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5 Ways to Make Supplemental Income in Retirement

5 Ways to Make Supplemental Income in Retirement

Your sunset years are an excellent time to reflect on your life’s hard work and enjoy yourself to the fullest. Take a vacation. Pick up a hobby. Sit by the pool all day. The options are endless when it comes to living your golden years how you’ve always planned.

However, bills, food, and other expenses still exist during retirement, which means you need a pretty hefty nest egg to pay for everyday expenses and the adventures you’d like to take. Whether you’re strapped for cash or want to play it safe and have some extra spending money, we’re here to help. Check out this list of potential supplemental income sources that can put you back on track to an enjoyable retirement.

1. Pick up a part-time job

Wait, didn’t we just talk about how retirement is a time for you to hang up the towel and never work again? Not exactly. Retirement doesn’t mean you no longer have to work. When you clock out for the last time from your 9 to 5, you’ll find you have a lot of extra time on your hands. The first few months may seem like a dream, but sooner or later, you’re going to want something to make your days a little more exciting. In this case, apply for a part-time job!

The best thing about part-time jobs during retirement is that they’re a low-stake job, and your career doesn’t depend on it. You’ll be able to search for jobs that may be of interest to you. Have you always had a green thumb and loved the great outdoors? Apply to a local nursery and water plants all day! Or do you love to strike up conversations and meet new people? See if you can become a barista at a small coffee shop during the morning.

There are plenty of part-time work opportunities you can take advantage of to be prepared for retirement. You may even want to consider becoming a freelance worker. This can take many forms, such as freelance writing, graphic design, coding, marketing, sales, and so much more.

2. Invest or take out a loan

If you know for sure you never want to work a day in your life again, look for ways to earn passive income. Do you have a majority of your cash saved in a low-interest savings account? Switch it over to a high-interest savings or investment account and watch your money grow. You may even want to consider investing in the stock market, as having a diversified portfolio won’t put all your eggs in one basket.

Having an emergency fund during retirement is essential, especially if a surprise medical bill or broken down car comes your way. However, there’s no reason to have more money than you need to cover a couple of month’s expenses, such as your mortgage or rent payment, food, and gas.

Another option for retirees like you to access the equity in your home is through a HUD reverse mortgage. This is a good option for those who may not be making enough money through their retirement accounts or social security to cover their monthly expenses. A reverse mortgage is similar to a loan, where you’ll be able to borrow from your home’s equity. Make sure to speak to a financial consultant to determine whether this option works for you.

3. Join the gig economy

The gig economy is booming. The gig economy is filled with freelancers and contractors who complete short-term jobs before moving onto the next one. This is a great option for those who just need a few extra hundred dollars a month to fund their hobbies. If you love driving and exploring your city, consider becoming an Uber or Lyft driver and transport people to their destination. It’s a great way to make some extra cash while meeting people. Other options include babysitting, yard work, dog walking, or delivering food.

4. Monetize your hobbies

Do you have a hobby that can now take the majority of your attention? Maybe you have a workshop in your basement where you can build furniture. Or perhaps you have a knack for sewing and make warm and cozy beanies. Whatever your hobby may be, turn it into something profitable! There are many sites where you can create your own online shop and sell your items, such as Etsy, Craigslist, eBay, and Shopify.

5. Become a consultant

Depending on the industry you worked in, consulting can be an extremely lucrative venture. Industries like finance, marketing, and software development are always looking for seasoned veterans to offer advice. You can even become a virtual assistant and help companies stay organized. Becoming a consultant or mentor is a great way to bring in some extra cash while doing something you’re good at.

Final thoughts

Retirement is a time to live stress-free and complete all the items on your bucket list. However, without the right finances, living a blissful retirement can be difficult. With these tips on how to make supplemental income, you’ll be able to bring home some extra revenue while still having enough time during the week to do your hobbies.

This is a collaborative post. All views and text are mine. 

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Jocelyn Brown
Jocelyn Brown

A former school teacher, Jocelyn Brown created Hip Mama’s Place in 2007. Her motto for this blog is: get inspired, create and share! Jocelyn loves sharing about food and recipes, crafts, DIY projects and her random travels with her family. She also loves all things social media, but her latest obsession is Instagram.

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  1. Elicit Folio
    03/29/2020 / 11:07 pm

    Great article! My mom is thinking of retiring soon, and will need a little extra income for random spending money. I will share this with her!

  2. Ruth I
    03/28/2020 / 8:40 pm

    These are great tips! I know my parents would not stay still when they retire. A part time job would be perfect for them. But of course, it’s important to have investment too.

  3. 03/28/2020 / 11:56 am

    Retirement is indeed a sweet time to give freelancing a chance.

  4. 03/28/2020 / 5:12 am

    My Dad retired at age 49. I’ve been bugging him for ages about letting me set up a consulting website for him.

