6 ways to make money in retirement from home

May 10, 2022 / 6 minutes of reading

Running out of money during retirement is the biggest financial setback you might end up facing. Due to ongoing economic conditions and social security benefits deemed to decrease in the future, the chances of running out of money are high. According to a report from the Employee Benefit Research Institute(EBRI) published in 2019, 40% of Americans where the head of household is between 35-64 are expected to run out of money during retirement. The only way to avoid this financial setback is to make money in retirement or put in place strict changes in your finances when preparing for retirement.

If you are tired and facing the challenge of running out of money, earning income during retirement will be your best option. The good news is that there are stress-free ways to make money during retirement which you can easily start as early as today. If you are looking for easy ways to make money in retirement, this article will be your guide.

Here are the top 6 ways to make money when retired from home.

Table of Contents show

1. Work as a freelancer

The internet has made it easy for people to find easy retirement side hustles and reach their full potential. You no longer have to be tied to one employer or on your 9-5 job. You can easily start earning money in retirement by finding freelance gigs from one of the best freelance websites such as Fiverr, Upwork, Flexjobs, or Freelancer.com. What makes freelance one of the best ways to earn income during retirement is that you can complete all your work from home at your convenience.

Being in retirement also means that you enjoy the freedom to be who you are without workplace headaches. You don’t want anyone telling you how to dress, when to show up, yell at you, etc. Making money when retired as a freelancer gives you all this freedom.

2. Find remote gigs

With the shift from office work to working from home, it is now easier than ever to find easy side gigs to make money in retirement. It used to be difficult to find online jobs for retirees. But things have changed for good. You can now do almost any job from home. This flexibility in workplace conditions benefits you even more if you are a senior

If you are in your retirement and want to make extra cash, look for online jobs for retirement people. Depending on your area of focus, you can easily find a job to make money during retirement. Your pay might depend on the nature of the work you do and your experience.

3. Make money in retirement by Renting out a room

If you want to make money in retirement from home, consider renting out a room. Renting out a room is the greatest and easiest way to make extra money, especially when retired.

If you are in retirement, you might have a lot of space that is underutilized in your home. Maybe your children grew up and moved out and now you have a free bedroom and a bathroom.

What if you could monetize a spare room in your house and earn money in retirement? Yes, you can easily make money during retirement from home by renting out a room.

If you choose this route, you will need to find a tenant who will live in an unoccupied space in your house. In return, you will collect monthly payments as a rental income.

4. Make money in retirement through social media marketing

Social media marketing has become a big thing due to internet accessibility around the world. You can easily market the products of some random company in the middle of nowhere and get paid in a matter of seconds. This means you can have customers from around the world and there are no limitations to what you can accomplish which makes social media one of the best ways to earn income in retirement.

The only thing you will need to do is open social media accounts and grow your following list. Once you have reached a large number of followers, you can start monetizing your content by social medical marketing campaigns, affiliate marketing, or selling your products online.

To make money with your social media account, start by promoting companies’ products related to your niche and earn a commission after originating a sale. You can also teach other creators how to grow their accounts, have paid partnerships, etc., in exchange for a payment. Another great way to make money in retirement through social media is to drive your traffic from social media accounts to your online services such as blogs, online stores, etc.

You might also like: 20 easy ways to make money from home in 2024

5. Make money in retirement by Selling your knowledge

The fact that you are retired, is an indication that you have lived a life with a lot of adventures and memories. You learned a lot in your lifetime and someone is willing to pay to have access to what you know.

One of the best ways to make money in retirement is to sell your knowledge. Instead of learning new skills, you monetize what you already know.

For example, you can start a consulting business where you help people and businesses how to stay competitive, design new products, and stay competitive.

You can also start tutoring people online. For example, if you were a science teacher, you could sign up for online tutoring services and become a tutor. You can also start a blog and offer tutoring services on your site. Your clients can come from all over the world.

Another option is to write books and eBooks about what you know. Put all this knowledge in a package and sell it on your blog, Amazon, and similar websites.

You might also like: How to make money with CDs: Make $200/mo on CDs

6. Sell your crafts on Etsy, Amazon Handmade, eBay, etc

Retirement is a perfect time to be creative and make some crafts. Not only that this strategy help you pass the time, but it also gives you a chance to spend time doing things you have never done at a young age.

The choices of what you can do are endless and there is no limit to how much success you can achieve. You will have all the time in the world to create beautiful crafts that you can later sell online to make money in retirement. Some of the things you can create include but are not limited to:

Tile Coasters
Painting rocks
Knitting
Jewelry making
Pottery
Making regular paintings
Woodcrafts

Making these crafts will not be expensive and it is easy to get started. What makes selling crafts online a great way to make money in retirement is that thousands of people are ready to buy as long as you are willing to sell.

One of the best websites to sell crafts, handmade products, and similar collections is Etsy. If you can make it, Etsy can sell it for you. This is why making crafts is one of the best ways to make money in retirement. People want unique pieces of crafts regardless of the cost.

If you don’t like Etsy, there are other online marketplaces you can look into. Websites like Stonrenvy, Icraftgigts, Amazon, eBay, and many more can be your choices. You can also list your products on multiple websites to reach many customers.