Making money in retirement

How To Make Money In Retirement


John E Chambers
August 23, 2021

Earning some extra cash is something almost everyone wants to do, regardless of where they are in life.

But it can become more than just something you do for the fun of it, especially if you are retired and concerned about running out of your savings too early.

Thankfully, you can learn how to make money in retirement using one or more of the suggestions on this list.

These money-making ideas will work for you, whether you want to go back to something similar to your old job or earn money without leaving the comfort of your home.

Reasons to Earn Extra Money in Retirement

putting money in purse

Social Security is not designed to be anyone’s sole source of income in retirement. Even retirees with employer-sponsored retirement plans need additional personal savings to make their retirement savings last longer.

In addition to inflation, emergencies can arise and eat deep into your pension benefits. Unforeseen medical expenses, natural disasters, and sudden downturns in the economy are all things you can’t control.

Earning extra income in retirement will not only help reduce the devastating effects of running out of funds in retirement, but it will also lead to fewer worries about money problems and a healthier mental state.

Get a Retirement Job

Working part-time in retirement is one of the most obvious answers if you’re wondering how to make money in retirement without learning a new skill.

Consider the following retirement jobs if want to earn some extra income, stay socially connected, and keep active while retired.

Try Freelance Consulting

One of the many advantages of having a career is that you get plenty of experience in your field. These experiences don’t magically disappear simply because you are retired. A little digging around may reveal a huge demand for consultants in your field.

Freelance consulting involves using your specialized knowledge in your field to help clients analyze data and offer solutions that meet their needs. Nearly all industries can use the help of consultants, so you can find clients regardless of your field.

This retirement job is great for retirees because it offers the flexibility of setting your work hours and choosing clients you want to work with.

Become a Tutor

tutoring jobs in retirement

Another retirement job that leans heavily on your past working experience is sharing your knowledge in your field as a tutor.

For example, students who aspire to become chartered accountants will be more than glad to tap into your specialized skill as a retired Chartered Accountant.

If you are up for it, you can sign up as a part-time or guest lecturer at a university near you. You will be able to earn money working on your terms and sharing knowledge about what you’ve always loved doing.

Part-Time Driver

Retirees who know their way around town may want to consider taking up part-time jobs behind the wheels delivering parcels, goods, or takeouts.

Thanks to modern technology, you can sign up with delivery companies in a matter of minutes from your mobile devices.

Consider signing up with Uber, Lyft, Juno, and other rideshare companies if you prefer to drive passengers around town instead of hauling goods and parcels between addresses. Seniors who enjoy working with kids can opt for school bus driving jobs.

Retail Jobs

Earning money is more fun if you can schedule your work hours to fit your lifestyle and suit your availability. This is why a holiday season work as in retail is a great option.

A retail position doesn’t require a long-term commitment. Plus, you should do just fine if you have no qualms greeting customers, assisting them during their time in the store, and answering some of their questions.

Investing for Retirement

Your working years are your accumulation period, where you can stash enough money in your retirement nest egg to secure your future.

Your retirement phase is your decumulation period, where you draw from savings.

Before you reach the decumulation phase, it is best to put your money in reliable investments that will generate regular income when you stop actively working.

When to Start Investing for Retirement

The best time to start investing for retirement is when you just entered the workforce. The second best time is now.

The earlier you start putting away a portion of your monthly paycheck in a retirement egg nest, the more likely your savings will last you throughout retirement.

Here are some suggested retirement investments:


Senior Couple using laptop at kitchen table

Bonds are low-risk investments that allow you to lend money to the government, companies, or municipalities. In return, you get regular interest income.

This is not the type of long-term retirement investment vehicle to choose if you are looking to grow your money because the returns are usually low.

Instead, it is something you want to put your money in for the regular income it generates and the guaranteed principal you will get at maturity.

Real Estate Investment Trusts (REITs)

A REIT is a mutual fund made up of commercial buildings, apartments, vacation properties, and other real estate holdings.

This is a great retirement investment option if you are looking to diversify your portfolio and get a fairly steady income. Professionals will collect the rents and manage the properties at a fee and you get the remaining income.

Immediate Annuity

Immediate annuity lean more toward insurance rather than an investment. But the bottom line is that it provides a steady income.

An immediate annuity provides guaranteed income right away, making it a suitable choice for people who are already retired and have trouble staying within their spending limits.

Put Your Money in Real Estate

If you are ready to put in more work than most retirees, then real estate might be something that appeals to you.

Of course, this will require sizable capital but considering the potential huge returns, it is well worth the effort.

For a more predictable income stream, consider renting out your property. This will require a hands-on approach, so you may not have all the free time that most retirees dream about. The good thing is that you are likely to rake in enough cash to support your retirement lifestyle.

Of course, you should invest significant time into research before you decide to venture into real estate. There are many things to carefully consider, including rental property expenses, maintenance, and more.

