5 Ways to Make Money In Retirement

Making money in retirement is easier than ever in 2020. With the birth of the gig economy and online jobs finding a way to monetize the skills you’ve mastered over the years is now a piece of cake. 

Don’t believe me? Follow along as we go through 5 easy ways to make money in retirement:

Freelance Writing

Freelance writing is one of the best ways to make money in retirement. Not only are there are a number of online publications that accept submissions from the public, but writing online is a great way to utilize your skills and wisdom as a senior.

The great thing about online publications is as long as your content is high enough quality and fits the requirements of the site, you can get published.

Writing for online publications is a great option for seniors looking to make some extra money in their spare time as well. Having the flexibility of when and for how long you want to work is an awesome perk.

Getting to improve your writing skills, while you also share the wealth of knowledge you have accumulated throughout life can be a really beautiful, even cathartic experience as well.

Some online publications that accept submissions from outside sources include:

  • Poetry Foundation
  • Slate
  • Carve Magazine
  • Story
  • Ideomancer
  • Brevity
  • SeekingAlpha

You can also become an editor for publications like Retired Brains, who are looking for seniors to help edit the work of the younger generations. Don’t be afraid to start your second career as a freelance writer, it’s easier than you may think.

The Gig Economy

According to Peter Miscovich, Managing Director of Strategy + Innovation, JLL Consulting, by 2020 gig workers will comprise half the workforce and as much as 80% by 2030. Simply put the gig economy is taking over. 

That isn’t all bad news, especially for retirees. Instead of being forced to get a full or part-time job to make some extra cash during retirement, now you can easily secure an extra paycheck or two in your own time online or otherwise.

From rideshare services to Airbnb rentals, to pet sitting and dog walking gigs, there are plenty of options out there for every type of person to monetize their skills and time in the gig economy.

It’s not just one consulting organization that believes the gig economy is taking over either. Even institutions like Intuit (known for Quickbooks) have estimated self-employment will reach some 43% of workers by 2022. 

It’s rare that seniors get to lead our economy and be so vital late into their lives, but this generation has that opportunity—thanks to the gig economy. 

Publish Your Own Book

Publishing your own book may sound far fetched, but the reality is the majority of books these days are self-published. 

In fact, according to a survey by Bowker, there were 1.68 million ISBNs issued to self-published authors in 2018, that’s a 40% increase over 2017. That doesn’t even include books self-published on Amazon which don’t require ISBNs.

So if most books are now self-published, why not take a shot at it. Online self-publishing companies now make it an easy, painless process. 

Teach English Online

Once again, if you’re trying to make extra cash as a senior it pays to bank on skills you already have, that way you aren’t forced to learn something new before you can even start earning.

So, if you’re reading this, congratulations, you can become an English teacher in 2020. 

There are a number of organizations that help teach English online to the estimated 1.5 billion English-language learners worldwide (according to the British Council). 

Many of these require bachelor’s degrees at a minimum, including one of the most popular services, VIPKID, which pays an average of $22/hr. Teach Away is another popular organization, but it also requires a bachelor’s degree to become a teacher, although the average pay is slightly higher.

If you don’t have a college degree you may want to try Kukuspeak, an online service that teaches English to Chinese students.

Teaching English can be a fun and rewarding experience. What was once a volunteer role, now also leaves you some extra spending cash, you’re welcome retirees. 

Become A Beautician

The final, and admittedly most out of the box, way to make money during retirement is to become a part-time beautician. If you love fashion, beauty and are willing to learn, part-time beauticians have become sought after jobs of late

Beautician’s employers need part-time help but can’t afford to pay someone to come on full-time. You may think that it takes years of schooling to learn the techniques of beautician, but the reality is there are a number of easy classes available online to enhance your skillset and resume quickly.

Everything from online make-up classes to eyelash extension courses are available at reasonable prices.  Part-time beauticians make an average of just over $15K, working only 20 hours per week or less.

In 2020, making money in retirement is no longer a hassle. In fact, it can be a fun and rewarding experience that can invigorate your golden years. Thanks to the gig economy if you love fashion you can be a beautician, if you love to write you can be a writer, and if you love to teach you can become a teacher. 

So, don’t be afraid to follow your passions—and make some money doing it—in 2020.