  5. 03/28/2020 / 12:32 am

    Always good to stay active in retirement and if that results in some money then it’s a win win

  6. 03/27/2020 / 10:57 pm

    My retirement went out the window this past month. Planned on access it and now, NO. None the less, we all need to be saving

  7. Kiwi
    03/27/2020 / 10:24 pm

    My father will be retiring this year. He will not be doing any ride shares though, but he wants to explore his hobby as a professional podcaster.

  8. Daniel Sierra
    03/27/2020 / 8:27 pm

    Thank you very much for those tips. Many will come in handy on the times to come. We need to be prepared and ready when it is time to retire!

  9. 03/27/2020 / 4:34 pm

    Multiple streams of income are the source of retirement. I still blog even though I retired from the workforce a few years ago. That extra income adds up.

  10. 03/27/2020 / 4:06 pm

    i love seeing older cast members at disneyland. they seem to be loving their lives as they chat with guests and bring some sunshine to others.

  11. Kuntala Bhattacharya
    03/27/2020 / 3:23 pm

    Good tips, though I have quite a long time to retire. I liked the monetize your hobbies part. That is what I am looking for future, lets see.

  12. Catalina
    03/27/2020 / 2:25 pm

    I have that age that need to begin thinking about my retirement. Thanks for these tips!

  13. 03/27/2020 / 1:44 pm

    The current retirement plan here is to work until we drop – literally. LOl. Kidding and also not kidding at the same time. Anyways, I do agree that everyone should have investments and investment income to pull from in retirement. That is just smart and common sense. A side hustle or part time job seems to be a common theme for everyone right now too. Good ideas. You do need to be careful about loans though.

  14. 03/27/2020 / 12:07 pm

    these are all amazing tips. it’s really good to be productive nowadays since we all have the time in the world in the comfort of our own homes. let’s make this as our advantage. thank you for sharing!

  15. 03/27/2020 / 7:48 am

    thanks for the tips, i am at that stage now wheere i need to start thinking about my future

  16. 03/27/2020 / 7:24 am

    These 5 tips to make supplemental income are really helpful. I’ve been thinking doing this and this is such a great timing.

  17. 03/27/2020 / 3:57 am

    Great ideas. Sadly I won’t be retiring soon; however, I will be sure to pass this onto my mother and stepfather, as they are both retired. I am sure they can utilize these to their advantage. Great blog post.

  18. Taylor oldman
    03/27/2020 / 1:41 am

    Retirement does not mean being idle. Keeping busy is good for ones mental health. ?

  19. 03/27/2020 / 1:30 am

    It looks like we are not going to retire comfortably with all this pandemic going on! Haha. Thanks for sharing this so that we all can be better prepared for the future.

  20. 03/27/2020 / 12:12 am

    Retirement obviously requires a totally different mindset to the rest of us and this is a great list of ideas to prompt people who are retired to consider the options open to them. My favourite one here is to monetize your hobby. That way you earn money doing what is already your passion!

  21. Pam Wattenbarger
    03/26/2020 / 11:49 pm

    I’m several years away from retirement, but I think monetizing hobbies is a great idea. Make a little money doing something you love.

  22. Matt Taylor
    03/26/2020 / 11:41 pm

    Those are all great ways to supplement your income after retirement. My favorite way is the monetization of your hobbies!

  23. 03/26/2020 / 11:24 pm

    These are some great ideas – I’m going to have to pass them onto my Dad as he does struggle with doing nothing all the time he likes to be busy!

  24. Chelsea Sauve - Wandure
    03/26/2020 / 11:24 pm

    I’m a ways away from retirement, but these seem like wonderful insights!

  25. Chelsea Sauve - Wandure
    03/26/2020 / 10:45 pm

    I’m far from retirement but this seems like very very sound advice.

  26. 03/26/2020 / 8:27 pm

    Doing gig work could be a huge benefit as supplemental income for retirees with the right skillset. I think these are all really great tips.

  27. 03/26/2020 / 8:26 pm

    What a great list. I will have to show my mom, who is retired. I know she does invest!

  28. 03/26/2020 / 7:27 pm

    This post is really helpful. I have to make sure to share this post with my friends who are getting ready to retire.

  29. Manahil
    03/26/2020 / 7:01 pm

    Such valuable ideas to implement at these harsh times

  30. 03/26/2020 / 4:58 pm

    Excellent tips on how to start saving for retirement. I need to start doing that.

  31. 03/26/2020 / 12:57 pm

    These are great tips to implement for the extra supplemental income. I need to share this with my parents.

  32. 03/26/2020 / 12:31 pm

    These are amazing tips and yes absolutely, you can still make money in retirement…

  33. 03/26/2020 / 11:03 am

    Worth reading, have to prepare for stress free retirement, your thought are very useful.

  34. Rose Ann Sales
    03/26/2020 / 6:55 am

    I’m far from retiring but it’s great to know all these tips.

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