Thankfully, the cash flow from real estate often takes care of your rental property.

Try Online Gigs

How to make money in retirement without breaking a sweat?

Exchange your free time for money by doing a few simple jobs online all from the comfort of your home.

Just about anyone can earn money doing online gigs, provided they have a reliable internet connection, a good device (computer or smartphone), and some basic computer knowledge.

Here are few gigs you can try on the internet:

Test Websites

website tessting and online jobs

Companies don’t rely on guesswork to determine user experience. Brands need feedback from real users – or testers – to help them shape the future. That’s where less busy people, such as retirees, come in.

As a website tester, your job is to navigate the different sections of a website and give your overall impression and opinion of how easy (or not) it is to use the site.

You may be required to download and install software, in some cases. This is particularly to record your activity while you are browsing the website.

Here are a few good companies you can check out if website testing is something you would like to try:

  • UserTest
  • Whatusersdo
  • Testing Time
  • UserFeel
  • Userlytics
  • TryMyUI

Usually, you can expect to earn around $10 per test. That’s not too bad considering you can take as many tests as you like and rake in a decent pocket change per day.

Become a Transcriptionist

There are tons of audio and video clips online waiting to be transcribed. While you can earn money as a transcriptionist from the comfort of your home, the task is most suitable for retirees who have the following qualities:

  • Attentive listening skills.
  • Sound understanding of grammar, spelling, and punctuation.
  • Enjoy typing and can do so with considerable speed.

You can sign up to become a transcriptionist on Rev, Upwork, TranscribeMe, GoTranscript, and similar websites. Keep in mind that the competition is high, so you might need to apply to a handful of websites to get accepted.

You can focus your transcription services on specific fields, especially if you worked in those areas. For example, consider taking up legal transcription and transcribe legal proceedings or medical transcription and transcribe medical reports dictated by physicians, nurses, and other medical professionals.

Alternatively, you can opt for general transcription and transcribe clips from authors, podcasters, filmmakers, marketing professionals, and more.

Earning is anywhere around $15 to 25 per hour but you could get higher pays if you take on legal or medical assignments.

Serve as an Online Mock Juror

If you like to help people get justice, consider signing up as an online mock juror to assist legal professionals to prepare for real cases. For about one hour of your time working from home, you can earn around $20 to $60.

OnlineVerdict and JuryTest are among the best websites where you can get connected with legal professionals looking for feedback from mock jurors.

Be sure to provide your correct basic information, including your name, where you live, and email address. This will ensure that you get notified when cases are available for review.

Get Paid for Online Surveys

Get Paid for Online Surveys

Similar to testing websites, you can get your valued opinion heard by taking online surveys for a small monetary reward.

While you won’t make a ton of money from taking online surveys, it is easy to earn money on survey sites in a matter of few minutes.

Some of the popular survey sites include VIP Voice, Inbox Dollars, and Pinecone Research. Typically, you will provide your information during sign up and you will be notified when a survey that fits your demographic is available.

You can sign up on several survey sites to increase the number of surveys you take and the money you earn.

Going Self Sufficient

Lastly, seniors looking to earn extra income in retirement should consider self-sufficiency. Generally, to be self-sufficient means being able to provide food and every other thing you need without external help.

While complete independence may be difficult (and even impossible for some people) to attain, retirees can take steps to care for themselves without depending too much on others.

You can do this by becoming debt-free and learning the necessary skills to become a producer. Financial self-sufficiency in retirement is not just about being able to pay your bills. Instead, it is not being bound to any lender. It also means having multiple sources of income, so that you will still have the cash flow to cover your daily living expenses even if one income source goes up in smoke.

Financial self-sufficiency also means having enough products available and developing valuable skills that are tradable by barter in case something goes wrong with the monetary system in the future.

To become a producer, you can start a garden or own a piece of land where you can start a farm. In addition to providing your food, you can also sell the produce for money.

Learning how to make money in retirement by being self-sufficient doesn’t mean you should go into isolation.

On the contrary, interdependence is a crucial part of life in retirement. Besides maintaining social connection through interaction with others, interdependence allows you to meet the needs of others in exchange for things you need from them.


Knowing how to make money in retirement goes a long way to ensure that you don’t outlive your retirement savings.

You can choose the traditional route of getting a part-time job or pursuing retirement investment opportunities more aggressively.

However, there are plenty of other online opportunities to earn income in retirement without leaving your home. Alternatively, you could put your money in real estate and collect periodic rentals to cover your living expenses.


John E Chambers

John E Chambers is an experienced financial advice expert. Born in Chicago, he has a master's in Industrial Finance, but he has spent decades offering investment advice to businesses and individuals alike. He is the founder of and wants the website to be valuable for retirement advice. In addition, he writes articles that help users jump-start their retirement plans and choose the best investment options. If not pondering over stock market statistics or reading some magazines, you can find John spending time with his family. As an early retiree, John also offers unique insights into what post-retirement life is like.