Often, one of the most challenging aspects of retiring is deciding on the right time to stop working. Once you retire, your financial options may be limited.
Most retirees are left to rely on whatever investments they have as well as their retirement accounts. If there is ever an emergency or you find you need additional funds, it might feel like there are limited options available.
However, there are still some ways you may be able to earn additional income without having to give up your retirement benefits.
Online Teaching and Tutoring
Some seniors turn to teaching and tutoring after retirement. Even if you are not concerned about your income, this can be an effective way to remain relevant in your career without having to commit to continuing to work.
Teaching and tutoring are not technically limited to online courses, but this is often the easiest avenue to take, since you are not limited by your location.
There are also several websites that help seniors get set up to start teaching online courses. Some examples include:
- Varsity Tutors
How often you teach is entirely up to you. Some retirees end up running lessons as a part time job, while others are periodically brought in for lectures.
The price greatly varies depending on your area of expertise, but on average retirees can make around $20 to $30 an hour.
Freelance or Consulting Work
Like online teaching, you may be able to use your years of expertise to leverage work as a freelancer or consultant. While this can be an effective way to earn money, make sure you are not violating any of your retirement benefits.
In some cases, if you earn too much money or work too many hours, you are considered employed and may face penalties for withdrawing retirement funds before you are officially retired.
However, if you are only looking to earn a little extra income on the side, this may not be an issue.
If your former career is not fit for freelance work, there are a few smaller freelance opportunities to consider. For example, you could work in a focus group to assist with market research.
Another popular freelance job for retirees is an animal caretaker. This involves taking pets for walks and making sure they are fed when their owners are busy at work.
Some retirees live in the same home in which they raised their family. If you do not want to downsize after you retire but want to make the most out of your extra space, you might consider renting out your property.
Some seniors even invest in their homes, adding an extra floor or a connecting apartment specifically to rent out. This not only gives you a secondary source of income, but it can also raise the overall value of your home.
Even if you do not want another individual living in your home, you may be able to rent out your garage for storage or a limited workspace.