According to a recent study by the Employee Benefit Research Institute, more than one in four retirees say they spend more than they can afford. Inflation in November was 7.1% for him, so it’s no surprise that savings aren’t as advanced as they used to be. But there are ways to make extra cash without having to work full-time. Part-time gigs like tutoring, pet care, and helping with tax preparation allow retirees to work a few hours at a time, and the extra income can make a big difference. Here are some income opportunities:
According to a survey conducted in October 2022 by the Employee Benefit Research Institute, more than one in four retirees say they are spending more than they can afford. Inflation in November was 7.1% for him, so it’s no surprise that savings aren’t as advanced as they used to be. However, there are ways to earn extra income without having a full-time job.
Part-time gigs like tutoring, pet care, and helping with tax preparation allow retirees to work a few hours at a time, and extra income can make a big difference.
Here are some ideas to consider:
pet sitter and dog walker
If you have a fenced yard and the ability to care for someone else’s furry family member, offering pet services can be advantageous and flexible. According to data analyzed by e-learning platform Preply, dog walking is the highest paying side job with an average hourly wage.
“It goes without saying that staying with a dog has many health benefits,” says consumer finance expert Andrea Wallock. “So a pet sitter is a great way to do just that without the high cost of owning your own dog.”
teach
One of the pandemic’s few blessings has been the rise of online education and tutoring. You can set up your shop with an online learning site like Preply or Wyzant, or an online learning site like Udemy. “Take a few hours each weeknight to tutor students online,” says Woroch.
If you qualify, consider creating college-level courses that you can teach as an adjunct professor.
“I create and teach veteran issues at Duke University’s Sanford School of Public Policy,” says Paul Dillon, owner of Dillon Consulting Services, which helps veterans who want to start a business. “Whenever a course is offered, I put in about 5-10 hours a week on course-related work.”
Consulting/Freelance
Retirees often have decades of valuable experience. By taking on project work, you can stay in the game on your own timeline.
“Consulting is a great way to stay relevant and continue to provide insight and advice in your field without returning to the office full-time,” said Managing Partner and Chief Marketing Officer at merchant fund firm AdvancePoint Capital. Director Jacques Famy Jr. said. “You can offer your services through a company or you can start your own side business.”
meet the needs of the community
Depending on where you live, there may be plenty of opportunities for a side job in your town or city. For example, your local school may need an occasional (or frequent—during flu season!) substitute teacher.
“Many K-12 schools are able to capitalize on the talent of retirees,” says Janet Heller, president of the Michigan College English Association. Heller points to the need for crosses such as his guard, sports team assistant his coach, and break time supervisor. Contact your local school district to see what part-time spots are available.
hosting guest
Do you live in an area with lots of extra homes and attracting visitors?
“Instead of wasting your freshly renovated basement or spare room, rent it out on Airbnb,” says Brian DeChesare, founder of financial modeling training platform Breaking Into Wall Street. “We can set the ideal availability so guests don’t have to wait at an inconvenient time.”
One tip: If you spend your winters (or summers) elsewhere, consider hiring a property manager to manage the rental of your space.
tax/bookkeeping
Do you have tax preparation skills? You can find work helping with your tax returns for the first few months of the year, then take the rest of the year off. This is a great opportunity for those with tax experience, but you can also take a tax preparation course to qualify for a major tax firm.
The same applies to bookkeeping if you have a finance or accounting background. You can freelance your previous financial skills or take a bookkeeping skills course to qualify for project work.
“If you’re looking for an additional job, building your skills, that means getting a certification or taking another course to make you more competitive for a particular role. We may do so and we encourage our clients to consider it.” FlexJobs Career His Service His Manager Toni Frana said: “For anything that requires knowledge in the financial field, you need a little bit of experience in that field.”
Kate Ashford is a writer for NerdWallet. Email: kashford@nerdwallet.com. Twitter: @kateashford.
