Winston Wealth Navigator > Vol. 1 > Discover 13 Ways To Supplement Your Retirement Income
Retirement marks a significant life transition and an opportunity to explore new avenues to stay financially secure. While traditional pension plans and savings play a crucial role, you can further supplement your income with various jobs that not only provide financial benefits but also offer a sense of purpose and fulfillment. Read on as we explore 13 opportunities to enhance retirement income.
Ways Retirees Can Supplement Their Income
Table of Contents
Pet Sitter
If you love animals, pet sitting can be a rewarding and enjoyable way to supplement your income. Many pet owners prefer to leave their furry friends in a comfortable home environment rather than a kennel, creating a demand for reliable pet sitters. Platforms like Rover and Wag! connect pet owners with experienced individuals. Responsibilities can include boarding, dog walking, daycare, pet sitting in the owner’s home, or drop-in visits. For certain seniors, retirement might bring about feelings of isolation. Engaging in pet sitting offers the chance to establish a connection with a pet, all without the commitment of full-time ownership. Taking a dog for a walk provides excellent exercise and serves as another incentive to spend time outdoors. According to Rover, pet sitters can get paid between $10-$25 for dog walking (per walk), approximately $40-$50 for pet daycare, and anywhere from $50-$65 for boarding (per night).
Tutor
By becoming an online tutor, you can leverage your knowledge and passion for education. With the rise of remote learning, platforms like VIPKid connect tutors with students worldwide. Tutoring offers the chance to share your expertise while enjoying a flexible schedule. Some remote tutoring websites require a bachelor’s degree from a 4-year university, work authorization in the US, and reliable technology (i.e., computer and internet connection). Working as a local tutor in your community can have more flexible and less tech-savvy requirements. According to Guru At Home, tutors generally charge between $50 for a core elementary school subject and $150 an hour for more specialized help. Rates vary depending on subject matter, in-person vs. virtual sessions, etc.
Customer Support Representative
Many companies are looking to hire part-time remote customer support representatives to handle inquiries. Seniors came of age in an era where interpersonal skills, such as effective phone communication and face-to-face meetings, were crucial for career advancement. As a result, they typically possess outstanding interpersonal skills, making them an excellent fit for roles like customer service representatives. These opportunities can range from part-time to full-time job positions, with a median salary of $37,000.00 a year or $25 an hour, according to LinkedIn. To search for current openings, you can visit LinkedIn or a job listing site like ZipRecruiter.
Survey Respondent
Participating in online surveys and focus groups through platforms like Swagbucks and Survey Junkie can be an easy and flexible way to earn some extra income. While not a significant source of revenue, taking paid surveys can be done at your own pace, providing a simple way to make some pocket money. You will need internet access to complete surveys. Payments can be issued through Paypal or by redeeming points to favorite retailers, including Amazon and Walmart.
Tax Preparation Assistant
If you have a background in finance or an aptitude for numbers, you can capitalize on your skills by offering tax preparation services. During tax season, individuals and businesses seek assistance to navigate the complexities of tax codes. Check out Indeed for openings, or speak to your local CPA. Pay ranges from $25-$50 an hour for part-time work.
Consultant
Retirees often possess a wealth of knowledge and skills accumulated over their careers. Consulting in your respective fields allows you to share your insights with businesses and individuals seeking guidance. Whether it’s management, marketing, or industry-specific advice, you can offer your services on a part-time basis, contributing your expertise while earning additional income. An excellent starting point is to reach out to firms you worked in full-time throughout your career and inquire if there is a need for a consultant. Rates and opportunities are industry-specific.
Airbnb Host
Renting out a spare room or property on Airbnb has become a popular way to generate extra income. With the flexibility to choose availability, you can turn your unused space into a profitable venture. Hosting guests not only provides financial benefits but also offers the opportunity to meet new people and share experiences.
eBay Seller
Declutter your home and create cash flow by selling items you no longer need on platforms like eBay. Whether it’s vintage collectibles, handmade crafts, or gently used items, eBay provides a global marketplace to connect with buyers and turn your belongings into profit.
Referee
Sports enthusiasts can earn extra income by becoming referees for local sports leagues or tournaments. Refereeing provides a chance to contribute to the development of young athletes while earning income. Serving as a referee allows you to maintain a close connection to a beloved sport, offering a more direct way to participate, especially if your knees no longer permit you to actively play the game. Some sports leagues require an easy certification process, while others only ask that you attend their one-day training session. Rates are dependent on the sport and league, starting at $15 a game and trending upwards of $35 an hour.
Part-Time Notary
If you have strong attention to detail and a willingness to navigate legal documents, you can become a part-time notary. Locations offering notaries typically include real estate offices and banks, so visit your local branch for openings. Notaries typically make approximately $31 an hour.
Uber/Lyft Driver
Becoming an Uber or Lyft driver is a flexible way to earn extra income during retirement. With the convenience of setting your own schedule, you have the freedom to choose when and how often you want to drive. Retirees bring a wealth of life knowledge and conversational skills, making the ride-sharing experience enjoyable for both passengers and themselves. Rates vary between $18 and $29 an hour, depending on current rider demand and location.
Teacher
Embracing a role as a teacher at an adult learning center in retirement offers a rewarding and intellectually stimulating experience. A part-time schedule enables retirees to maintain a healthy work-life balance while contributing to the educational growth of their peers. Being a teacher at an adult learning center reinforces the idea that learning is a lifelong journey. Rates range from $35 to $40 an hour, and opportunities can be found at your local adult learning center or on job sites, including Indeed.
Childcare Provider
Retirees, armed with a lifetime of experience, patience, and nurturing qualities, bring a unique perspective as childcare providers. Caring for children not only offers a chance to contribute positively to the lives of young ones but also provides an opportunity to stay active and engaged. The flexible nature of childcare allows you to manage your schedule, striking a harmonious balance between earning extra income and enjoying guiding the next generation. Whether it’s storytelling, crafting, or simply providing a safe environment, being a childcare provider is a way to stay connected with the vibrancy of youth while making a significant impact.
Retirement doesn’t have to mean a complete withdrawal from the workforce. There are many options to stay active, engaged, and financially secure in their retirement years. By exploring these opportunities, seniors can supplement their income and find meaning and satisfaction in contributing their skills and expertise.
Of course, if you’d like to review your financial situation and discuss plans for the future, you can always reach out to our team at Winston Wealth Advisors, where we provide personalized strategies for your unique needs. Our experienced financial advisors are committed to guiding you toward financial success, offering tailored strategies with a goal to optimize your investments, secure your retirement, and navigate the complexities of wealth management. Your financial well-being is our priority, and we look forward to partnering with you on your journey towards financial prosperity. Contact us today to schedule a consultation and take the next steps towards growing the life you want. Contact Us
Disclaimer: The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
Jacob Winston
Certified Financial Planner®️
Jacob Winston is a Certified Financial Planner® and Wealth Strategist who has been a member of the Winston Wealth Advisor team since 2017. He has a bachelor’s degree in finance and received his CFP accreditation through Boston College. (Series 6, Series 62, Series 63, Series 65, SIE) held through LPL Financial
Email: jacob@winstonwealthadvisors.com
