How Seniors Can Make Extra Money: Fun and Satisfactory Methods to Increase Cash Flow

• By Jean Nesian
• May 5, 2023

The financial tap can run dry once retirement sets in. With monthly social security benefits averaging $1,657, a pension alone might not be enough to cater to your travel, medication, and other needs that kick in with age and lots of free time to kill. In fact, studies today show that many elderly US citizens go broke after retirement, but today we seek to change that. If you’re looking for new ways to bring in some extra bucks, our senior community has just the list for you. These awesome and rewarding money-making activities will help you stack up the Benjamins while having fun in the process. Take a look:

1. Rent out spare space 

If your little ones have already left the nest and you find yourself with rooms to spare, you could rent these out. This is a great way to find a company or create a passive income stream for yourself that can help fund your hobbies. 

Online marketplaces such as Airbnb prove an excellent option if you’d like to avoid all the legwork that comes with finding a tenant. They do all the heavy lifting, and the best part is that you determine rules and availability in line with your schedule. So your family will always have a place for themselves whenever they come over.

2. Watch someone’s pet 

Pet sitting is actually a fun and lucrative way to bring home the bacon. Some people make a killing doing so, earning as much as $1,000 or more monthly, doing so on a part-time basis. If you have extra yard space, our assisted living service recommends setting up a doggy daycare

So is being a pet sitter worth it? You betcha. Here are some reasons why: 

• You can provide love to animals in need
• You give families peace of mind 
• It’s a great way to keep fit and active
• Bonus perk: lots of free cuddles

3. Teach watch you know

How can I make money at 60? Our senior care service receives lots of these types of questions, and we often encourage seniors to look back over their corporate years. Were you good at marketing? Then why not join an educational platform such as Udemy and curate a course from your experience? 

This way, you can combine your expertise and passion while making all your corporate days count. Provide career advice, insider tips, and more to help budding professionals in your niche. It’s a great way to give back and lend a hand while getting a little something in return for your efforts. 

4. Start a blog to feed your passions 

If you’re good at something, monetize it! Besides putting your knowledge into an educational platform, you could also channel it into a website. A blog can be a powerful creative outlet, and with hard work, dedication, and a bit of luck, it can also be your next cash cow due to advertising or affiliate marketing, among others. 

That aside, blogging on things you’re passionate about is great for self-expression, and connecting with people who share your views of the world or business. However, it must be said that you may need to put in a lot of work and possibly seek out a digital marketing company if you’d like to succeed. We recommend taking up a course first before you get into it. 

5. Sell stuff you don’t need

We tend to collect a lot of clutter. Sure you may have lots of memorabilia but if you take a closer look at your possessions, you’ll realize there’s much you have that you don’t really need. Make a list of essentials and non-essentials, take a room-by-room approach, and these types of items should come to the fore. 

Our assisted living services recommend the following marketplaces if you’re keen to sell stuff locally:

• Declutrr
• OfferUp
• Craigslist
• Facebook marketplace, among others.

Garage sales are also a great place to cash in on your old clothes, antiques, books, and other items. If you have some old work equipment like construction tools and other things you use intermittently, then consider renting these out on marketplace apps like Idle, Neighbor, and Spinlister, among others.

6. Become a freelancer on sites like Upwork

We live in the error of remote work and you won’t believe how surprisingly easy it is to make money online. You can set up a profile on a freelance website like Upwork and get work in a matter of minutes. 

With such platforms, you can find work in areas you’re passionate about, without having to set foot outside your home. The best part is that you get to work on your terms, so you can dig in or take time away as much as you need. 

7. Consider house-sitting to work while traveling 

Is house sitting a good idea? Well, let me ask you this: Would you like to travel the world, live in people’s fancy homes, dive into new cultures, and get paid for it? Then it’s more than a splendid idea. A few perks of house-sitting include: 

• You may get to experience living like a local in new countries
• Free accommodation, ranging anyway from a couple of days to several weeks
• You may also get to hang out with super adorable pets
• Reduced expenses in terms of daily living essentials such as water, power, etc.

You’ll need to first join a house-sitting website and set up a profile. Our senior community recommends platforms such as Trusted Housesitters, Nomador, HouseCarers, and MindMyHouse. 

Conclusion

Making money after retirement doesn’t have to be time and fun-sapping. These retirement hobbies that make money are sure to help you plug cash deficiencies and lighten the financial burden on your family. Of course, our list is by no means exhaustive. There’s much else to consider as well, including taking paid surveys online, offering business consultancy services, becoming a life coach, and writing an eBook, to name a few. Feel free to take a look around our community senior living blog for more tips on securing the financial, emotional, and physical well-being of elderly adults.