Living on a fixed income is never easy. Even if you have plenty of savings, and are living well within your means, sometimes you want some extra cash – whether for gifts, home renovations, new cars, or any other large purchase.
It can be tough to get that cash on a fixed income, so we’ve come up with 5 fun and easy ways to make money after your retirement.
1. Sell Your Old Stuff
If you’re a retired senior, chances are you’ve been collecting knick knacks, furniture, clothing, books, and other items for nearly 60 decades. And the chances are equally good that most of these items aren’t in use – just sitting around in your basement, collecting dust.
So it’s time to put it to use. Not by pulling it out, dusting it off, and using it yourself – but by selling it. There are many ways for seniors to make a profit selling rarely-used items, including the phone app LetGo, and websites like Craigslist, eBay, and Etsy.
If you have some rare, valuable items sitting around, or stuff that might attract the interest of collectors, you would be surprised at the profit you can turn when you finally get rid of them.
2. Go Thrifting And Sell Vintage Items
This is similar to the above method of making money, but with a fun twist. Thrifting is a blast – and a great activity for seniors looking to get more active. It’s not just fun, though. People donate all kinds of things to thrift stores, and some can be quite valuable.
What you can find depends somewhat on your expertise – if you know about cooking, chances are you can find some valuable pots, pans, and knives at thrift stores for deep discounts, and resell them for a tidy profit. Or if you know about vintage clothing, you could find some valuable jackets, shirts, or pants from designers that are still sought after today, and resell these on the platform of your choice.
No matter what your chosen niche is, thrift stores contain plenty of great values, and the process of shopping for great deals is almost as fun as the profit you can make when you resell them.
3. Rent Rooms in Your House
Renting out a room or two in your house is a great way to pick up some extra income. Many seniors stay in the same homes that they raised their families in. While this is convenient and allows you to keep up the same routine, it also means you can sometimes end up with many empty rooms that aren’t really doing much of anything.
Renting out spare rooms allows you to gain another source of consistent income without any big lifestyle changes or commitments necessary on your part, and can be a great way to get some extra company around the house, and meet new, interesting people.
Check out Airbnb.com to find more information.
4. Tutor Students
Tutoring students is another good way to supplement your income, help build your community, and as well as stimulate your mind. If you were a teacher, or enjoy more advanced subjects, you can tutor high schoolers and other students in subjects like calculus, algebra, and physics.
If your expertise in complex subjects is limited, you can still help younger students, such as elementary schoolers, as they learn about history, social studies, foreign language basics, and basic multiplication and arithmetic.
Whatever your specialties are, there are plenty of knowledgeable young kids out there who would welcome the help, and you can get paid quite well for your efforts if you are a good tutor.
5. Take Another Look at Your Investments
Many retirees don’t really stay active with their investments. In a way, this makes sense – the money is there, it keeps coming, why bother changing it?
However, it can be quite easy to review your investment portfolio and rid yourself of underperforming funds and investments. If you are not a seasoned investor, it’s best to do this with the help of a financial advisor. If you don’t have a financial advisor, consider hiring one. They aren’t too expensive, and the money you can make with some smart investment decisions can easily make up for the cost of hiring professional help.
Starting Earning that Extra Cash!
While these above methods of making money may not have you swimming in gold like Scrooge McDuck, they’re all easy for seniors to do, and don’t require a ton of knowledge or specialized skills – and they don’t involve picking up a part-time job at your local Wal-Mart.
Because of that, these are some of the best, most fun, and easiest ways for seniors to make money post-retirement. So get out there, get earning – but most importantly, have fun doing it.