10 Ways to Make Extra Money in Retirement


10 Ways to Make Extra Money in Retirement

There are a variety of ways St. Louis retirees can extend their savings and keep busy during retirement

As people live longer lives, retirees may be concerned about outlasting their retirement funds. Others may find their bank accounts are unable to keep up with their cost of living. Many find that a leisurely retirement does not suit their personality and are looking for a way to spend their time productively, without giving up the benefits of retirement.

Below are some examples of how you can earn extra money to supplement a fixed income or stay active in retirement.

Get a part-time job. The most obvious choice is to get a part-time job at a museum, zoo, art gallery or anywhere else that suits your interests. Make it a hobby job, one that takes advantage of your skills in a particular hobby or uses a unique talent — writing, baking, sewing, drawing, woodworking, etc.

Start your own business. Get in touch with your inner entrepreneur and start a new business related to your hobbies or other interests. Another option is to use your knowledge, experience and contacts to start a business related to your previous career.

Buy an existing business. If you have money available to invest, buy an existing business  or a franchise opening a franchise may be a smart career move, allowing them to open a business and draw on the experience of those who have already run it.

Sell items. Declutter your house and sell unnecessary or unwanted items in a tag sale or online. Many make a business out of selling products on websites like eBay or Amazon.

Consultant/contract work. Offer your expertise as a consultant or on particular projects with your former employer and others in your previous industry.

Tutor. Similarly, you can use your knowledge and experience to tutor students, either in-person or through an online tutoring company.

Small business coach. Use your experience to help small business owners reach their goals.

Customer service agent. Increasingly, companies are using independent contractors as their customer service agents. These positions require a phone (landline), a computer, high-speed Internet access, a pleasant voice, strong customer-service skills and the ability to use online tools quickly to answer customer questions.

Odd errands. Start with your neighbors and see if you can do errands — dry cleaning, dog walking, repairs and other chores — people don't have time to do themselves.

Child care. Whether to go out for the night or get the kids on the bus after they go to work, many child sitting opportunities can be a great fit for those who love kids and are looking for extra money.

In today's global and technological world, there are more ways than ever to continue being productive and earn an income after retirement. Of course, retirement means you do not have to work. This requires planning to ensure you are financially stable enough to follow your dreams and desires when you retire. Senior Health Solutions, LLC offers clients throughout Missouri, Illinois and Arkansas a range of products and services designed to protect and grow your retirement savings. Contact our St. Louis financial planners at (636) 244-4415 or contact us online for an appointment.

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