitting pretty!
8. Consider working part time in your old profession
If you are a nurse or doctor or even a lawyer, there is still room for you in the workforce. With an aging population of nurses and a shortage of doctors, you could work on your own terms but still make an impact and help people while making a little extra money on the side.
The Takeaway
If you want to enjoy your retirement and not worry about extra money, then go do it! But if you want to make a little extra money, then use the great tips above. We encourage you to get out there and give at least one of these options a go. After all, you have to get the bank account ready for next Christmas.
